Copyright © HT Digital Streams Limit all rights reserved. Anagh Pal 5 min Read 22 Sept 2025, 04:26 PM IST Before moving, it is a good idea to review your financial safety net. Summary relocation can use your wallet. Understand the hidden costs and learn to manage your finances effectively to ensure the success of your career. When Jeffrey E. (25) from Tiruppur, Tamil Nadu, moved to Gurgaon for a job at a FinTech business, he earned a good salary and didn’t worry much about higher expenses. However, he soon found that he had spent more than he should, largely because of ease. “While my expenses are well under control, I couldn’t pay enough attention to build my savings,” he said. Moving to a new city for work may be a game changer for your career, but it also has new financial challenges. A higher salary may not always lead to a larger bank account if you are not prepared for the reality of relocation. Here is a guide to helping you navigate the financial journey of a big step. The true cost of relocation of relocation often involves more than just rent and accounts. You must consider a new city’s culture and commute, which can greatly affect your finances and well -being. “In larger cities, expenses tend to rise in proportion to income, so that savings do not increase as much as one would expect,” says Vivek Banka, founder, Goaleller, a financial planning firm. If you move from a city where you live with your parents to a subway like Bengaluru or Mumbai, your rent will be significantly, and other lifestyle costs are likely to increase. The salary increase should be enough to cover these costs. If you finally save less, the move can’t make sense from a financial perspective. “Another critical factor to consider is the commuting time. In cities such as Mumbai and Bengaluru, people often underestimate the time it takes to travel from home to the workplace, which can easily take two to three hours a day, which affects their schedule and emotional well -being,” Banka said. People must also budget financially for higher rent if they want to live closer to work. Review your insurance cover before moving, it is a good idea to review your financial safety net. If your income has increased, your life insurance needs may also have grown. Your family needs a larger corpus to keep their lifestyle if something happens to you. “Various websites help you determine your life value of human lives, which may indicate the void in life insurance coverage. Guidance is here useful and unnecessary insurance policies will not be effective and lead to wasteful expenses,” says Banka. “If you are moving to a more expensive city, the cost of health care is likely to rise. It is wise to review your health insurance cover to see if it is still sufficient, and to increase it if necessary,” said Mukesh Jindal, senior partner at Alpha Capital, wealth management firm. It is also extremely important to find out if your employer provides relocation assistance. Ask if they will compensate all your costs or provide a lump sum. You must have an estimate of expenses such as professional relocers, transport and temporary housing to negotiate for the best possible agreement. Tackle higher daily expenses once you have done the move, it’s time to establish and manage the sharp Uptick in daily expenses with a Tier-1 city. From groceries to healthcare, financial transition can be challenging, and the first few months in a new city can hinder your wallet. The key is to start with a starting budget responsible for these higher expenses. “If expenses rise, you may need to temporarily reduce or interrupt your sips,” Jindal said. Rent is another important thing to take into account. When renting an apartment, there is also the requirement for a deposit. In some cities, the deposit may be three months rent, with some it may be a year’s rent. It must be arranged. You also have to pay for brokerage expenses. You can try to find a place by some of the online rental sites to save against the brokerage fee. “Making a list of essentials and sticking to it is one of the simplest, yet most effective ways to keep finances under control,” says PL Capital Group, head investment services. Jeffrey did not detail every issue, but he always maintained a broad estimate of how to award his money. To build discipline, he started saving £ 50,000 at the beginning of each month, which automatically kept his expenses in check. Strengthen your financial basis The next step is to get your investments back on track. “Aim to save at least 20% of revenue as soon as it is resolved. Your first step should be to strengthen your emergency funds by investing in liquid funds, which ensures liquidity in the event of sudden needs,” says Shrestha. Next, resume or increase contributions to long -term investments such as mutual funds, through SIPs or lump sum, retirement plans or other goal -based products. Sameer Ansari, 29, an accountant, born and raised in Mumbai, moved to Qatar for a job. It was not an easy choice – lifting behind family and friends was difficult, but he was determined to build a better future. Life in Doha had its own challenges: the high cost of living and the emotional distance from home. He lived with discipline for six years, avoided luxuries and closed carefully in the stock market and mutual funds. His sacrifice did well, and he was able to buy his own home after moving to New Delhi. If you move to a busy subway, it is easy to be overwhelmed by expenses. The key is to plan ahead, save first, invest smartly and track each issue. 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Moving cities for a job? Here’s how to relocate without ruining your finances
