Cost Of Living For a Student in Colombo 2024
Average Monthly Expenditure
Currency: LKR
Average monthly spending for students in Colombo
How much money does a student need in a month to survive in Colombo?
Students in Colombo spend around 290,000 LKR per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 43,000 LKR or as high as 1.9M LKR. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Colombo
Dining, food, and beverages costs
Fast food combo meal
| 500 LKR | 1,000 LKR | 1,700 LKR |
Restaurant meal for one
| 1,800 LKR | 2,600 LKR | 5,300 LKR |
Fine dining meal for one
| 3,500 LKR | 5,300 LKR | 21,000 LKR |
Cappuccino or latte
| 420 LKR | 670 LKR | 1,000 LKR |
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
| 570 LKR | 740 LKR | 1,000 LKR |
Pack of beef
| 670 LKR | 1,000 LKR | 2,000 LKR |
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
| 440 LKR | 530 LKR | 1,100 LKR |
Average car full tank
| 2,500 LKR | 3,300 LKR | 6,700 LKR |
Average car 1-day rental
| 2,800 LKR | 3,700 LKR | 5,500 LKR |
Average car price
| 1.3M LKR | 2.5M LKR | 3.3M LKR |
Bus ticket one way
Car Service
| 3,700 LKR | 5,500 LKR | 11,000 LKR |
Utility cost (monthly)
Utility Bill - Student
| 1,700 LKR | 11,000 LKR | 77,000 LKR |
Internet and cable
| 2,500 LKR | 5,000 LKR | 6,700 LKR |
Mobile phone charges
| 2,000 LKR | 3,300 LKR | 10,000 LKR |
Leisure and activities costs
Movie ticket
| 1,300 LKR | 1,700 LKR | 2,500 LKR |
One month gym membership
| 4,400 LKR | 5,500 LKR | 11,000 LKR |
Cloths and accessories costs
Pair of jeans or pants
| 3,300 LKR | 4,600 LKR | 6,900 LKR |
Woman dress
| 3,100 LKR | 4,300 LKR | 14,000 LKR |
Woman shoes
| 2,900 LKR | 4,000 LKR | 9,200 LKR |
Men's shoes
| 2,500 LKR | 3,100 LKR | 6,200 LKR |
Men suit
| 2,800 LKR | 3,500 LKR | 18,000 LKR |
Regular t-shirt
| 1,400 LKR | 1,800 LKR | 5,500 LKR |
Housing costs / monthly rent
Studio apartment
| 46,000 LKR | 69,000 LKR | 180,000 LKR |
1-bedroom apartment
| 69,000 LKR | 110,000 LKR | 280,000 LKR |
2-bedroom apartment
| 92,000 LKR | 140,000 LKR | 370,000 LKR |
Housing costs / Buying
Studio apartment
1-bedroom apartment
2-bedroom apartment
| $60,000 | $180,000 | $360,000 |
Furniture Costs
King Size Bed
| 50,000 LKR | 63,000 LKR | 84,000 LKR |
Double Bed
| 33,000 LKR | 50,000 LKR | 63,000 LKR |
Single Bed
| 29,000 LKR | 39,000 LKR | 50,000 LKR |
Living Room
| 56,000 LKR | 72,000 LKR | 250,000 LKR |
Dining Table
| 25,000 LKR | 33,000 LKR | 63,000 LKR |
Sofa or Couch
| 33,000 LKR | 46,000 LKR | 100,000 LKR |
Electronics and House Appliance Costs
TV Set
| 33,000 LKR | 50,000 LKR | 100,000 LKR |
Fridge or Freezer
| 29,000 LKR | 46,000 LKR | 63,000 LKR |
Washing Machine
| 39,000 LKR | 56,000 LKR | 100,000 LKR |
Stove or Cooker
| 36,000 LKR | 46,000 LKR | 63,000 LKR |
Mobile Phone
| 42,000 LKR | 50,000 LKR | 72,000 LKR |
Laptop or Computer
| 46,000 LKR | 56,000 LKR | 100,000 LKR |
How do students spend their money in Colombo?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost16%
16% of total expenses on average (11% to 22%)
| LOW | $33 10,000 LKR |
| AVERAGE | $220 69,000 LKR |
| HIGH | $1,500 460,000 LKR |
| Per Month |
Students in Colombo typically spend from 11% to 22% of their total monthly expenditure on housing with 16% being the average. The average monthly spend on housing is 69,000 LKR with expenditure ranging from 10,000 LKR to 460,000 LKR. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities7%
7% of total expenses on average (5% to 11%)
| LOW | $5.6 1,700 LKR |
| AVERAGE | $37 11,000 LKR |
| HIGH | $250 77,000 LKR |
| Per Month |
Utility expenditure like electricity, water, and gas in Colombo ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 11,000 LKR with 1,700 LKR and 77,000 LKR being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel3%
3% of total expenses on average (3% to 9%)
| LOW | $9.8 3,000 LKR |
| AVERAGE | $65 20,000 LKR |
| HIGH | $430 130,000 LKR |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 3,000 LKR to 130,000 LKR in a month on commuting with 20,000 LKR being the norm for most students. This means that money spent on transport constitutes about 3% of total spending on average but can go as low as 3% or as high as 9%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost24%
24% of total expenses on average (18% to 28%)
| LOW | $28 8,600 LKR |
| AVERAGE | $190 57,000 LKR |
