Cost Of Living For a Student in Punjab 2024
Average Monthly Expenditure
Currency: INR
Average monthly spending for students in Punjab
How much money does a student need in a month to survive in Punjab?
Students in Punjab spend around 37,000 INR per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 5,500 INR or as high as 240,000 INR. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Punjab
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
| 470 INR | 710 INR | 2,800 INR |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 170,000 INR | 350,000 INR | 470,000 INR |
Bus ticket one way
Car Service
| 470 INR | 710 INR | 1,400 INR |
Utility cost (monthly)
Utility Bill - Student
| 220 INR | 1,500 INR | 9,800 INR |
Internet and cable
Mobile phone charges
| 280 INR | 470 INR | 1,400 INR |
Leisure and activities costs
Movie ticket
One month gym membership
| 570 INR | 710 INR | 1,400 INR |
Cloths and accessories costs
Pair of jeans or pants
Woman dress
| 400 INR | 550 INR | 1,800 INR |
Woman shoes
| 370 INR | 510 INR | 1,200 INR |
Men's shoes
Men suit
| 360 INR | 450 INR | 2,400 INR |
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 5,900 INR | 8,900 INR | 24,000 INR |
1-bedroom apartment
| 8,900 INR | 14,000 INR | 36,000 INR |
2-bedroom apartment
| 12,000 INR | 18,000 INR | 47,000 INR |
Housing costs / Buying
Studio apartment
| 1.2M INR | 1.8M INR | 3.6M INR |
1-bedroom apartment
| 1.4M INR | 2.4M INR | 8.9M INR |
2-bedroom apartment
| 2.4M INR | 7.1M INR | 14M INR |
Furniture Costs
King Size Bed
| 7,000 INR | 8,700 INR | 12,000 INR |
Double Bed
| 4,700 INR | 7,000 INR | 8,700 INR |
Single Bed
| 4,100 INR | 5,400 INR | 7,000 INR |
Living Room
| 7,800 INR | 10,000 INR | 35,000 INR |
Dining Table
| 3,500 INR | 4,700 INR | 8,700 INR |
Sofa or Couch
| 4,700 INR | 6,400 INR | 14,000 INR |
Electronics and House Appliance Costs
TV Set
| 4,700 INR | 7,000 INR | 14,000 INR |
Fridge or Freezer
| 4,100 INR | 6,400 INR | 8,700 INR |
Washing Machine
| 5,400 INR | 7,800 INR | 14,000 INR |
Stove or Cooker
| 5,000 INR | 6,400 INR | 8,700 INR |
Mobile Phone
| 5,800 INR | 7,000 INR | 10,000 INR |
Laptop or Computer
| 6,400 INR | 7,800 INR | 14,000 INR |
How do students spend their money in Punjab?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost17%
17% of total expenses on average (12% to 23%)
| LOW | $16 1,300 INR |
| AVERAGE | $110 8,800 INR |
| HIGH | $710 59,000 INR |
| Per Month |
Students in Punjab typically spend from 12% to 23% of their total monthly expenditure on housing with 17% being the average. The average monthly spend on housing is 8,800 INR with expenditure ranging from 1,300 INR to 59,000 INR. 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 | $2.7 220 INR |
| AVERAGE | $18 1,500 INR |
| HIGH | $120 9,800 INR |
| Per Month |
Utility expenditure like electricity, water, and gas in Punjab ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 1,500 INR with 220 INR and 9,800 INR being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel4%
4% of total expenses on average (4% to 10%)
| LOW | $4.6 390 INR |
| AVERAGE | $31 2,600 INR |
| HIGH | $210 17,000 INR |
| 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 390 INR to 17,000 INR in a month on commuting with 2,600 INR being the norm for most students. This means that money spent on transport constitutes about 4% of total spending on average but can go as low as 4% or as high as 10%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost23%
23% of total expenses on average (17% to 27%)
| LOW | $13 1,100 INR |
| AVERAGE | $89 7,300 INR |
| HIGH | $590 49,000 INR |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Punjab is 7,300 INR. The cost of groceries can range between 1,100 INR to 49,000 INR. Students spend on average about 23% on food and groceries with upper and lower bounds of 17% and 27% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare9%
9% of total expenses on average (6% to 12%)
| LOW | $4 330 INR |
| AVERAGE | $27 2,200 INR |
| HIGH | $180 15,000 INR |
| Per Month |
Students in Punjab allocate 6% to 12% 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 9%. The range of medical expenses range from 330 INR to 15,000 INR with 2,200 INR being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping2%
2% of total expenses on average (2% to 6%)
| LOW | $3.3 280 INR |
| AVERAGE | $22 1,800 INR |
| HIGH | $150 12,000 INR |
| 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 280 INR to 12,000 INR with 1,800 INR being the average. Speaking of percentages, that equates to 2% 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 | $13 1,000 INR |
| AVERAGE | $84 7,000 INR |
| HIGH | $560 46,000 INR |
| 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 7,000 INR per month with 1,000 INR being the minimum spent amount and 46,000 INR being the maximum.
