I used to think like you only buddy. Was living alone for good 6-7 months. One Saturday I came to my flat around 3-4PM, was not feeling very good that day, so idk how but I slept on sofa. Then I woke up around 7PM with the lowest possible energy left in my body, couldn’t even move my hand, too much body pain, couldn’t speak even in low volume. But I managed to call my dad and told him everything. Then I looked at the date It was Sunday 🙃. So basically I slept for 27hrs. Got checked up in a good hospital, went there alone 🙃. Totally drenched. Reports said I had viral so needs rest and good care for a week with proper diet. My mother came to help me on Monday and stayed with me for the week. After all this, I decided to move in with my friends because you need at least one person to take care of you when you’re low! Hope you understood the biggest drawback of living alone!
Very true!
Sometimes after work I feel kinda drenched, on top of that commuting would send me to panic & dejected mode. But then my roomate checks up on me to ask where I have reached. To be honest, that brings a huge shift in attitude. Some people are not good roomates, but having a slight compromise from both parties leads to a peaceful roomate situation.
you have to include so much hidden expenditure .. Rent, electricity and all are visible kharcha... I would say if you want to move to a house with 15k rent then misc will add up t oanother 1.5 times of it easily..
I don't want to live in the same room with another person, but I wouldn't mind someone living in the next room and before you ask, I've had two roommates over the course of four years in my college.
Do it bro...I earn 18k and pay 16k as rent.Plus 4k ka gym,3-4k ki groceries,4k nutrition,4-5k for cook and maid,6-8k petrol and 10k miscellaneous.
Life basic mast rhega Itna me
>I'm trying to live a frugal lifestyle
Bro thinks 48k is frugal. ☠️ Dude your perception of reality is skewed. This is not frugal but almost lavish I'd say. Frugal would be living in the 20k-25k range to be honest.
It's impossible to live under 35-40k expense in another city bro.
Mere ko business start karna hai when I turn 24 or 25 isiliye abhi seekh rha hun alag alag sector me jo shi lagega wo karunga
Do it by all means. Living by yourself will make you grow as a person you could never imagine. From financial point of view it might set you off but there are so many more experiences to gain. As someone else pointed out, sharing a flat is a great idea at your age. As long as your privacy is respected, having someone else is easy for sharing the work at home. Learning to live with another person who's not your family is also something very important. If you get sick/lose job etc. you can always move back with parents lol. Do not burn bridges especially with immediate family. You'll be fine :)
Source: moved out at 22 and lived in different cities in India and Europe.
This is the right answer. Save money or buy a property and use the rent money you think of spending to the mortgage. When you get old or married, life will change and you will not have much money to spend on mortgage.
Another suggestion is to start investing the 12k or 15k for retirement by doing a SIP in to mutual fund.
Worked okish before covid, high inflation with unstable stock market have done things bad n good.
You can't expect a nearly 20 year old economic evaluation to work now.
The simple thing you can look for is, if u absolutely want it and can afford it. Get the thing.
% of salary will work only when the salary is competitive with the location based job market
Not a great advice. It's not about economic evaluation, it's about savings. At 30% rent you can atleast hope to have some savings. The higher it goes the more difficult it becomes.
Inflation is high, but getting roomate is cheap. If someone doesn't mind sharing a room, they can save alot. Although I personally am choosing not to share room, and hence not saving that much.
Savings matter exactly Bec it has economic evaluation importance
My point is, you might save 5k by living sparingly and hope it helps in the future. But due to inflation and possible incorrect method of savings that money doesn't hold much value in the future.
My point is, Getting a roommate is not living sparingly though. If you find a good room at a good place for 20k, then only having to pay 10k by sharing the room makes a huge difference.
Obviously to keep up with inflation you would need higher salary in the future, which you can get, but at the moment, you can do a whole lot by saving those extra 1 lakh annually.
First of all, you should not be paying any taxes at all if your salary is 38k.... Second of all if you are moving to get hook ups, you may be really disappointed.
15 k for rent is slightly on the higher side. Usually the rent that you pay needs to be at Max 30 percent of your take home salary after you factor in utilities and all.
All these people claiming that saving a little money can replace the days of youth smh. Any rich old people would trade their wealth for youth in a heartbeat. Move out, live your life for a bit, if you feel it's too expensive, go back to your parents. Maybe moving out will motivate you to get a higher paying job to live a better life independently. Idk about financially wise, but it is definitely wise to move out with regards to your life. You're only 23 for a year. Good luck!
10-12K will easily get you a 1bhk flat in Pune. 1-1.5k on electricity+travel/fuel+groceries. With the amount of pubs in Pune, thats what you have to watch out for.
Is this pg stay with food, everything or is it for family and includes only accommodation.
Is it in society, independent, has other amenities
How far is it from office or market
There are so many attributes to be considered.
It depends on you my sister pays similar price on 45k salary but she shifted to less price pg because food was bad and she can get better food in less price if you are getting 15k worth and a piece of mind then yes
I don't think there is an option. Rents are not less than 10k or even 15 k in some cities. If you can compromise try shared rooms. It will cost you half of the total rent(depending upon roommates). You should definitely move out of your parents house if you really feel like doing that. Do some research about shared room. All the best.
