Bangalore has emerged as one of the fastest growing IT hubs of South Asia in the last two decades and has now come to be known as the Silicon Valley of India. A greater number of fresh graduates and IT experts are now moving to Bangalore, and with a global economic boom, this urban migration has caused inflation in the consumables, thus raising the cost of living.
In Bangalore, the general standard of living is very high, thus people greatly spend money on food, entertainment, traveling, housing, etc. People end up spending a significant portion of their income on housing as real estate prices have inflated there’s little chance of bagging an economical deal, particularly when they are new to the city. People spend about INR 20,000 approximately for a 1BHK house and INR 5,000 for PG. Whereas the average salary of a professional possessing early years of experience comes around to be INR 50,000.
For a bachelor living a decent lifestyle the cost comes around to be:
Picture Credit: RupeeTip
And if the bachelor goes for a comfortable lifestyle, the cost of living comes around:
Picture Credit: RupeeTip
Here are some general tips which can help you to keep your cost of living in Bangalore significantly under control.
- Accommodation in Bangalore accounts for most of the monthly expenses. It would be wise to spend lesser than 30% of monthly expenses on housing and other house-related expenses. If you are single, and comfortable in sharing your space, try living in a PG. PGs not only provide a living space but food. This can help you reduce the cost of food as well. And to bust the myths of living conditions in PG, it is not as compromising as one may think; most of the PGs in the city provide amenities such as AC, Wi-Fi, TV and washing machine. There are a number of startups that provide co-living space such as Nestaway, CoLive, etc. Such services can help unload a burden on one’s pockets and spend lesser on house rent.
If you are a working professional and you get HRA i.e. House Rent Allowance from your employer, you can potentially use this as a benchmark for your monthly house rent.
- To save on transport, there’s no better advice to move closer to your workplace/college. This will not only reduce your cost of traveling but will save you a lot of time. While we are still contemplating on the state’s plans to improve the public transport facilities, it’s evident with the population burst (Population of Bangalore in 2011 was around 8,499,399 and the current population of Bangalore as of 2018, is around 13,182,115), traffic conditions will continue to worsen.
- Another reason that leads to difficulty in Bangalore is that If you are looking to rent a house, you need to pay a hefty deposit amount. Though the advance payment is returned to you at the time you vacate the place, the amount charged by the owners nears 10 months of rent. You can look for websites that ask for only 2 months of advance as rent for example – Nestaway, NoBroker, etc.
Note: Not all flats listed on such websites ask for 2 months’ rent as deposit, but you can either negotiate or search for the ones which do. Fact – According to a survey by Economic Times in 2016, there are 25 lakhs of immigrants in Bangalore out of which 60% of them look for a shared living.
Data Courtesy – Economic Times
- Another major reason that higher the cost of living is munching on outside food. Ordering food daily from outside is not just harmful to your pockets but also for your own body. It would be wise to get a cook at home who can prepare homely food or have it at the PG. You can either pack home food for lunch or order from sites like cure.fit, PurpleBasil, Fitlicious, etc. that provide healthy food subscriptions.
- Transportation is another concern which hogs up your salary, energy and time. This is a major area which can improve your life, if you can save yourself from the traffics of Bangalore. If you are not living near your office, try to get a route for the metro. Metro will have passes, a proper timing and less of a rush. Since the metro is not established in the entire city, so let’s say that even that is not possible for you. Then take the next best option. Get a bus pass. Bangalore has a great connectivity of Bus routes. There are buses from everywhere to everywhere. Setting up a bus pass will not save a lot of time or energy, but it can definitely save some money.
Fact – According to the Economic Times, the average speed of BMTC buses in around 2014 was about 20 kmph. By 2016, it got reduced to 18 kmph and as said by a BMTC official in 2018, the average speed of the buses are 16 mph. Data Courtesy – Economic Times.
And if you want to save more of energy, then go for sharing drives like Ola sharing or Uber pool. FYI, if the distance is not very great, you can also use Pedl, a cycle renting service offered by Zoomcar.
Data Courtesy – Economic Times
- As Bangalore has a huge populus of youngsters, spending on shopping and watching movies has also increased. You may not need to avoid it but you can definitely adopt the economic options. Instead of buying products clothes and shoes for daily wear from showrooms, try Commercial Street or Brigade Road. You can get similar quality at a lower range. Instead of keeping a check on the number of times you hit a PVR can be substituted by Netflix and Amazon Prime subscriptions. Remember, saving money is not trimming daily budgets but to evolve into a smarter lifestyle based on resources availability.
- Then, saving water and electricity is inherently very important. You are not only helping in the energy crisis but also saving some money. A small effort by will definitely run a long way down the line to making a great difference.
- One more thing you’ll spend a lot is buying furniture and appliances, if not first hand then second hand. But it still becomes costlier for a person to buy these products than renting them. As the lifestyles have evolved over the last decade or so, there have smart startups that have taken upon themselves to address the ever-changing needs. One such smart option you’d find if renting products, instead of buying. One can simply begin with renting furniture and home appliances for setting up the house. For instance, if you need to set up a 1 BHK apartment, you’d need a bed, a corresponding mattress, a wardrobe, a study table and chair in furniture and a set of home appliances – refrigerator, washing machine, and TV. Well, if you plan to purchase from even the most pocket-friendly brands, it’ll cost you somewhere around INR 1 lac to INR 1.1 lacs whereas you can rent them at mere INR 4,000 per month (<4% of the cost price). You must browse through the furniture and home appliances collection at GrabOnRent.
It can be easily concluded that Bangalore is an amazing place to live especially because of the thick green plantation in and around the city that makes the weather very pleasant and refreshing. Bangalore is called the Garden City of India for a reason. The city is created for all age groups; youths can have a working cum entertainment balance, while elders can find a peaceful environment. The cost of living in Bangalore is certainly higher than most of the other Indian cities, but it boils down to a smarter planning of one’s lifestyle.
GrabOnRent is a Bangalore-based startup that provides a wide range of products across categories. Rent furniture, appliances, Fitness Equipments and lots more!