Are you calculating your in-hand salary and looking for some handy money-saving advice? Perhaps those irresistible sneakers have captured your attention, or maybe your desire for traveling is pushing your budget to the limit. No matter the reason, we’re here to assist you by sharing practical ways to save money while living in a PG. We understand the struggle firsthand, having also yearned for stylish sneakers and top-notch smartphones.
We lived in a PG for years and understand the difficulties that young people your age endure on a daily basis. You may be certain that if you have an overspending habit, we will not overlook it. Even if you don’t become the next Warren Buffet as a result of these money-saving tactics, you will have less financial worry while in college.
How to Save Money While Living in a PG
1. Track Expenses Using Money Saving Apps
It’s no secret that the ultimate money-saving hack lies in monitoring your expenses through smart apps. This simple yet effective approach holds the key to resolving over half of your financial woes. By diligently tracking your spending, you can easily pinpoint areas where you tend to overspend in impulsive purchases. Moreover, budgeting apps enable you to allocate a portion of your income for savings, serving as a friendly reminder to prioritize financial well-being. It may sound bizarre, but relying on apps to manage other apps like Gpay has become the norm in our search for financial independence.
2. Share Your Resources
Cutting down on individual costs can make a significant impact on your finances. If you have a premium account for streaming services like Netflix or Hotstar, consider sharing it with trusted roommates or friends to save money, unless privacy is a concern for you. Small savings can accumulate over time and go a long way. Entertainment plays a vital role in uplifting your mood, especially when you’re away from your loved ones. Instead of shouldering the expenses alone, take turns with others to pay for common bills and subscriptions to magazines, periodicals, shopping apps, and online platforms like Amazon and Flipkart. Sharing more allows you to save more in the long run.
3. Opt for PGs that Have Food Facility
While eating out from home might be enjoyable on sometimes, it is vital to consider prospective costs. According to Nielsen, millennials spend more on food than on other types of entertainment, such as going to the movies or going to the theater. With a wide range of options and restaurants that can accommodate various dietary requirements, eating out has integrated itself into millennial society.
The ease, though, comes at a price. To mitigate expenses, those residing in PG accommodations may opt for providers that offer meals, reducing the need to spend excessively throughout the day. Alternatively, cooking at home is a practical approach to saving money. Should the provided food be unsatisfactory, negotiating with the PG owner for a lower monthly rent and allocating the surplus funds towards a trusted Tiffin service can be a solution.
4. Find A Commuting Partner
The next thing to consider after selecting your meals is transportation. Even if your college or place of work is nearby where you live, there will still be charges. You could also have to make a trip elsewhere in the city. It makes sense to hunt for a commute partner who either travels the same route as you or goes to the same place as you do in order to lower these expenditures. By doing this, you can split the cost of transportation by picking each other up along the way and sharing rides.
5. Save Up on Power Costs
When you choose to live in a shared accommodation, often referred to as a PG, the rules and guidelines can vary depending on the place you select. Certain PGs provide an all-inclusive rent that covers various expenses, while others track individual electricity usage using separate meters. Irrespective of the system employed, it’s important to acquaint yourself with the terms and conditions, comprehend how the meter-sharing arrangement works, and clarify how costs are divided among your PG mates. Having this knowledge ensures a harmonious and transparent living experience for everyone involved.
6. Do Not Splurge on Weekends
Taking control of your expenses, especially on weekends, may seem challenging, but it can bring you significant benefits. Engaging in planned outings can help you manage your budget more effectively. For instance, organizing a trip, making an agenda, budgeting for each activity, and selecting cost-effective yet luxurious packages are all beneficial. You’ll be able to take advantage of your experiences without jeopardizing your financial security by doing this.
Final Thoughts
Saving money in a PG can seem like a daunting task, but with the right tips and techniques, it can be easily achieved. From setting clear financial goals to tracking your expenses, every effort counts towards maximizing your savings. Remember to always prioritize needs over wants and avoid unnecessary expenses that could derail your budget. With discipline and consistency, you’ll be amazed at how much you can save over time. So start implementing these insider tips today and take control of your finances! Happy saving!
