Everyone is going for the life of a big city these days to increase their earning potential to save money live better theory.
Nobody can blame you for your move, as jobs and business options are much better in big cities with the comparison to small towns or villages.
While running after the big city dreams, never forget that with the big cities comes the higher living cost especially if your career is in early stages.
In the excitement of the big city lifestyle, these costs are generally forgotten which results in losing your hard earned salary. Once you start your job, you realize that a big piece of the salary is gone meeting basic needs.
Even worse, if you are still looking for a suitable job for yourself.
Surviving this very common problem is a headache and peoples think they need big financial planning to save money for their future, which is not true at all.
If you too are struggling with the rising living cost or if you are planning to move to a big city, we are listing some save money live better tips for you.
Once you will go through these 5 tips to save money you will learn how to spend less money while living in an expensive city of your choice.
I am sure you will agree that money saved is money earned and these saving can help you build wealth for yourself.
Though there are theories which gives you a formula on how much money should you save i.e 20% of your monthly earning, we are not disagreeing at all.
We believe it’s always better to let your saving, no matter how small needs to work for you while you sleep peacefully and we will keep this one for some other time.
For you, here are some ways to save money in day to day life in big cities:
ACCOMMODATION – EASIEST WAY TO SAVE UP MONEY
Accommodations rental is one of the biggest expense that eats a big pie of earned money. Even more when you live in an expensive big city.
To save money live better in these expensive cities you want to consistently save more money while focusing on your earning.
Try to stay in a shared apartment like shared accommodation with your friend or co-worker.
In case you do not find any friend or co-works interested in this, go through the local classified for shared accommodation.
Plenty of people offer such shared-accommodations as they too find it difficult to pay the whole rent on their own.
This will help you to cut your rental expense by half or maybe you will end up getting a much better deal.
Also, living in or near city centers is quite expensive, avoid these center localities but only if your job allows so.
Not wise to move far away from your job site by spending more time commuting, time is money for you. Save time and money together that helps you spend time planning for your future.
Though you are living on a tight budget, that doesn’t mean you save some money by exhausting yourself by commuting for long hours.
SAVE MONEY LIVE BETTER – AVOID BRANDED PRODUCTS
When living in a big city with big brand outlets all around you with tempting colors and new fashion.
World over families spends near about 5% of their total earning for new clothes. Though looking good is part of your job, you can do better by buying non-branded clothes.
These non-branded in local apparel outlets and quality good as big brands if not better. This action helps you to save money live better while not compromising on fashion standards.
Another option is to buy clothes when there is a sale and companies are offering hefty discounts.
How about buying clothes at end of the season, ever thought about this?
End of season is the time when almost all the brands or shopping malls clear their seasonal stock. E.g. end of summer or end of winter sale.
During these sales, you can get a huge discount on your favorite branded products. You need advance planning which will help you to save money live better in your expensive city.
HOME COOKED FOOD IS CHEAPER AND HEALTHIER
Though everyone loves going out for a meal with their friends and co-workers and you are no exception.
Restaurants served meals and drinks are anytime more expensive compared to your home cooked food. Plus, eating out too often will have a bad impact on your health, apart from your pocket.
You can save a good amount of money by cutting unwanted outings. Instead, invite friends to your home for a home-cooked meal. If you love social gatherings, this is even better saving and fun all altogether.
Cooking meals for gathering at home is one of the easiest way to save up money and get a compliment for your cooking and organizing skills.
USE CREDIT CARD TO SAVE MONEY
A credit card can help you improve your credit history which results for bigger future credits apart from helping you save some money.
When used wisely, you can save money live better and get reward points every time you make a purchase. These rewards points are exchanged as cash back, flights tickets or free gas etc.
Many credit cards give special features such as free travel insurance, extended warranties or discounts of your wine and dine, not much but you will save some money.
Moreover, balance transfer facility of your credit card helps you to move your existing high-interest debts to a promotional 0% interest rate with a new account.
But credit cards are a trap too, the percentage of peoples are increasing for delinquencies with hefty late charges as high as 5-10% of their total spend, keep that in mind.
USE EVER AFFORDABLE PUBLIC TRANSPORT
Owning a vehicle is always tempting especially once you are surrounded by them all the time. Your co-workers or friends have their own vehicle but you have no ideas about its maintenance and gas expenses.
Save money live better by using public transport for your commuting to work or any other place.
Though many time there are circumstances when not owning a vehicle will pinch you.
But thanks to modern technology, cab on-demand apps are already there to help you.
These are a cheaper option with good efficiency to serve their customers anytime.
Anyway, once in a while cab expenses are a much better financial option compared to installments of the vehicle.
This is the ends our list to save money live better while moving to a big city. As time will pass by, you will learn your own ways to budget your money and save better.
WHERE TO PUT MONEY YOU SAVED?
Just want to check, what are your reasons to save money? In fact, not only you but why do we save money at all?
My answer would be to use this saved money for better future and financial freedom.
Remember, millionaire’s first rule is to have multiple earning streams else, saved money is never enough for your whole life.
Investing either in yourself or in assets is a great way to let money work for you rather you work for money your whole life!
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