| HIGH | $1,200 380,000 LKR |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Colombo is 57,000 LKR. The cost of groceries can range between 8,600 LKR to 380,000 LKR. Students spend on average about 24% on food and groceries with upper and lower bounds of 18% and 28% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare10%
10% of total expenses on average (7% to 13%)
| LOW | $8.4 2,600 LKR |
| AVERAGE | $56 17,000 LKR |
| HIGH | $370 110,000 LKR |
| Per Month |
Students in Colombo allocate 7% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 10%. The range of medical expenses range from 2,600 LKR to 110,000 LKR with 17,000 LKR being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping2%
2% of total expenses on average (1% to 6%)
| LOW | $7 2,100 LKR |
| AVERAGE | $47 14,000 LKR |
| HIGH | $310 96,000 LKR |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 2,100 LKR to 96,000 LKR with 14,000 LKR being the average. Speaking of percentages, that equates to 1% to 6% of total expenses with an average of 2% for most students.
Education and schooling expenditure for students
Cost of education and schooling18%
18% of total expenses on average (11% to 23%)
| LOW | $26 8,200 LKR |
| AVERAGE | $180 55,000 LKR |
| HIGH | $1,200 360,000 LKR |
| Per Month |
Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 55,000 LKR per month with 8,200 LKR being the minimum spent amount and 360,000 LKR being the maximum.
Other Expenses20%
20% of total expenses on average (14% to 26%)
| LOW | $21 6,400 LKR |
| AVERAGE | $140 43,000 LKR |
| HIGH | $930 290,000 LKR |
| Per Month |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Colombo
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Colombo?
Around 49% of surveyed students think that living in Colombo is affordable with proper budgeting while 52% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Colombo
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked students how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options58%
Few low-cost options42%
Based on the survey, 58% of the students living in Colombo have no problem finding low-cost alternatives to support a frugal lifestyle while 42% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds For Students
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked students of Colombo whether they have an emergency fund and the answers were as follows.
Yes49%
No52%
Based on the survey, 52% of the students living in Colombo said that they don't have an emergency fund while 49% said that they do.
Financial Literacy in Sri Lanka
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy41%
We asked student guardians and parents in Colombo whether they acquired any adequate personal financial training in their lives. Approximately 59% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 41% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether students of Sri Lanka have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 51% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 49% said that they have everything under control.
Struggles with finance51%
Easily manages finances49%
Housing costs, accommodation, and housing affordability in Colombo
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Colombo
Monthly Rent Prices
Studio apartment monthly rent cost
| 46,000 LKR | 69,000 LKR | 180,000 LKR |
1-bedroom apartment monthly rent cost
| 69,000 LKR | 110,000 LKR | 280,000 LKR |
2-bedroom apartment monthly rent cost
| 92,000 LKR | 140,000 LKR | 370,000 LKR |
3-bedroom apartment monthly rent cost
| 110,000 LKR | 180,000 LKR | 500,000 LKR |
Furnished apartment monthly rent cost
| 220,000 LKR | 550,000 LKR | 1.1M LKR |
Townhouse monthly rent cost
| 180,000 LKR | 280,000 LKR | 790,000 LKR |
House monthly rent cost
| 220,000 LKR | 550,000 LKR | 1.1M LKR |
Villa monthly rent cost
| 280,000 LKR | 690,000 LKR | 1.1M LKR |
The monthly rental cost of a studio apartment in Colombo ranges between 46,000 LKR and 180,000 LKR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 69,000 LKR to 280,000 LKR. Two-bedroom rentals rate ranges between 92,000 LKR and 370,000 LKR per month. The monthly rental for a three-bedroom apartment ranges from 110,000 LKR to 500,000 LKR. The average rent of a townhouse in Colombo is around 280,000 LKR while house rental costs can be as high as 550,000 LKR per month. Finally, if you want to rent a villa, expect to pay anywhere from 280,000 LKR to 1.1M LKR per month.
