Expense estimate
I'll be moving to Mumbai (Andheri East) next month. I'll be earning 80K PM after tax and this is how I'm thinking of dividing my finances. Please give your inputs. Fixed:
- Rent - 18K (PG)
- Food - 4K
- Electricity - 3K (estimating)
- Travel - 3k (worst scenario, home to office - Rs 100, 3 days a week - 600/week) 5.Groceriess - 2K (Not sure because in a PG but considering it)
- Internet - 1K
- Lifestyle/Misc - 10K (I don't party much, most of this will spent in misc and exploring Mumbai etc) Total - 41K
Savings - 39K/40K
- 25K in savings bank account (i need to have this because I'm scared of emergency stuff)
- 5K MF
- 5K PPF
- 4K/5K - sending home
Is this good?
I’ll also recommend getting a shared apartment in Andheri East.
Road connectivity between east and west is terrible because Andheri bridge is under construction for a while now.
JB nagar and Sher-e-Punjab will have cheap accommodation.
Electricity will be cheaper. I pay <2000 (Adani) total per month for a 2bhk and I work from home (display, laptop, ac, fan).
Also consider cost of maid/cook. For 2bhk it’ll be about 3-4k and cool salary will be based on number of people and meals.
Airtel Broadband has 200 mbps plan for ₹1200. Divide that between occupants. Jio has similar plans.
I’ll suggest not staying in a pg. It’s usually not a good experience; there will be curfew hours and most ‘aunties’ who run these are very intrusive. Sharing based on past experiences.
All the best 👍🏽
Thanks a lot. I found a really nice shared 2BHK for 24K but it will fuck up my savings. Not sure what to do. I'm going there on 1st till 5th with my father. Would I be able to find a shared 2BHK in this timeframe with the help of a broker?
Yes. You can also look at flats without brokers groups on Facebook.
It's good! A shared apartment is more likely in Andheri E. PGs are rare.
Good luck!
I actually found a PG in Andheri West near a bus stop and auto stand nearby. It's 4.5kms from the office and 18K (negotiable). Should I go for it?
Don’t rely on roads. Take it if it’s close to metro and you can’t afford to wait. Road connectivity between east-west is bad.
If your savings cross 20k.. consider yourself lucky
is this specific to Mumbai ?
Not just Mumbai, blore, ncr.. pretty much any city. Unless you live in a smaller city like jamshedpur the odds of saving 50% of your income with rent of 18k is very difficult.
My suggestion as someone who has been staying outside my home (multiple cities including Tier 2) that don't try to cut down on your expenses too much and first try to build a comfortable routine, Ecosystem since moving out to a new city and new setup takes a toll (depending on the kind of support from the local ecosystem).
First focus on finding a comfortable happy place (PG/shared accomodation)
Setting up a routine(Including weekends).
Setting up health goals (very important)
Travel around (experiences)
Going out with friends & colleagues
Cultivating a new hobby
Or continue an existing one.
Travel home whenever you are homesick or attending family function or occassion and festivals.
And it would take around 6 months (plus or minus) to finally feel at home and you can plan your savings.
Otherwise you would end up blowing more than you save on emotional eating Impulsive buying Etc.
P.S. Sharing experience from my personal journey and it may vary for every individual.
also in 18k u can find a good single room in a 2 bhk in andheri east side but you'll have to give around 50k deposit
It's good.
Kudos to you for planning your lifestyle and sharing here inviting feedback.
In 18K in bangalore you could find good 1BHK's in good localities 🏡
Plus in every 300meter distance there is a startup who just raised funding and is hiring, potentially perpetually employment opportunities 🤑
On top of that bangalore weather 🤌
Cherry on the cake the people are so growth mindset and pragmatic 😌
Look to set yourself in Dahisar East West may be cheap less expensive and at edge with metro near you
Sounds about right