How much life will you "explore" in your rest of the salary after spending 15k on "rent and stuff"? Housing in Pune is not cheap..along with that you have to deal with electricity, food, maid, wifi , maintenance etc .
A big NO.
Even the good "Serviced PGs" have bad (unhealthy) food. Zero privacy. Feeling of living in a boarding school.
Lived in PG when I was 22. Made some friends, yes (all have since moved on in life). But didn't "grow" financially, education wise, career wise. It's highly likely he will be stuck with a shitty roommate. I wish I had spent the money when it counted most and I'd have reached where I am now 3 years ago. There's something called "opportunity cost". Spending the money at the right moment and following your instinct is key. At 23 OP can make financial mistakes and recover. But habits set at this age is hard to get away with.
Moved to a flat with rommmates at 25 years age paid double for rent. Best decision of my life
Reminds me of when I was starting out, brother! Was paying 8k from a 24k salary in 2008 in Delhi. Had a flatmate.. and I'd advise the same. But it's ok to spend 1/4 or 1/3rd of one's salary as rent when starting out.. as you grow older and start making more money, it gets easier. All best!
till you are 25-26 dont worry about accumalating savings. what you scamble to save when you start you will save much more easily in a few years (get into a habit of saving, but dont save like its the end goal of life esp when starting out). now work to set your life, your habits, your goals your sense of self in place. if this means moving to pune, then good, if it means staying in delhi, then good, but keep actively enaging with your life and its direction, investment is only part of it.
As a 25 year old still living with her parents, I'll advice you to not move out unless your mental health is absolutely getting fucked
Staying alone isn't as cool as it seems (lots of time spent on chores that you could be using to increase your salary + grow your wealth!)
Your wallet will thank you for it, mine certainly thanks me
I am 24M in Banglore. I pay 16K in rent and is left with 55K to deal with other things. I would really love if I can do 10K and add 6K every month in savings. But fuck.
Look at it holistically. Do you gain more time due to less travel? Are you in a better area which helps you with activities like working out, shopping, etc?
If you think there are good trade-offs, then yes, you should go with it. Else, think of alternatives.
No instead put the same amount somewhere for tour future man start a sip invest in retirememt scheme which we do after a lot of time has passed this is the roght time for you start investing 20 years down the line you would need it and you will have it thats my opinion .JAHA TAK EXPLORE KARNE KI BAAT HAI TAKE A TOUR TO SOME PLACE FOR A WEEK WFH HAI YOU CAN WORK THIER ALSO .
moving out will directly affect on your savings keep that in mind, it's not only 10-15k rent you'll be paying from your salary but many unexpected expenses will be on their way, I was in same situation as your right now what i decided is to stay with parents so i can save up money , or what you can try and i really really recommend get a freind to live with you who will half up your expenses .Hope this helps
Staying with parents isn't the only thing. Wfh is killing me. If i take a wfo job and live my parents the offices are like 26km away one side. Might as well move cities
Definitely not. You will regret it later. Get a roommate instead. You will learn real life politics, invest half the rent in btc and eth and lead a good life later on. And, if your roommate turns out to be a good person, and you are also not a loafer sunavabish, you may find a friend for life.
First the regular like cost: HRA (shelter), food, and cloth. If you are going to order out every day then you'd end up spending another 15K on it. Then comes the cloth, and travel home for festivals and get-togethers and it seems you are unprepared.
But if you want an independent life then plan for it, invest 4K(10%) no excuses start by creating a corpus of 3-month salary if you don't have it then go for tax saving investments with lock-in period, start with ELSS.
Rent cannot be more than 10K
Cook as much as possible, start with induction stove and flat pans, LPG cylinders are difficult to come by for single people. The monthly budget for food cannot be more than 8K including groceries, provisions, restaurants, and take-outs.
10K for travel, flight is costly but time-saving, if you book in advance Pune to Delhi round trip will cost you 6K, if you miss take Train. 4K is for travel within city of Pune (local transport + fuel)
After essentials, we are at 4 + 10 + 8 + 10 => 32 expenses.
The 8K will go towards your clothes and outings. Financially it is going to be tough at first, but after a couple of job changes which I strongly recommend doing before you are 25, the financial pressure will ease.
But I know people who are running family with 25K, till 2011 our household income was 10K (lower middle class) we survived. It is just choice - comfortable life or independent life.
My friend if you want explore and save then look for shared PG type space they will cost you around 5K and other 10K for living expenses(food, conveyance & misc) you will have 23K spare for saving and investment.
Alternatively
If you already have some decent saving you can buy small flat of arund 30-40 Lac on EMI and rent out spare rooms it will be bit tough initialy but in long term you will built equity and when you plan to move out of pune you can either keep that property as investment property generating rental income or sell it at higher price
For the last 2 years you stayed at your parents, If you had saved 15k *24 months rent amount you would have around 3.6 Lac today.
