All right, we need to get this straight upfront. We Indians are bad at managing money. We are always on the search of ways to make more money. But, if I tell you it is possible to live a good life even if you are earning only ten thousand rupees a month, will you believe me? You have to. There are many Indians who are earning less than 10,000 Rupees a month, but still live a happy life even in metro cities. The key here is to manage money. In this article, I will talk about the issue that is most ticking at this time- How to manage salary in India?
Look for cheaper accommodation
The blessing of being in India is that if you can put a little effort, you will surely find a cheaper accommodation for you.
If you are a single man or a woman, stay in a Hostel. There are good hostels available in every major city of India. You have to share your room with strangers, but with time, you get to know them. Some hostels provide breakfast, lunch and dinner included in the rent. So, within 4 to 5 thousand rupees, you get food and a place to stay. You can also choose to stay as a paying guest with a family.
If you are married, you need to hunt for a room outside the center of the city. The most part of living cost is rent. Other things like groceries, recreation, etc. are pretty much same everywhere.
Get a concessional city bus/train pass
It depends in which city you are working. It is very likely that your place of stay is far away from your work place. If the city has a bus transport facility then you can get a concessional city bus pass, which is available for passengers who ply daily on the same route. If you are working in Mumbai, you can get a bus pass or a local train pass. It is really cheap and you can save good amount of money for your patience.
Cut down on Phone bills
If you are staying away from home, it is likely that you will call home everyday. As Indians, we always keep our family close to our hearts. It becomes difficult to hangup until and unless every person in the house, right from Grandfather, Grandmother, Uncles, Aunts, kids and even that neighbour uncle is spoken with. But, if you are looking for how to manage salary in India, you need to cut down on phone bills. Go for cheap plans of operators like Jio. If your present mobile operator plans are expensive, you can even switch to other operator offering talk-time and data at cheaper rates.
Save some money
With a small pay, it becomes difficult to save money which I can understand. I would suggest you to try and save at least Rupees 500 for some emergency purpose. If you can go frugal, that is plain and simple and save money, you can even keep aside 1 to 2 thousand rupees every month.
Now what you can do with this money?
Some essential costs
- Medical costs like Doctors fees and medicines
- Insurance premium payments
Some recreation too…
- You can treat yourself and your family once in a while with a movie or a dinner at a good restaurant.
- You can spend this money to enjoy festivals as India is a land with everyday a festival.
A little investment to make your money grow.
- You can invest in Term deposits like Recurring deposit where you can deposit fixed amount every month. You will get 6 to 7 percent interest. That way you will have more money at the end of the term.
It is possible to survive in a city even with a small salary. It is not difficult to learn how to manage salary in India. There are many Indians who are managing well even with low pay. One must wisely spend his hard earned money and also save for his or her future. Please feel free to comment and let me know your thoughts on this.