How To Save Money When Starting A New Job In A New City

Getting a new job is indeed a very exciting and significant step in one's life, but relocating to a new city for the job can be very intimidating and overwhelming in terms of financial pressure because of all the sudden, untimely expenses incurred. However, if done the right way, the excitement of grabbing a new opportunity can be cost-effective in the end as well. Here are practical yet simple strategies for young professionals to manoeuvre the process.

1. Housing Choices

The biggest expense in a new city is rent. So to cut down the costs, an ideal option is to share the accommodation or take up a room in an apartment that can be shared by people. Use websites that have eased the task of finding flatmates and other cheaper stay options without brokerage fee charges. Rather, one may consider locations farther from the city but well-connected by public transport. For example, the young professionals working in Bengaluru's tech hubs often prefer to stay in Whitefield or Sarjapur Road because the rent is lower than in the city center, but the commute is still manageable.

2. Public Transport and Carpooling

It may be tempting to buy a new car or rely on rideshare services but in most Indian cities, public transport is a much cheaper option. Well-developed metro systems are there in cities like Delhi, Mumbai, and Kolkata. Similarly, bus services are relatively inexpensive in smaller cities. Carpool with your colleagues for a long journey or else ride-sharing apps can also be availed. In Pune, a majority of the working young professionals take the services of PMPML buses which is economical compared to the taxi or auto rickshaw services.

3. Plan Your Meals and Avoid Eating Out

You would end up spending a lot of money if you went out for lunch and dinner every day. Even in cities, going out is a very social thing to do for people. Save money by planning your meals and eating at home very often. In Indian cities, huge quantities of fresh produce are available in local markets at reasonable prices. You could use online platforms to order groceries, which would then get you exposed to quantity discounts.

If you do eat out, look for lunch deals, office canteens, or food stalls offering affordable and nutritious meals. The trend of meal subscription services, such as Swiggy One or Zomato Gold, can also help reduce dining costs while offering a variety in meals.

4. Optimise Discounts and Deals

While shopping at your new place or purchasing day-to-day things, you may use discount offers. Almost every website like Amazon India or Flipkart has tremendous discounts on furniture, electronic devices, and other household things during festive seasons such as Diwali or New Year. Even there are various apps which give cashback offers to save some more on your daily purchases.

In addition, do not forget to use loyalty cards and apps for your regular purchases, be it groceries or fuel. Branded stores provide daily discounts and are very affordable.

5. Set a Monthly Budget and Track Spending

You should create a budget especially when you are getting accustomed to your new income and city life. You can track your spending and savings with apps. You can also limit categories such as rent, groceries, transport, and entertainment, and track your progress. For instance, if you are spending too much money on coffee or dining out, you should limit this by having coffee at home and taking packed meals to work.

6. Leverage the benefits of your employer

Many employers provide benefits that help you save Rupees for example, health insurance, meal allowances and travel reimbursements. So, be absolutely sure about all these facilities. Transport or housing allowance is also provided by various companies. That will reduce your spending drastically. For example, some companies offer a travel allowance plus free food at some campuses. That way, commutation and meals are cost-free for the employees and hence, they can spend money elsewhere.

Being mindful of their spending and using these smart strategies for saving can make a new job in an unfamiliar city financially manageable with long-term savings success.