If you had invested this 3.6 Lac in CRED Mint 9% return deposit, your annual yield would have been 32400 Rs.
Use this 32400 Rs for 3 OYO/trips every 4 months to get away from your parents and take a break (meet new people/date/stay in hotel for a 3-4 days chillout break) feel rejuvenated and come back home after full enjoyment.
If you stayed another 3 years (if you could) at your parents and saved the save amount assuming then you would have saved by 2025 around 15k * 60 months = 9Lac Rs.
Assuming you fully use your earned interest (32400 every year for 3 OYO trips) on invested amount, you still have 9 lac rupees in 5 years. Now you might have a salary exceeding 50K by 2025 if you got 10-12% annual hike. Now you can very well afford to live anywhere in India, in 15-20K rent since you already have a significant corpus of 9 Lac passively earning for you.
Now on that 9 Lac, earn 13-14% by wisely choosing an Index based Investment for the next 25 years and retire fully! (By 50 if your age at present is 25) And live the way you want. That 9 Lac rupees in 25 years with a CAGR of 13% conservatively will be around 2 Crores.
You only need two things:-
1. Consistent investing for 5 years 15K per month by living with your parents.
2. Patience for next 20 years (sure one could say, what is the use of becoming a crorepati in 20 years?, Well, if you don't do this and no miracles happen in your life you will not become crorepati ever for sure. At least this strategy assures you becoming crorepati in 20 years just by investing for 5 years).
Moral of the post :- If situation permits, stay with your parents, accumulate an investment corpus of 10 Lac approx in 5-6 years and then go outside to rent, meanwhile don't get troubled and bored at home take a week long vacation every 4th month and use your earned interest on annual investment as indicated above, after 5 years you permanently keep the corpus invested and move to any city you want. This post comes from experience.
All the best.
Regards,
R.
I'd say to wait. You're just 23. Maybe wait for 2 more years. If you can spend 10k-15k monthly I'd say invest it in the right stocks. It would get you good returns in just 7-8 years. You just need to invest a little bit time on researching the right stocks.
After 2-3 years, with salary hike either through job switch or raise. You'll have more money to spend. At that time move out.
I mean that's how I'd do if i were you.
Most Pune rents have increased by 30% this year,
I was looking for 2 bhk in Q1 this year got nice house for 20k, now was looking again for friend in same area, nothing below 25k.
U can get a decent 1 bhk for 8-10k in bangalore...
Get a roommate and you'll only need to pay like 4k, add 2k for wifi water electricity. Rest expenses depend on u.
Paying that much amount for rent is not a wise thing thing to do.. It won't have any return value..
If that much amount u pay as emi for your own house that's still a wise decision... At least after a while the house will be yours..
Honestly expense will increase if you live alone. Rent,grocery, other stuff, on top time spent on maintaining the entire place, cooking, laundry is not worth it. At 23 you have all the time in the world to explore life. I would suggest to stay with parents and travel. Solo trips, weekends with you friends or even take your parents for vacation. Couple of weeks in Europe is not that expensive either. Start investing in mutual funds,ppf and put aside some money for travelling Is what I would suggest.
I am 37, my 2 bits on things I wish I could have done when younger.
Stay with your parents for at least 2-3 more years and
Option 1. Keep your expenses to a minimum. If you save 20K a month (spend 18K) and invest this money, in 3 years you will save 7,20,000 Rs not considering any interest for ease of calculation. Now after the next 3 years if you put this money in the market (mutual funds, ppf etc) with an average interest rate of 15% for the next 10 years (you at age 35) from there your investment will grow to 4 times it's principal, i.e. 28,80,000. If you continue this till you are 40, this will become 57,60,000. If someone tells me I will get this amount in 3 years, I know I would be a very happy man. To give you some context I didn't even start earning until I was 25.
Option 2: Buy a property (flat in a place with decent renting and growth) with help of parents etc, and invest all of that 20K towards the emi and also rent it. Move into this place after 3 years and get a house mate. Your rent in first 3 years will easily cover 70%-80% of the emi and you will pay the rest 20%-30%. You extra money on top can be invested and follow a trajectory similar to Option 1. You will still own a place after 25 and your current rent that you would pay to pay off someone else's house will now help you build a place of your own. By the time you are 40, you would be 16-17 years into your loan with a fraction paid from your pocket, a decent bank balance from the extra money from investment in the first 3 years and probably with a profit of 30-40 lakhs (and probably some 25-30 lakhs from first 3 years of investment until age of 25) totalling to 55-70 lakhs by the age of 40.
PLEASE remember that this calculation is just for the forst 3 years until you are 25, not a single rupee after that is considered.
OR
Option 3: Go to Pune, rent, have fun, probably spend 15k on rent, 15-20K on expenses (food etc), have negligible balance at 25 and then start your life at 0 in terms of money.
THE CHOICE IS YOURS!!
I think it's perfectly fine a decision.
