Money Management Tips for Surviving on a Low Income in Metros
Living in metro cities certainly has its own share of benefits, but it sure isn’t easy on the pocket. Metros are some of the most expensive areas to live in anywhere in the world, and India is no different. The cost of living is highest in Mumbai, Delhi/NCR, Bangalore and Pune, but other cities aren’t far behind!
Here’s an overview of typical costs of living in a metro city in India:
- Renting a 1BHK costs anywhere from ₹6,000 to ₹25,000 in city centers, and ₹4,000 to ₹13,000 in outer areas.
- Rent for a 3BHK ranges from ₹15,000 to ₹50,000 in city centers, and ₹10,000 to ₹30,000 outside central areas.
- A meal for one costs between ₹100 to ₹300 at inexpensive restaurants, and over twice that at mid-range ones.
- Monthly tickets or passes for public transport range from ₹350 to over ₹1,200 depending on the mode of transport.
These are just a few examples of basic monthly needs, but you also need to budget for others such as utility costs, telephone and internet connections, groceries, cleaning services, clothing, etc.
How Can You Survive on a Small Salary in the Big City?
If you’re not earning a high salary, it can be very difficult to sustain your monthly expenses, much less have any savings left over for life goals or financial emergencies. Unless you can increase your income drastically, you need an effective strategy for making the most of what is available to you!
Here are some money management tips for low-income earners:
- Make Budgeting a Priority – You need to create a monthly budget and stick to it, not only so you know how much you need to earn, but also track how much you’re spending.
- Trim Down High Expenses – Carefully examine your budget for any high expenses you can trim down. E.g., it may be cheaper to hire someone to cook at home instead of dining out.
- Consolidate Expensive Debt – If you have any existing debt, especially high-interest credit cards or loans, consolidate them under an affordable line of credit to reduce your interest bill.
- Build More Income Streams – Explore opportunities to diversify your income, such as taking on freelance work or part-time jobs. Make smart investments instead of just saving what you can.
How Can MoneyTap Help You Manage Expenses?
MoneyTap’s personal loan for low salary individuals can help you manage your expenses more efficiently. A personal line of credit through the app works as the ideal financial backup for emergencies and monthly needs alike, since you can borrow against it anytime you’re short of funds.
The ‘no usage, no interest’ feature makes MoneyTap more affordable than traditional personal loans. You can use the revolving line of credit to consolidate expensive debt, buy necessities on flexible EMIs and pay bills on time to avoid heavy penalties and fees.
With MoneyTap on your phone, your financial worries can end. Download the app today!