New city, new people and new life. While all this may sound super exciting it comes with baggage of responsibilities which you need to take care of. You can take our word for it when we say it but your finances will take a huge part of your attention once you move out, actually we are underplaying it. This is all you would think about, where to spend, where not to and how to build a fund for emergencies.
If you’re still here with us then we believe you have plans to get a PG in Lucknow and start a new chapter of your life in this beautiful city, which is adventurous and can get expensive in no time if you’re bad at budgeting. So let’s see how you can make the most of your money when staying in Lucknow.
- Start by tracking your spending
Once you’re all settled in your PG in Lucknow you should first assess your financial situation before creating a budget for yourself. To better understand your spending patterns and where your money goes, keep track of the money you receive and the ways you spend it.
Your rent, internet, and gym membership may be examples of your fixed costs. Your variable costs could include meals out, entertainment, tuition, and materials for the classroom. A smart move would be to have an app where you can track all this as it will also make you conscious about where you’re spending your money.
- Save up
Always put saving money first when creating your budget. Because let’s be real, when you get a PG in Lucknow and go for areas like Gomti Nagar, your expenses can blow up in no time and savings can become a long lost dream . A sizable savings account will help position you to accomplish longer-term objectives and make substantial purchases.
In case of a surprise buy, even a couple hundred bucks can go a long way, which is why it is important to get in the habit of depositing (preferably) 10% into a savings account of some kind with the money you receive, no matter the amount, and whether it comes from a job or from parents.
- Live below your means
Once you shift and get a PG in Lucknow, in no time you can get caught in the glamour of the city. Which means expensive cafes and night outs which burn a hole in your pocket. So our suggestion here would be to spend less than you get, which is one of the most fundamental pieces of financial advice.
So make sure your overall spending is less than your income or the money you receive when preparing your budget. Divide your total available funds, if you are now unemployed, by the number of months you anticipate needing to live on that sum. Do your best to spend less than your monthly budget each month.
- Start Earning
Let’s be real, getting a good PG in Lucknow can get pretty expensive with high rents and food costs and if you’re a student then you need to understand that although income is a crucial component of a sound budget, it's not always easy for students to manage. The cost-of-living part of your student loans or scholarship money can be your main source of income. You could also take up part-time work, a campus job, or an internship if your course load allows it. For more flexible income, you can also establish a side business or develop passive income streams.
- Plan for the future
The earlier you start, the better is a common tenet of wealth-building techniques and long-term financial health actions. Including long-term objectives into your college budget is an excellent idea as you move towards financial freedom.
Even short-term goals can have an impact on your long-term finances and your long-term objectives should influence your short-term financial choices. Without goals, it is impossible to determine whether daily decisions are being made correctly.
Setting up a percentage of your income for long-term financial objectives can position you for success and you can modify these goals and your budget as you go. So make sure you have a fund for rainy days and plan for the future at the same time.
So these were some of the tips which you can keep in mind to make the most out of your money when getting a PG in Lucknow and want to start budgeting as your daily spending habits can have a huge impact on your budget.
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