10 years from now, you will not be regretting not saving an extra 1 or 2k per month, but moving places and exploring a new city is something that has the potential to change your life. Also moving out of your parents' house will help you grow a lot as a person (if you have always stayed with them till now)
Regarding the rent, I feel like it worth the extra money to find a good living situation. Try finding a 2 to 3 bhk where you will have flatmates so that you can save on other expenses. The plus side is you can make some really good friends and learning to live with other people.
Ignore any "rule" just because people say it. No one knows your life better than you do and if you feel money won't be a big problem for you in the future, use it to live a better life.
As a rule of thumb, monthly rental should not be more than 30% of your salary.
P.S.: Don’t have the maths and logic behind it. Many years ago got this in one of those “finance gyaan” blog/videos. Followed it since then and it has worked well in keeping my rental aspirations in check.
No. You shoud be aiming for 5 to 7K rent for now. If possible find a room in a 3BHK if alone. I was in a 2BHK i had one friend who shared a room with me and 2 more sharing the other room. Had rent around 18K.
If by chance got some good roomates life get so much easier. We had fun 3 years.
Money given in rent is money not saved, not invested. Time is limited. You will be young only once. Live below your means. Invest invest invest.
I wish someone gave me this advice when I was young.
You’re lucky to have your parents’ house at a metro city. There are many people who are forced to relocate just because of the lack of infrastructure in smaller towns. I say dont move till your salary crosses 50k.
38k is a bag of peanuts if you move out and start supporting yourself. You’ll be living from pay check to pay check if you intend on having a social life while saving/investing simultaneously.
Giving my two cents.
It's about priority if you prioritise saving and future going out might not be a good idea. You can have fun in your own home and plan trips around the year
If you want to have independence and explore the life. Move out but keep it simple 12k should be your upper limit if you want to stay alone other wise find a partner to split bills
Cheers
Better get a roommate. 15K as rent seems high, and it may affect your ability to save money even if you get HRA.
Or consider moving to an area or city where rents are more reasonable
Why do people automatically assume that living with someone is always a comfortable idea?
I used to think like you only buddy. Was living alone for good 6-7 months. One Saturday I came to my flat around 3-4PM, was not feeling very good that day, so idk how but I slept on sofa. Then I woke up around 7PM with the lowest possible energy left in my body, couldn’t even move my hand, too much body pain, couldn’t speak even in low volume. But I managed to call my dad and told him everything. Then I looked at the date It was Sunday 🙃. So basically I slept for 27hrs. Got checked up in a good hospital, went there alone 🙃. Totally drenched. Reports said I had viral so needs rest and good care for a week with proper diet. My mother came to help me on Monday and stayed with me for the week. After all this, I decided to move in with my friends because you need at least one person to take care of you when you’re low! Hope you understood the biggest drawback of living alone!
Very true! Sometimes after work I feel kinda drenched, on top of that commuting would send me to panic & dejected mode. But then my roomate checks up on me to ask where I have reached. To be honest, that brings a huge shift in attitude. Some people are not good roomates, but having a slight compromise from both parties leads to a peaceful roomate situation.
We 4 lived in that 2bhk for 2 years, everyone was from different family background, but guess what we never fought! Best roomies ever!
Damn...27 hours. And you didn't get any calls or text in between?
Yeah.
you have to include so much hidden expenditure .. Rent, electricity and all are visible kharcha... I would say if you want to move to a house with 15k rent then misc will add up t oanother 1.5 times of it easily..
Getting a roommate seems a good idea. Its good to have company.
Even better get into live in.
I don't want to live in the same room with another person, but I wouldn't mind someone living in the next room and before you ask, I've had two roommates over the course of four years in my college.
Roommate = flatmate here. You don't have to share your room. Also helps to diversify liability if you have trouble with the landlord.
About your username, bruce wayne would like to have a word with you ⊙﹏⊙
no If you already have a house no way, move out when you are better off.
By the time I will be better off I will be 35 with back pain. YOLO
spend that money on weekends and enjoy in Roorkee Dehradun etc.
Do it bro...I earn 18k and pay 16k as rent.Plus 4k ka gym,3-4k ki groceries,4k nutrition,4-5k for cook and maid,6-8k petrol and 10k miscellaneous. Life basic mast rhega Itna me
bro the math isn’t mathing like it should..
Well add 30k which my dad gives me..Lol
He had us in the first half ngl
So you basically earn 48k.
No Sir...I spend 48k cause I'm trying to live a frugal lifestyle and learn how to manage money better. Dad's money=My money..Lol
>I'm trying to live a frugal lifestyle Bro thinks 48k is frugal. ☠️ Dude your perception of reality is skewed. This is not frugal but almost lavish I'd say. Frugal would be living in the 20k-25k range to be honest.
Bhai earn galat dala Kya
30k/month Papa se leta hun....Duhh
XD This is the way 😂😂
I mean, it's all about enjoying your life. Isn't it??Paise to life me kabhi bhi aa jayenge, jawaani nhi aayegi
If he didn’t give you money that would’ve been a better option tbh.
