How to Save Money in High Rent Cities: What is the rent rate for singles in Noida and Gurugram? How to save a large part of salary from going on rent in Delhi-NCR? Is there any way to save maximum on rent?
Rent Saving Hacks in Delhi-NCR: It feels good as soon as the salary comes into the account on the first of the month, but this happiness does not last long for those working and living single in Noida and Gurugram, the two biggest tech-corporate hubs of Delhi-NCR. Within a few days, rent, electricity bill, food and transportation expenses quickly deplete the bank balance. In such a situation, the question is, is there any way by which rent can be paid and some money is also saved every month? The answer is- Yes, only you have to take some smart decisions. Let us know those 3 hacks, which will save your pockets from being empty every month.
How much is the rent in Noida-Gurugram?
Talking about rent in good areas of Noida and Gurugram, the rent of 1 RK (One Room Kitchen) can range from ₹ 10,000 to more than ₹ 20,000. This may be more or less depending on the society and facilities. PG (paying guest) rent easily reaches ₹10,000 to ₹20,000, where food and WiFi are included, but privacy is almost zero. Whereas the rent of a 1 BHK flat can range from ₹ 15,000 to more than ₹ 35,000 per month. Now if the starting salary of a fresher or young professional is ₹ 40,000 to ₹ 50,000, then most of the part is spent only on living expenses. After this, including electricity bill, maid expenses, WiFi and food, it is not possible to leave anything in the pocket in the last week of the month.
Why can’t singles save?
Most of the youth living in metro cities make similar mistakes. They buy expensive flats near the office, rent a bigger house than necessary, spend without budgeting and pay high rent to live alone. Due to these reasons, a large part of the salary is spent only on living expenses.
3 hacks to save money on rent
Adopt smart flat sharing
In case of living alone, buying 1 BHK or independent 1 RK is the most unprofitable deal. You can see sharing instead. If you buy a 1 BHK for ₹20,000 alone, the entire expense is yours. Instead, if you along with 2-3 friends from your office take a 3 BHK flat on rent for ₹ 36,000 in a good society, then everyone’s expenses come down to just ₹ 12,000. Meaning you can save ₹ 8,000 every month. Apart from this, the expenses of maid, WiFi and maintenance are also divided into three parts.
Buy a flat 10 minutes away from metro station
Finding a home right near a prime location like Golf Course Road in Gurugram or Sector-62 in Noida is like hitting your pocket with an ax. There is a simple rule of real estate, the greater the distance from the metro station or main office hub, the lower will be the rent. Take an e-rickshaw or auto to the house at a walking distance from the metro station (about 10-15 minutes away). The flat which you were getting at a prime location for ₹ 25,000, will be available for ₹ 15,000. Even by paying a daily auto fare of ₹ 50, you can save ₹ 9,000 per month.
New trend of co-living and service apartments
If you want to completely get rid of the hassle of brokers, huge security deposits and monthly maid and electricity bills, then you can turn to ‘managed co-living space’. Nowadays, there are many such startups and companies in Noida-Gurugram which provide fully furnished rooms. Their fixed rent includes your food, laundry, high-speed WiFi, gym and housekeeping. Instead of paying the bill at 5 different places, paying a fixed amount at one place does not spoil the budget and can stop wasteful expenditure.
Do these things to save money every month
- Reduce eating out.
- Make proper use of electricity and internet plans.
- Turn off non-essential subscriptions.
- As soon as your salary comes, put some amount in a separate savings account.
- Get into the habit of recording expenses.
Disclaimer: This article has been written for general information and awareness purposes only, do not consider it as financial advice. The information related to rent, salary and expenses given here is based on various public reports, market trends and general estimates. Actual fares and charges may vary as per different locality, society, facilities and individual circumstances. Before making any financial decision, investment or budget planning, assess your needs and financial situation. If necessary, also take advice from an expert.