Mumbai Living 101: Everything You Need to Know When Starting-Out on Your Own in Mumbai - MoneyTap Blog
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Mumbai Living 101: Everything You Need to Know When Starting-Out on Your Own in Mumbai

Want to start out on your own in Mumbai but the cost of living in the city of dreams is making you second guess yourself? Unfortunately, the tough reality that comes to light when starting out on your own in Mumbai is how unbelievably expensive the whole affair turns out to be! It’s easy to get overwhelmed with all the different options and avenues that require money, but if you plan your move strategically, it can be done. Having MoneyTap on your phone with a line of credit at your disposable can be a saviour as it can act as a personal loan in Mumbai as and when you need it or you can use the credit card that comes with it when you need to make quick buys.

Here are 4 things you need to keep in mind to ensure your finances aren’t significantly impacted during your big start:

1. Ascertain Your Rent Budget

First and foremost, carefully analyse how your personal cash flow looks like and then estimate how much you will be able to spend on for a place to rent in Mumbai so you can shortlist areas accordingly. Avoid areas like South Bombay, Bandra, Juhu and rent places in the Bombay suburbs like Andheri, Goregaon, Malad and beyond! Not only is the rent significantly cheaper in such areas, but the houses are slightly larger as well! Thankfully travel isn’t such an issue because of the well-connected railway system, so even if your home is a little further away from your work, you won’t have to shell out too much for your daily travel.

2. Find A Reliable Broker

Once you have your budget in place, start looking for a broker in Bombay because that’s your best shot at finding decent accommodation that fits your budget! While websites and social media are also great ways to look for homes, with a reliable broker, you will be able to easily navigate through options that meet your specifications in terms of area, place, rules, restrictions, etc making the brokerage cost totally worth it!

3. Purchase Just the Necessities

With rent and bills to pay, you may not have enough money left to spend on other home essentials. In such a case, either you can prioritize your needs and leave the rest for later, rent basic furniture from online platforms like furlenco, rentmojo, etc., or use a short-term personal loan to cover such expenses. However, prioritizing home essentials might be tough because the basics like a fridge, AC and washing machine on their own can burn a hole in your pocket and renting them on a monthly basis means adding to existing bills, so instead you can simply apply for a personal line of credit and fund all your one-time expenses once and for all.

4. Create a Monthly Budget

After you’ve made it through the tough ordeal of finding a place and settling down, you need to create another budget for yourself, your monthly budget. This will help you keep track of your daily expenses and ensure you don’t go overboard and have enough to sustain yourself till the end of the month now that you are by yourself! Life will be tough for a bit, but learn to live in moderation and only get what’s absolutely necessary. Whenever you are met with the impulse to buy something, ask yourself how important that purchase is, if it doesn’t make a significant difference to your daily life, then resist the urge to purchase it!

Once you have all your expenses mapped out, it’s time to sit back and revel in your effort so far. But, don’t get too comfortable. Living in a city like Mumbai, makes it imperative to save a part of your income as financial backup in case of unforeseen situations. However, if you aren’t in a position to save yet, you must consider exploring other options for financial backup in Mumbai.

This is where you should download the MoneyTap app and get approved for a personal line of credit and secure yourself financially for personal loans up to ₹ 5 Lakh. Not only that, it also gives you the option to withdraw as much as you need irrespective of the amount approved and gives you the freedom to decide your repayment terms. And when it comes to moving to a place of your own, there’s no telling what expenses might come up, and you can’t turn back midway due to lack of funds, so it’s best to secure yourself with a personal line of credit that can be used as a quick cash loan in Mumbai or as a credit card when needed and make your move as smooth as possible!

Shiv Nanda

Shiv Nanda

Shiv Nanda is a financial analyst at MoneyTap who loves to write on various financial topics online. He also advises people on financial planning, investment choices and budgeting skills, and helps them make their financial lives better.

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