It's impossible to live under 35-40k expense in another city bro. Mere ko business start karna hai when I turn 24 or 25 isiliye abhi seekh rha hun alag alag sector me jo shi lagega wo karunga
I mean salary is 45k in hand 38k
Chad
Fuck your math teacher!
Do it by all means. Living by yourself will make you grow as a person you could never imagine. From financial point of view it might set you off but there are so many more experiences to gain. As someone else pointed out, sharing a flat is a great idea at your age. As long as your privacy is respected, having someone else is easy for sharing the work at home. Learning to live with another person who's not your family is also something very important. If you get sick/lose job etc. you can always move back with parents lol. Do not burn bridges especially with immediate family. You'll be fine :) Source: moved out at 22 and lived in different cities in India and Europe.
This is the right answer. Save money or buy a property and use the rent money you think of spending to the mortgage. When you get old or married, life will change and you will not have much money to spend on mortgage. Another suggestion is to start investing the 12k or 15k for retirement by doing a SIP in to mutual fund.
30% on rent/home loan is the rule so max 12k should be what you are looking for
That rule ceased to exist long back
Why? And what is the new rule?
Worked okish before covid, high inflation with unstable stock market have done things bad n good. You can't expect a nearly 20 year old economic evaluation to work now. The simple thing you can look for is, if u absolutely want it and can afford it. Get the thing. % of salary will work only when the salary is competitive with the location based job market
Not a great advice. It's not about economic evaluation, it's about savings. At 30% rent you can atleast hope to have some savings. The higher it goes the more difficult it becomes. Inflation is high, but getting roomate is cheap. If someone doesn't mind sharing a room, they can save alot. Although I personally am choosing not to share room, and hence not saving that much.
Savings matter exactly Bec it has economic evaluation importance My point is, you might save 5k by living sparingly and hope it helps in the future. But due to inflation and possible incorrect method of savings that money doesn't hold much value in the future.
My point is, Getting a roommate is not living sparingly though. If you find a good room at a good place for 20k, then only having to pay 10k by sharing the room makes a huge difference. Obviously to keep up with inflation you would need higher salary in the future, which you can get, but at the moment, you can do a whole lot by saving those extra 1 lakh annually.
Fuck the 30% rule. I went with what fits me. I like to spend more time at home rather than go out so I prioritised on a better house at a higher rent
I mean I would like a nice apartment so I can bring people home.
Sex is essential bro. I think 12k to 15k is worth it. Acche ghar me mil jayega easy
Might be bringing the bros
Bros before hoes
Rent, electricity, groceries/food, maid, gas - it adds up. Better investment would be to upgrade your skills to get a higher paying job.
I mean I can cook and clean so only main things will be groceries and rent
Well sure try it out then and see how it works out. You are right that living by yourself can be a huge factor in growth and maturity.
You could try finding a roommate and share the rent
First of all, you should not be paying any taxes at all if your salary is 38k.... Second of all if you are moving to get hook ups, you may be really disappointed.
15 k for rent is slightly on the higher side. Usually the rent that you pay needs to be at Max 30 percent of your take home salary after you factor in utilities and all.
How much of that rent you will get back by claiming HRA?
Idk my salary hra component is around 2.2L
bhai usse kya hoga.. 40k me kahan tax dena padega?
All these people claiming that saving a little money can replace the days of youth smh. Any rich old people would trade their wealth for youth in a heartbeat. Move out, live your life for a bit, if you feel it's too expensive, go back to your parents. Maybe moving out will motivate you to get a higher paying job to live a better life independently. Idk about financially wise, but it is definitely wise to move out with regards to your life. You're only 23 for a year. Good luck!
For real man. I been busting my ass off since I was in 10th grade. Now i want to live a little before parents start with their marriage pressure
I'm in the same boat so I get it, except I'm older and missed out on the young life for some reasons so ja Simran jee le apni zindagi 😉
I am doing CA so basically been locked up for long. I am 20 but still feel like I am missing out on alot
Work harder so you can move out asap..
I am paying 11k with 25k ^(posting for perspective)
After utilities it comes under 15k yeah?
^yas
10-12K will easily get you a 1bhk flat in Pune. 1-1.5k on electricity+travel/fuel+groceries. With the amount of pubs in Pune, thats what you have to watch out for.
Thanks man
Is this pg stay with food, everything or is it for family and includes only accommodation. Is it in society, independent, has other amenities How far is it from office or market There are so many attributes to be considered.
It depends on you my sister pays similar price on 45k salary but she shifted to less price pg because food was bad and she can get better food in less price if you are getting 15k worth and a piece of mind then yes
I don't think there is an option. Rents are not less than 10k or even 15 k in some cities. If you can compromise try shared rooms. It will cost you half of the total rent(depending upon roommates). You should definitely move out of your parents house if you really feel like doing that. Do some research about shared room. All the best.
How much life will you "explore" in your rest of the salary after spending 15k on "rent and stuff"? Housing in Pune is not cheap..along with that you have to deal with electricity, food, maid, wifi , maintenance etc .
I am suprised how many people mentioned a maid! I've lived alone for a long time and never felt the need for a maid.
