How Additional Income Helps Manage Living Cost

Summary: Basic income is not sufficient to sustain in the metro cities. Check out how you can earn extra source of income with your current job. Find out more here.

07 Feb 2022 by Team FinFIRST

Download Now

Over the last few decades, India's metros have seen a steady stream of migrants moving to the cities and urban areas searching for job opportunities, good infrastructure, a better lifestyle, and so on. And factors like constant development and inflation have resulted in a rising cost of living in cities like Mumbai, Delhi, and Bangalore, with India's tier 2 and 3 cities not too far behind. Urban living isn't easy on the pocket. So how can you survive on a low income in India's metros? Read on to find out.

Typical costs of living in an Indian metro city

Here is an overview of the typical costs of living in Indian metro cities:

Rent: Mumbai is well-known for its sky-high rent rates for relatively small spaces. Rent in the city's suburbs range from Rs 30,000 to Rs 60,000 and more, depending on the location and other factors. Many other metros have also seen increasing rent rates in the last few years.
Utilities: On average, utility costs can range from Rs 2,200 in Chennai to Rs 7,000 in Mumbai. The rates in Tier 2 and 3 cities are around Rs 2,000, except Chandigarh, where it is Rs 4,000.
Petrol: Petrol costs have seen a steady increase in the past few years and are significantly more expensive in metro cities than in smaller towns.
Food: There is not much difference in the price of grocery staples between India's largest metros and Tier 1 and 2 cities. However, they usually cost more than smaller towns and rural areas.
Entertainment: Metros offer many entertainment options, whether that is watching films or plays, restaurants, coffee shops, and pubs, or going bowling or Go-Karting. At least one or most of these will figure in your monthly budget.

5 Signs That You Need A Higher Income To Tackle Inflation

Identify your unique skill for additional income

How To Identify And Leverage Your Unique Skill Set For Additional Income?

So, with all these expenses, you need to figure out how to manage to live on a low income in a metro city. Here are some tips to help.

Prioritise budgeting: A smart budget can help curb unnecessary spending and debt. Consider all daily expenses and a little more for emergencies and investments, and create a budget. You can also set aside an amount as savings. It may be hard to stick to a budget, but it eventually will be worth it.
Reduce high expenses: Find ways to reduce or eliminate high expenses, especially the unnecessary ones. For example, if you spend a lot on eating out, reduce it to once or twice a week to cut down on unnecessary expenditure.
Consolidate debt: If you have multiple loans to repay, consider consolidating them under a single loan. This way, you can repay one loan at a lower interest rate rather than multiple loans with varying interest rates.
Look for an additional income stream: Perhaps the most active way to live comfortably in a metro is to have an additional source income. It does not need to be as time-consuming or require as much attention as your primary job. But having another income stream can help meet expenses and have savings.

Why is the MyFIRST Partner Program an ideal second income source?

Equipped with the MyFIRST Partner app, you can earn money by referring family, friends, or acquaintances to get personal loans without you having to put in too much time, resources, or investments. Equipped with the MyFIRST Partner app, you can refer family, friends, or acquaintances to get personal loans, which can help them active their goals.

Features and benefits of the MyFIRST Partner Program:

It is an affiliate program where you partner with IDFC FIRST Bank, and there is zero cost involved on your part as it requires no investment. All you need to do is download the MyFIRST Partner App, and in five quick steps, you can sign up to become a partner. The app is easy to use and navigate, which makes your role simple to execute. So, what are the benefits?

You can work from anywhere as all you need is your phone and a working internet connection.
You earn on each loan disbursal as you refer family, friends, and acquaintances for instant personal loans.
You receive fortnightly payouts, so no waiting for too long to get your payments.
The loan referral facility is available 24X7. Additionally, there is also 24X7 tech support available.

Benefits for your referrals:

The loan process is paperless
Customers get a dedicated relationship manager and customer acquisition support.
Loan amounts range from Rs 20,000 to Rs 40 lakh, making it a viable financial option no matter the reason for the loan.
Loan tenures range from six months to five years.

The bottom line

While surviving in a metro city as a low-income earner may appear to be a challenge at first, there are ways to improve your financial prospects. Joining an initiative like MyFIRST Partner Program can not only help you achieve financial stability but can help you bring to life dreams that your family and friends have as well. With a little effort, you can go from surviving in a metro city to thriving in a metro city.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.