Moving to a new city is one of the most important and exciting phases of life as a student or a young professional. It’s the first time you leave the comfort of your home and become fully responsible for your own life. And while that’s super exhilarating, it can put a bit of a strain on your wallet. Which is why you need to make some smart decisions. It’s super important to be financially prepared when you’re moving to a new city. Booking budget hostels in Delhi will ensure that you save on your monthly rent, but there’s a lot more to living expenses than just your monthly rent. So, how do you ensure that you stick to your budget during the move? We’ve got some great tips to help you out.
Research the living costs in your new city
The first thing you need to know when you’re moving to a new city like Delhi is to find out the cost of living there. Compare it to your current living costs and figure out how you’re going to pay for the difference. Housing tends to be the major component of your living expenses, so make sure you’re choosing a hostel or PG that you can afford. Factor in your transport and commuting costs as well, especially if you’re going to be using public transport.
Sort your stuff
Before you move, you need to figure out exactly what you want to take with you. Much as you’d like to pack up your entire bedroom and take it with you to Delhi, you need to be realistic. There are probably several items that you no longer need or like. So why not sell, donate or discard them depending on their condition. It’ll help you clear out some of your clutter and can even help you make some extra cash that will come in handy during the moving process.
Make two separate budgets
When you’re planning to move, you need two different budgets – the first is the amount you’ll need for the actual moving process, the second is for the expenses that you’ll have in your new city. So, don’t forget to prepare for both situations. If you need to hire packers and movers, your moving costs will be a lot higher than if you choose to do the entire thing yourself. And once you reach your destination, you’ll probably have to pay a security deposit and the first month’s rent in advance before you move in. It’s only once you have that budget secured that you can start planning for your living expenses in the city.
Have an emergency fund
Everyone should have an emergency fund in place, but when it comes to moving somewhere new, it’s pretty much essential. There are all kinds of unexpected costs that can arise while moving to a new city, so you need to have enough money secured to ensure that you’re not caught unawares. A good rule of thumb is to have anywhere between three-and-six months’ worth of living expenses in your emergency fund. After all, it’s best to save up more than you need than to end up in a situation where you can’t afford to sustain yourself.
Make sensible choices
If you’re moving to a city that’s expensive and has a pretty high cost of living, you need to make affordable choices in every aspect of your life. Opt for public transport instead of cab services and sign up for monthly passes so that you can save yourself time and money. And if you want the privacy of living in a flat in the capital without incurring the expense, choose a single room PG in Delhi instead. You’ll find it a lot more affordable and convenient in the long run. Plus, if you’re able to cut down on expenses in these areas, you’ll be able to save money for the things that you enjoy.
And there you have it. With these moving tips, you’ll be able to stick to your budget when it comes to moving to a new city. So, go ahead and put them into practice and all the best for your big move.