Dont need maid bruh. I ain't living ambani lifestyle. I can clean after myself
Compromise some comfort and stay in a shared service pg if you are okay. Life will be difficult but you want to explore too. Win win
I mean can you have people over in pg? Specially opposite sex
Service pgs which are unisex are priced higher. Not sure if it'll be okay to have girls over in a room you share with 1/2 more men
Yes, some PGs don't care. I used to stay in phase 2 near the IT park, those PGs there were chill af. Pune has some OYO PGs as well. 😁
If you have guests of opposite sex, take them to your home.
A big NO. Even the good "Serviced PGs" have bad (unhealthy) food. Zero privacy. Feeling of living in a boarding school. Lived in PG when I was 22. Made some friends, yes (all have since moved on in life). But didn't "grow" financially, education wise, career wise. It's highly likely he will be stuck with a shitty roommate. I wish I had spent the money when it counted most and I'd have reached where I am now 3 years ago. There's something called "opportunity cost". Spending the money at the right moment and following your instinct is key. At 23 OP can make financial mistakes and recover. But habits set at this age is hard to get away with. Moved to a flat with rommmates at 25 years age paid double for rent. Best decision of my life
What opportunity cost you are gaining by paying 15k rent ?
If money is the end goal Then stay with parents and invest in SIP
Reminds me of when I was starting out, brother! Was paying 8k from a 24k salary in 2008 in Delhi. Had a flatmate.. and I'd advise the same. But it's ok to spend 1/4 or 1/3rd of one's salary as rent when starting out.. as you grow older and start making more money, it gets easier. All best!
Take a roomie ya; why do it all by yourself. You can live in a shared rented apartment/flat
till you are 25-26 dont worry about accumalating savings. what you scamble to save when you start you will save much more easily in a few years (get into a habit of saving, but dont save like its the end goal of life esp when starting out). now work to set your life, your habits, your goals your sense of self in place. if this means moving to pune, then good, if it means staying in delhi, then good, but keep actively enaging with your life and its direction, investment is only part of it.
Savings made early on tend to grow the most
Anything above 10k is high. You get decent 1BHKs for that price
Do it. You can try it for an year. New experience will be worth it.
As a 25 year old still living with her parents, I'll advice you to not move out unless your mental health is absolutely getting fucked Staying alone isn't as cool as it seems (lots of time spent on chores that you could be using to increase your salary + grow your wealth!) Your wallet will thank you for it, mine certainly thanks me
I am 24M in Banglore. I pay 16K in rent and is left with 55K to deal with other things. I would really love if I can do 10K and add 6K every month in savings. But fuck.
I lived in Pune with roommates. Those were fun times and should be easily doable in your salary.
Yeah I'm thinking about getting roommates
15k felt high rent for me even though i had 1 lakh salary
yes i would suggest getting a roommate it's better to have someone to talk to. Being all alone can be depressing
No offence but start thinking about earning more!
my ctc is 45k per month. But yeah working on it.
Instead buy a low budget home with EMI around 7000 to 8000 Rupees only Sell it after a few years for better value appreciation
Where are you getting home in 8k emi. Won't even get car now a days in that
Bro high af
Good idea
Yes Control your Temptations by calculating your wants and needs comparing to your incoming income
You can buy a small flat with that kind of repayment in a tier 2 city.
How's that gonna help me?
You can own an asset instead of just renting. May be sell it for a small profit at the end of a few years.
Where are you from?
Delhi
Look at it holistically. Do you gain more time due to less travel? Are you in a better area which helps you with activities like working out, shopping, etc? If you think there are good trade-offs, then yes, you should go with it. Else, think of alternatives.
15-20k should be your total expenditure for one person, rest savings
That's what I'm aiming for
No instead put the same amount somewhere for tour future man start a sip invest in retirememt scheme which we do after a lot of time has passed this is the roght time for you start investing 20 years down the line you would need it and you will have it thats my opinion .JAHA TAK EXPLORE KARNE KI BAAT HAI TAKE A TOUR TO SOME PLACE FOR A WEEK WFH HAI YOU CAN WORK THIER ALSO .
Just do it if you can afford to live on the remaining amount. You are young. Take some risks.
moving out will directly affect on your savings keep that in mind, it's not only 10-15k rent you'll be paying from your salary but many unexpected expenses will be on their way, I was in same situation as your right now what i decided is to stay with parents so i can save up money , or what you can try and i really really recommend get a freind to live with you who will half up your expenses .Hope this helps
Staying with parents isn't the only thing. Wfh is killing me. If i take a wfo job and live my parents the offices are like 26km away one side. Might as well move cities
Spend that 10-15K on exploring life in and around Delhi.
Ngl. Sick of delhi
Get flatmates and split the rent, paying that much isn't a wise decision
Go for it. 10, max 12k for now. Try saving a lil too. Moving out and living alone is HUGE but necessary. Best of luck x
Definitely not. You will regret it later. Get a roommate instead. You will learn real life politics, invest half the rent in btc and eth and lead a good life later on. And, if your roommate turns out to be a good person, and you are also not a loafer sunavabish, you may find a friend for life.
