Cost of Living in Bangalore in 2024 | How much Salary is Enough? Most Expensive City?

Summary

The video script discusses the rising cost of living in Bangalore, India, over the past five years, especially for software engineers. It explores various expenses, including housing, food, transportation, and miscellaneous costs, to calculate the minimum and average monthly salary required for survival. The narrator shares personal experiences and provides insights into saving money while maintaining a comfortable lifestyle in Bangalore.

Takeaways

• 💸 The speaker's monthly expenses in Bangalore have increased by at least 30% over the past year due to inflation.
• 🏙️ Bangalore is considered one of the most expensive cities in India, especially due to its large population of well-paid software engineers.
• 🏠 Rent is a major component of monthly expenses, with the speaker's current rent being ₹25,000 for a fully furnished 3BHK flat.
• 🔑 Security deposits in Bangalore are generally high, often 5 to 6 months of rent, making housing expensive upfront.
• 🍲 Hiring a cook costs around ₹2,500 per month, covering breakfast, lunch, and dinner.
• 🍽️ On Sundays, the cook typically takes the day off, so many people order food through services like Swiggy, costing an additional ₹1,000-2,000 per month.
• 🥘 Monthly grocery expenses for home-cooked meals range around ₹2,000, depending on dietary preferences.
• 🚗 Commuting to work can cost approximately ₹3,000 to ₹3,500 monthly, depending on transportation mode (auto, cab, or personal vehicle).
• 💡 Basic utilities like Wi-Fi and electricity add another ₹1,200-1,500 monthly to expenses.
• 🛍️ Miscellaneous expenses like gym, haircuts, phone recharge, and shopping can range from ₹1,500 to ₹2,000 monthly.

Q & A

What has been the increase in the speaker's monthly expenses in Bangalore over the past 5 years?

The speaker's monthly expenses have increased from 17,000 to 25,000, indicating a significant rise in living costs.

What is the average rent for a fully furnished room in Bangalore, according to the speaker?

The average rent for a fully furnished room in Bangalore is around 15,000 to 25,000, depending on the location and facilities.

What is the speaker's current monthly rent for their room in Bangalore?

The speaker is currently paying 25,000 per month for their room, which is a 3 BHK flat.

What is the minimum and average security deposit typically required when renting in Bangalore?

The minimum security deposit for renting in Bangalore can be as low as 5,000 to 6,000, while the average is around 75,000, which is five times the monthly rent.

How much does the speaker spend on food per month, including cooking at home and eating out?

The speaker spends around 2,500 for home-cooked meals and an additional 500 for eating out on Sundays, totaling approximately 3,000 per month.

What is the estimated monthly expense for groceries and cooking supplies for the speaker's household?

The speaker estimates that the monthly expense for groceries and cooking supplies is around 2,000 for an average household.

What is the speaker's monthly expense on transportation to and from work?

The speaker's monthly transportation expense is around 3,000, assuming a daily commute cost of 150 for 20 working days.

What additional costs are associated with living in a PG (Paying Guest) accommodation in Bangalore, according to the speaker?

In addition to rent, living in a PG in Bangalore may involve additional costs such as food, utilities, and sometimes a security deposit.

How does the speaker manage to balance work and leisure activities in Bangalore?

The speaker balances work and leisure by occasionally going out with friends, exploring the city, and managing their expenses wisely.

What is the speaker's advice for someone looking to save money while living in Bangalore?

The speaker suggests saving money by inviting friends over for meals, ordering food, and enjoying entertainment at home rather than going out frequently.

What is the estimated minimum annual expense for a single person living in Bangalore, as per the speaker's calculations?

The estimated minimum annual expense for a single person living in Bangalore is around 2 lakhs, based on the speaker's calculations.