Are you new to a pay guest (PG) or co-living space? You’ll surely be excited about the new chapter of your existence. With new people around you it is possible that you will be able to socialize more. But, it could lead to some additional costs. This guide will help you make your life more budget-friendly in the event of living in a PG or a co-living housing.
What is the average amount that the millennials pay?
Nielsen’s study entitled Rich single Urbanites Go Premium found that the majority of single, rich urban dwellers are spending their money on a variety of ways to live. Food costs account for about 12% to 16 percent of their income, and entertainment expenses 9-13%. Utility bills can range from 8 to 12% and transport accounts for 7-10%, and drinks consume 7%-1 percent of their earnings, and other expenses can consume anywhere between 6 and 10% of monthly earnings. Rent and other expenses range from 10% to percent, and loans could make up between 5% and 9 percent of the income.
Keep track of your expenses
The task of managing bills even when you’re on your own, isn’t easy to accomplish. There will be expenses on food, birthdays events, hangouts traveling, your everyday commute, grocery salons, shopping, and everything else that you’re looking forward to. There are numerous applications available to assist you in calculating your everyday expenses. Apps such as Spendee, Wally the Pocket Expense, Expensify, etc. are just a few examples of the many expense trackers readily accessible. Not a fan of apps? Get a notebook and write down your expenses every day. This will allow you to keep track of the amount you spend as well as the time and place.
Use your resource to share it with others
Reduce your individual costs. Are you using Netflix or Hotstar subscription? What’s the reason not to use it for sharing unless you would like to keep your privacy private? A little savings can make a difference. It is a great method to keep your spirit high particularly when you’re far from your loved ones. With the variety of paid-for apps, you can definitely have a shared account with reliable PG friends and PG buddies. It is also possible to take turns to pay the bills for these typical costs. This is not limited to apps, but also subscriptions to periodicals, magazines shopping apps, and aggregators such as Amazon, Flipkart, etc. Save more by sharing more.
Select PGs with food facilities
Food out is great when you have the time to do it regularly. Research conducted by Nielsen found that millennials could spend three times more money on food than any other type of entertainment such as movies or theatre. 26-year-old Swati Ballabh who lives in the PG in noida and believes that dining out is now a trend. “There’s plenty of reasons to dine out, food is readily available at any price and there’s comfort food available as well as healthy meals and there’s food that is specially designed for those who train and compete. So eating out is an element of the modern culture,” she chuckles.
The earlier generation was more a fan of cooking at home, and dabbas were a source of healthy eating for the body as well as a pockets. Even though eating out has become more common however, it comes with the cost of. If you’re in an PG, it’s recommended to choose one that has food options so that you do not have to pay for meals three to four times per day. Another method to reduce costs is to cook your own.
Imagine that you find that your PG offers food you don’t enjoy. In this instance you may talk with the owner to discuss the rent for the room. In addition, the amount you initially set aside for room rent could be put into a tiffin supplier you have confidence in.
Plan your trip
Utilizing your private car could result in additional costs. In India private vehicles is usually considered to be an indication of status, and many professionals choose to have it, without a thought for pollution, traffic, or the cost that are incurred for maintenance and petrol. Reduce time and cost by choosing green alternatives like metro or shared rickshaws. It is crucial that you are close to your school or work. In this way, you won’t be less likely to commute and spend less.
Take your leisure trip in your friends in a group. This is both cost-effective and enjoyable in the same time.
Don’t spend money on weekends
Although it may be difficult, as simple as it might be, focusing on your spending especially on weekends, will be beneficial. Planning out your trips will assist you in budgeting. For instance, if you are planning a trip you must have a plan that you have in place. Know what each activity will cost you and select packages that are reasonable but not compromising.
Save money on the power bill
Each PG could come with its individual rules. Some might require an all-inclusive rent, and others might include a separate meter in order to track the amount of electricity you use. In either case, you must make sure you are aware of what the conditions and terms are of who you share the meter with , and how the cost sharing will be shared with your fellow PG friends.