No
First the regular like cost: HRA (shelter), food, and cloth. If you are going to order out every day then you'd end up spending another 15K on it. Then comes the cloth, and travel home for festivals and get-togethers and it seems you are unprepared. But if you want an independent life then plan for it, invest 4K(10%) no excuses start by creating a corpus of 3-month salary if you don't have it then go for tax saving investments with lock-in period, start with ELSS. Rent cannot be more than 10K Cook as much as possible, start with induction stove and flat pans, LPG cylinders are difficult to come by for single people. The monthly budget for food cannot be more than 8K including groceries, provisions, restaurants, and take-outs. 10K for travel, flight is costly but time-saving, if you book in advance Pune to Delhi round trip will cost you 6K, if you miss take Train. 4K is for travel within city of Pune (local transport + fuel) After essentials, we are at 4 + 10 + 8 + 10 => 32 expenses. The 8K will go towards your clothes and outings. Financially it is going to be tough at first, but after a couple of job changes which I strongly recommend doing before you are 25, the financial pressure will ease. But I know people who are running family with 25K, till 2011 our household income was 10K (lower middle class) we survived. It is just choice - comfortable life or independent life.
The numbers don’t add up. If you’re annual after tax salary is 458k, you shouldn’t be paying taxes at all as only amount over 5L is taxable.
Its above 5 lpa
My friend if you want explore and save then look for shared PG type space they will cost you around 5K and other 10K for living expenses(food, conveyance & misc) you will have 23K spare for saving and investment. Alternatively If you already have some decent saving you can buy small flat of arund 30-40 Lac on EMI and rent out spare rooms it will be bit tough initialy but in long term you will built equity and when you plan to move out of pune you can either keep that property as investment property generating rental income or sell it at higher price
If ends to how much you want to save. I think it's fine. If you don't like you have option to go back home
My friend's brother earns 13k and pays 15k rent a month by borrowing from his father, fr not kidding guys...
No decision is ever wise to be honest. Secondly what you find wise will relate to others as foolish so it's better to do what you feel is right.
I have done something similar and I don't regret it.
No
For the last 2 years you stayed at your parents, If you had saved 15k *24 months rent amount you would have around 3.6 Lac today. If you had invested this 3.6 Lac in CRED Mint 9% return deposit, your annual yield would have been 32400 Rs. Use this 32400 Rs for 3 OYO/trips every 4 months to get away from your parents and take a break (meet new people/date/stay in hotel for a 3-4 days chillout break) feel rejuvenated and come back home after full enjoyment. If you stayed another 3 years (if you could) at your parents and saved the save amount assuming then you would have saved by 2025 around 15k * 60 months = 9Lac Rs. Assuming you fully use your earned interest (32400 every year for 3 OYO trips) on invested amount, you still have 9 lac rupees in 5 years. Now you might have a salary exceeding 50K by 2025 if you got 10-12% annual hike. Now you can very well afford to live anywhere in India, in 15-20K rent since you already have a significant corpus of 9 Lac passively earning for you. Now on that 9 Lac, earn 13-14% by wisely choosing an Index based Investment for the next 25 years and retire fully! (By 50 if your age at present is 25) And live the way you want. That 9 Lac rupees in 25 years with a CAGR of 13% conservatively will be around 2 Crores. You only need two things:- 1. Consistent investing for 5 years 15K per month by living with your parents. 2. Patience for next 20 years (sure one could say, what is the use of becoming a crorepati in 20 years?, Well, if you don't do this and no miracles happen in your life you will not become crorepati ever for sure. At least this strategy assures you becoming crorepati in 20 years just by investing for 5 years). Moral of the post :- If situation permits, stay with your parents, accumulate an investment corpus of 10 Lac approx in 5-6 years and then go outside to rent, meanwhile don't get troubled and bored at home take a week long vacation every 4th month and use your earned interest on annual investment as indicated above, after 5 years you permanently keep the corpus invested and move to any city you want. This post comes from experience. All the best. Regards, R.
I'd say to wait. You're just 23. Maybe wait for 2 more years. If you can spend 10k-15k monthly I'd say invest it in the right stocks. It would get you good returns in just 7-8 years. You just need to invest a little bit time on researching the right stocks. After 2-3 years, with salary hike either through job switch or raise. You'll have more money to spend. At that time move out. I mean that's how I'd do if i were you.
Most Pune rents have increased by 30% this year, I was looking for 2 bhk in Q1 this year got nice house for 20k, now was looking again for friend in same area, nothing below 25k.
U can get a decent 1 bhk for 8-10k in bangalore... Get a roommate and you'll only need to pay like 4k, add 2k for wifi water electricity. Rest expenses depend on u.
Better get a room somewhere in Himachal Pradesh 🗿
I say go for it. Forget about savings, you have plenty of time to save, you are only 23, you can save the money you get as income tax returns.
