You need to estimate how much money you will need once you land in India. Note that your first pay check could be a month away and wouldn't cover all of the initial expenses like school fees, home/apartment deposit etc. Below are some of the things to keep in mind..
- School fees: Up to 4 lakhs (including admission, donation etc)
- Apartment deposit: Can run upto 2.5 lakhs to 3 lakhs (norm is 10 months rent as deposit)
- Car (assuming you will start with one and will pay fully, i.e, not on loan): 5-10 lakhs
- Appliance and furniture - possibly up to a lakh
- Fridge : 25-30K
- Washing machine: 25-30K
- Mattress : 25K (assuming you need
- Washing machine: 25-30K
- Mattress : 25K (assuming you need
at least 2)
- Furniture (sofa, dining table etc):
- Furniture (sofa, dining table etc):
Can run up to 50K
- Misc items like curtains, bathroom accessories, bedsheets etc: 1 lakh
A bit of financial planning helps a lot - to decide how much to keep in US versus how much to transfer. This is a decision that an indiviual has to make, based on their comfort level - leaving most of the funds in US in $s leaves you exposed to currency fluctuations and the converted value of your money may have an significant impact. On the other hand, transferring everthing to India would make it difficult to get the funds back in US in $s, in-case you decide to return back to US. We settled on a balanced approach - leave some here and take some there, with the future plan of balancing out evenly in both countries. Again, this is another of those things that needs a 'time will tell' type of approach!
Appreciate your feedback and comments, please leave a comment if you found this post useful (or not!) ...
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