Apartment and house prices in Colombo
Cost of buying a property
Studio apartment price
1-bedroom apartment price
2-bedroom apartment price
| $60,000 | $180,000 | $360,000 |
3-bedroom apartment price
| $200,000 | $300,000 | $900,000 |
Townhouse price
| 79M LKR | 180M LKR | 690M LKR |
House price
| 92M LKR | 550M LKR | 790M LKR |
Villa price
| 110M LKR | 620M LKR | 920M LKR |
The average price of a studio apartment in Colombo can range from 9.2M LKR to 28M LKR depending on location. One bedroom cost can be anywhere from 11M LKR to 69M LKR. A villa can cost you 620M LKR on average with prices ranging from 110M LKR to 920M LKR.
If you're leasing or purchasing, housing costs in Colombo will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 30 | x81 monthly income | 196 |
Property prices in Colombo can be x81 to x196 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x81 multiples of the average monthly salary in Colombo.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Colombo is around 30%. This means that people pay 30% of their income for rent. Those figures can range from 19% to 40% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
27% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
| 860 LKR | 11,000 LKR | 110,000 LKR |
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
Monthly costs and expenses of energy and basic utilities in Colombo
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Colombo
Utility Bill Cost / Electricity + Water + Gas / Student
| 1,700 LKR | 11,000 LKR | 77,000 LKR |
Internet and cable cost
| 2,500 LKR | 5,000 LKR | 6,700 LKR |
Mobile phone bill and charges
| 2,000 LKR | 3,300 LKR | 10,000 LKR |
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly energy and water consumption of students is around 11,000 LKR. The cost of internet and WiFi ranges from 2,500 LKR to 6,700 LKR with 5,000 LKR being the average internet bill. Finally, the average monthly mobile charges is around 3,300 LKR but can range between 2,000 LKR and 10,000 LKR depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Colombo is around 7.4%. This means that people pay 7.4% of their income for energy, water, internet, and mobile charges. Those figures can range from 4.2% to 12% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Colombo
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Colombo
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
| 500 LKR | 1,000 LKR | 1,700 LKR |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Colombo is approximatly 1,000 LKR with meal cost ranging from 500 LKR to 1,700 LKR. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
| 1,800 LKR | 2,600 LKR | 5,300 LKR |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,800 LKR and 5,300 LKR with 2,600 LKR being the average price of a plate for one person at a regular restaurant in Colombo.
Fine dining meal for one price
| 3,500 LKR | 5,300 LKR | 21,000 LKR |
The price range of a meal at fine-dining restaurant is 3,500 LKR to 21,000 LKR with the average cost being 5,300 LKR for one person. This is what you would expect to pay a top-tier diner in Colombo.
Beverage prices, cappuccino, latte etc..
| 420 LKR | 670 LKR | 1,000 LKR |
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Colombo is around 670 LKR. Price ranges between 420 LKR and 1,000 LKR depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Colombo is 400 LKR. The maximum what you would pay for milk is 500 LKR and the minimum being 330 LKR depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 330 LKR on average with 250 LKR and 500 LKR being the lower and upper limits respectively.
Fresh whole chicken price
| 570 LKR | 740 LKR | 1,000 LKR |
The price range of a fresh whole chicken in Colombo is between 570 LKR and 1,000 LKR depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 740 LKR.
Pack of beef price
| 670 LKR | 1,000 LKR | 2,000 LKR |
The price of a regular pack of beef or meat is around 1,000 LKR. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Colombo costs around 370 LKR on average with prices rangeing between 270 LKR and 520 LKR depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 100 LKR to 250 LKR. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 230 LKR on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Colombo is around 30%. This means that students spend 30% of their income on grocery and basic household items. The expenditure can range from 21% to 36% depending on salary and location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 8,600 LKR to 380,000 LKR with the location, income, and size of the student being the most determinite factors.
