Whether you are starting a new job or stepping into the world of academia, there are chances that you might choose to migrate to a metro city in the country for better opportunities. Metro cities, with their urban vibe, leading institutions, great infrastructure, and amenities have always attracted people from across the country to pursue their aspirations. Maybe that’s why the high demand has made it a more expensive proposition to live in these popular destinations.
From high rents in Mumbai to heavy traffic in Delhi or Bangalore, the charm of metro life comes at a price. However, there are ways to save yourself from financial constraints without compromising your lifestyle. Here are a few suggestions to support your life in a metro.
What is the biggest expense one incurs while moving into a new city? Accommodation. Rental prices always take a huge chunk out of your monthly living expenses - but if done right, there is room to save and get better value for money! So, if you are checking out a PG in Hyderabad, Delhi, Mumbai or any other city as a budget-friendly option, professionally managed accommodation can turn out to be the better bet.
Professionally managed accommodation providers like Stanza Living give you an all-inclusive rental package, which means you don’t have to waste time, money, or energy sourcing your daily living needs separately. You save yourself from the hassle of daily chores and activities that are taken up by the full-time staff and get to enjoy an engaging lifestyle with your fellow like-minded roommates. A win-win situation, isn’t it?
It is easy to lose track of your bills and expenses when living on your own. However, by setting a budget, you are not only limiting your expenses but also training yourself to create an expenditure map where you often end up being creative with your money and optimize your shopping and other money spending habits. Building a budget is THE most important step to ensuring that you are not left with an empty wallet and bank account at the end of the month.
Many financial experts often advise young earners to have a 50-20-30 budget, where:
50% of the money earned goes to essentials and daily living
30% of the money goes to paying debts like student loans, credit cards or treating yourself occasionally.
20% of the money earned goes to savings.
And if you are lucky enough to be free from debt and loans, route a portion of that money to your savings. It also helps to build an emergency fund. You can give your bank the instructions to automatically send the stipulated amount every month to a separate savings account. Also, some smart ways to manage your money are: investing in growing your money, searching for good deals etc. It is never too early to start thinking about growing your money pool and then occasionally using the gains from that to manage larger discretionary spending. Similarly, keep a watch on deals, discounts, credit points, etc which can help you find the best value for money.
Granted that cabs and private vehicles can seem convenient and faster, but the downside of choosing these options is the extra expense Especially if you have to commute daily, cab rides aren’t cheap, and maintaining your private vehicle is a sure-shot monthly expense, enough to burn a hole in your pocket.
Choosing public transport helps you cut down your travel costs substantially and also allows you to reduce your carbon footprint. Better yet, choose a place to stay close to your workplace/college. These days there are many branded accommodation choices coming up in close vicinity to college hubs/ IT Parks etc. Picking a place that is either a walkable distance or just a short ride away means you won’t have to engage in a long commute or bear crowded transport.
Having your money sure is liberating! Having the freedom to spend it the way you want is something every college student and fresher dreams of. However, it is important to understand that it is very easy to spend money and without any mindfulness attached to your purchasing activity, you will end up splurging your hard-earned money on things you don’t need.
Take the case of entertainment, eating out, etc. We often end up spending the most on recreational activities or indulging in retail therapy. While there’s nothing wrong in occasionally pampering oneself, understand the difference between needs and urges and try to keep a tab on unwanted expenses.
Living in a metro city can be a fun and educative experience if done with a mindful eye on savings. So be it choosing a great PG in Bangalore, Delhi, Pune or elsewhere; or being creative about improving your bank balance - make sure that you are never in a hand-to-mouth situation.