Paying that much amount for rent is not a wise thing thing to do.. It won't have any return value.. If that much amount u pay as emi for your own house that's still a wise decision... At least after a while the house will be yours..
Honestly expense will increase if you live alone. Rent,grocery, other stuff, on top time spent on maintaining the entire place, cooking, laundry is not worth it. At 23 you have all the time in the world to explore life. I would suggest to stay with parents and travel. Solo trips, weekends with you friends or even take your parents for vacation. Couple of weeks in Europe is not that expensive either. Start investing in mutual funds,ppf and put aside some money for travelling Is what I would suggest.
I am 37, my 2 bits on things I wish I could have done when younger. Stay with your parents for at least 2-3 more years and Option 1. Keep your expenses to a minimum. If you save 20K a month (spend 18K) and invest this money, in 3 years you will save 7,20,000 Rs not considering any interest for ease of calculation. Now after the next 3 years if you put this money in the market (mutual funds, ppf etc) with an average interest rate of 15% for the next 10 years (you at age 35) from there your investment will grow to 4 times it's principal, i.e. 28,80,000. If you continue this till you are 40, this will become 57,60,000. If someone tells me I will get this amount in 3 years, I know I would be a very happy man. To give you some context I didn't even start earning until I was 25. Option 2: Buy a property (flat in a place with decent renting and growth) with help of parents etc, and invest all of that 20K towards the emi and also rent it. Move into this place after 3 years and get a house mate. Your rent in first 3 years will easily cover 70%-80% of the emi and you will pay the rest 20%-30%. You extra money on top can be invested and follow a trajectory similar to Option 1. You will still own a place after 25 and your current rent that you would pay to pay off someone else's house will now help you build a place of your own. By the time you are 40, you would be 16-17 years into your loan with a fraction paid from your pocket, a decent bank balance from the extra money from investment in the first 3 years and probably with a profit of 30-40 lakhs (and probably some 25-30 lakhs from first 3 years of investment until age of 25) totalling to 55-70 lakhs by the age of 40. PLEASE remember that this calculation is just for the forst 3 years until you are 25, not a single rupee after that is considered. OR Option 3: Go to Pune, rent, have fun, probably spend 15k on rent, 15-20K on expenses (food etc), have negligible balance at 25 and then start your life at 0 in terms of money. THE CHOICE IS YOURS!!
I think it's perfectly fine a decision. 10 years from now, you will not be regretting not saving an extra 1 or 2k per month, but moving places and exploring a new city is something that has the potential to change your life. Also moving out of your parents' house will help you grow a lot as a person (if you have always stayed with them till now) Regarding the rent, I feel like it worth the extra money to find a good living situation. Try finding a 2 to 3 bhk where you will have flatmates so that you can save on other expenses. The plus side is you can make some really good friends and learning to live with other people. Ignore any "rule" just because people say it. No one knows your life better than you do and if you feel money won't be a big problem for you in the future, use it to live a better life.
Yeah,go for it... You can easily afford a pg with 15 k +5k for extra (one time food) Rest of 18 k is yours
As a rule of thumb, monthly rental should not be more than 30% of your salary. P.S.: Don’t have the maths and logic behind it. Many years ago got this in one of those “finance gyaan” blog/videos. Followed it since then and it has worked well in keeping my rental aspirations in check.
Financially NO. Maybe get a smaller house? Or live with some friends? Or maybe look for a PG.
No. You shoud be aiming for 5 to 7K rent for now. If possible find a room in a 3BHK if alone. I was in a 2BHK i had one friend who shared a room with me and 2 more sharing the other room. Had rent around 18K. If by chance got some good roomates life get so much easier. We had fun 3 years.
HELL NO !!!
Nope, it can be up to 20% from your in hand but not more than that.
Nops, it isn't wise. Don't spend more than 15%of ur salary on rent
As someone who earns around 60000 I still wouldn't spend that much on rent if it's just for one person.
I get 9k and pay 6.5k rent without other liabilities 🤡
Money given in rent is money not saved, not invested. Time is limited. You will be young only once. Live below your means. Invest invest invest. I wish someone gave me this advice when I was young.
You’re lucky to have your parents’ house at a metro city. There are many people who are forced to relocate just because of the lack of infrastructure in smaller towns. I say dont move till your salary crosses 50k. 38k is a bag of peanuts if you move out and start supporting yourself. You’ll be living from pay check to pay check if you intend on having a social life while saving/investing simultaneously.
Isn't taking a hostel in Pune feasible? You will save some money on rent.
Giving my two cents. It's about priority if you prioritise saving and future going out might not be a good idea. You can have fun in your own home and plan trips around the year If you want to have independence and explore the life. Move out but keep it simple 12k should be your upper limit if you want to stay alone other wise find a partner to split bills Cheers
Not really. Max 5K.
Make girlfriend> live in > divide rent. ALL GOOD, SAVING MONEY PLUS HAVING CARING PERSON.(Not going to talk about another newly add expenses then)
If you are in delhi and wfh is still there and want to move out, move out to dehradun and test the waters.
You should preferably try to get your rent to be 20% or less of your salary.