₹25K, ₹50K, ₹1L SALARY: How to LIVE in Mumbai, Delhi, Bangalore?! | Ankur Warikoo Hindi

TLDR;

This video provides a detailed guide on how to manage finances and live comfortably in major Indian cities like Delhi, Mumbai, and Bangalore with monthly salaries of ₹25,000, ₹50,000, and ₹1 lakh. It covers key aspects such as housing, food, transportation, investments, and avoiding common financial pitfalls like lifestyle inflation and credit card debt. The video emphasizes strategic financial planning, including saving, investing, and continuous personal and professional development, to build a secure financial future regardless of income level.

• Managing expenses and investments at different salary levels in major Indian cities.
• Avoiding financial pitfalls like lifestyle inflation, credit card debt, and neglecting personal finance tracking.
• Importance of continuous learning, networking, and strategic job switching for career and financial growth.

Living on ₹25,000 a Month [0:11]

With a ₹25,000 monthly income, housing will be the biggest expense, and the budget should be around ₹7,000 to ₹12,000. Sharing accommodation is necessary, but avoid staying too close to the office to save on rent and improve living conditions. Look for PG or shared accommodations 30-40 minutes away from work, utilizing the good metro and bus connectivity in these cities. Co-living spaces offer affordable options with amenities like Wi-Fi and housekeeping, often requiring only a month's security deposit. Food expenses need to be tightly managed, around ₹3,000 to ₹4,000 per month, which means cooking most meals or using a mess facility. For occasional meals out, opt for street food over restaurants to save money. Transportation should rely on monthly bus or metro passes, and using two-wheeler facilities like Ola or Rapido instead of cars. Avoid unnecessary subscriptions and share accounts. It's crucial to save ₹500-₹1,000 for an emergency fund in a debt mutual fund or FD, and another ₹500-₹1,000 for long-term investments in a Nifty 50 fund.

Living on ₹50,000 a Month [2:41]

At ₹50,000, there are more housing options. You can stay in a PG closer to the office, share with fewer people, or even live solo, with costs ranging from ₹12,000 to ₹15,000. Alternatively, consider a two-bedroom flat with a flatmate, sharing a room each, which may cost around ₹18,000 to ₹20,000. Opting for a flatmate is advisable if you have a good relationship and can share expenses. Food budget can be increased to ₹5,000-₹6,000, but still focus on cooking and using mess or tiffin services, with occasional meals at local restaurants instead of street food. Transportation can be upgraded with a budget of ₹2,000-₹3,000 per month, using metro and bus passes, but occasionally using Uber when necessary. If managed well, expenses can be kept around ₹30,000-₹35,000, leaving a surplus of ₹10,000-₹15,000. Invest in health with gym memberships or supplements, setting aside ₹2,000-₹3,000 per month. Invest in learning and skilling with ₹2,000-₹3,000 for courses or networking events. Allocate ₹2,000 towards an emergency fund and ₹8,000 towards investments, splitting it between Nifty 50 and flexi-cap funds for a blended average return of 14-15% over the long term. Consider term insurance if you are the sole earning member of your family, which may cost around ₹700-₹800 per month.

Living on ₹1 Lakh a Month [5:31]

With a ₹1 lakh salary, lifestyle inflation becomes a significant concern. Housing budget can be around ₹25,000-₹35,000, allowing for a luxury three-bedroom apartment shared with friends, a single accommodation in a co-living space, or a one-bedroom apartment in a premium location. Avoid buying a car in cities like Mumbai and Bangalore due to traffic, and instead, use cabs. In Delhi, the metro is a good option. Focus on protecting your time by hiring a house help, cook, or someone to clean your car, and live in a society with amenities, even if it means paying maintenance fees. These expenses should keep you around ₹65,000-₹70,000, leaving a surplus of ₹20,000-₹30,000. Allocate ₹5,000 for an emergency fund, ₹5,000 for skilling and learning, and ₹20,000 for investments, split between Nifty 50, flexi-cap, and small-cap funds.

Common Financial Strategies [8:16]

Regardless of income, networking is crucial, and volunteering at events is a great way to do it. Always pursue a side income to stay passionate and potentially generate additional money. Focus on mastering the skill, and over time, it can become a money-generating venture. Job switching every 2.5 to 3 years can lead to a 20-25% increase in salary, as it allows for gaining experience and growth.

Financial Mistakes to Avoid [10:11]

Avoid credit card or personal loan traps for desires or emergencies, as these are expensive. If you need money, borrow from friends or family instead. Keep track of your expenses, as UPI transactions can add up quickly. Be accountable with your money and spend it wisely. Avoid lifestyle inflation by increasing your expenses less than your income increase, investing the difference for a secure future.

City-Specific Costs [12:21]

Mumbai has the most expensive housing, so living far from the city center and relying on local trains is necessary. Bangalore's traffic is a silent killer, so stay close to work or have a remote job. Gurgaon's public transport is not as strong as Delhi's, so transportation costs can be high. Big cities have invisible taxes, such as higher costs for ordering from apps like Blinkit or Zepto. Medical emergencies are expensive, so ensure you have medical insurance from your company or get your own.

Conclusion [13:47]

Big cities offer opportunities and exposure, but come at a cost. Smaller cities also have opportunities and a new buzz due to infrastructure, remote work, and startups. If you move to or live in a big city, avoid getting caught up in its circus and losing the opportunity to earn more. If you can earn more and spend smartly, the big city can create a big life for you.