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $10 830 INR |
| AVERAGE | $66 5,500 INR |
| HIGH | $440 37,000 INR |
| 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 Punjab
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Punjab?
Around 52% of surveyed students think that living in Punjab is affordable with proper budgeting while 48% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Punjab
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 options59%
Few low-cost options41%
Based on the survey, 59% of the students living in Punjab have no problem finding low-cost alternatives to support a frugal lifestyle while 41% 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 Punjab whether they have an emergency fund and the answers were as follows.
Yes52%
No48%
Based on the survey, 48% of the students living in Punjab said that they don't have an emergency fund while 52% said that they do.
Financial Literacy in India
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 Leteracy44%
We asked student guardians and parents in Punjab whether they acquired any adequate personal financial training in their lives. Approximately 56% 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 44% 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 India have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 46% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 54% said that they have everything under control.
Struggles with finance46%
Easily manages finances54%
Housing costs, accommodation, and housing affordability in Punjab
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Punjab
Monthly Rent Prices
Studio apartment monthly rent cost
| 5,900 INR | 8,900 INR | 24,000 INR |
1-bedroom apartment monthly rent cost
| 8,900 INR | 14,000 INR | 36,000 INR |
2-bedroom apartment monthly rent cost
| 12,000 INR | 18,000 INR | 47,000 INR |
3-bedroom apartment monthly rent cost
| 14,000 INR | 24,000 INR | 65,000 INR |
Furnished apartment monthly rent cost
| 28,000 INR | 71,000 INR | 140,000 INR |
Townhouse monthly rent cost
| 24,000 INR | 36,000 INR | 100,000 INR |
House monthly rent cost
| 28,000 INR | 71,000 INR | 140,000 INR |
Villa monthly rent cost
| 36,000 INR | 89,000 INR | 140,000 INR |
The monthly rental cost of a studio apartment in Punjab ranges between 5,900 INR and 24,000 INR, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 8,900 INR to 36,000 INR. Two-bedroom rentals rate ranges between 12,000 INR and 47,000 INR per month. The monthly rental for a three-bedroom apartment ranges from 14,000 INR to 65,000 INR. The average rent of a townhouse in Punjab is around 36,000 INR while house rental costs can be as high as 71,000 INR per month. Finally, if you want to rent a villa, expect to pay anywhere from 36,000 INR to 140,000 INR per month.
Apartment and house prices in Punjab
Cost of buying a property
Studio apartment price
| 1.2M INR | 1.8M INR | 3.6M INR |
1-bedroom apartment price
| 1.4M INR | 2.4M INR | 8.9M INR |
2-bedroom apartment price
| 2.4M INR | 7.1M INR | 14M INR |
3-bedroom apartment price
| $95,000 | $140,000 | $430,000 |
Townhouse price
House price
Villa price
The average price of a studio apartment in Punjab can range from 1.2M INR to 3.6M INR depending on location. One bedroom cost can be anywhere from 1.4M INR to 8.9M INR. A villa can cost you 79M INR on average with prices ranging from 14M INR to 120M INR.
If you're leasing or purchasing, housing costs in Punjab 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
| 35 | x99 monthly income | 208 |
Property prices in Punjab can be x99 to x208 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x99 multiples of the average monthly salary in Punjab.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Punjab is around 31%. This means that people pay 31% of their income for rent. Those figures can range from 20% to 41% 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
28% 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.
| 110 INR | 1,400 INR | 14,000 INR |
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 Punjab
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Punjab
Utility Bill Cost / Electricity + Water + Gas / Student
| 220 INR | 1,500 INR | 9,800 INR |
Internet and cable cost
Mobile phone bill and charges
| 280 INR | 470 INR | 1,400 INR |
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 1,500 INR. The cost of internet and WiFi ranges from 350 INR to 930 INR with 700 INR being the average internet bill. Finally, the average monthly mobile charges is around 470 INR but can range between 280 INR and 1,400 INR 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 Punjab is around 6.3%. This means that people pay 6.3% of their income for energy, water, internet, and mobile charges. Those figures can range from 3.2% to 11% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Punjab
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Punjab
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Punjab is approximatly 140 INR with meal cost ranging from 70 INR to 230 INR. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 240 INR and 710 INR with 350 INR being the average price of a plate for one person at a regular restaurant in Punjab.
Fine dining meal for one price
| 470 INR | 710 INR | 2,800 INR |
The price range of a meal at fine-dining restaurant is 470 INR to 2,800 INR with the average cost being 710 INR for one person. This is what you would expect to pay a top-tier diner in Punjab.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Punjab is around 93 INR. Price ranges between 58 INR and 140 INR 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 Punjab is 56 INR. The maximum what you would pay for milk is 70 INR and the minimum being 47 INR depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 47 INR on average with 35 INR and 70 INR being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Punjab is between 79 INR and 150 INR depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 100 INR.
Pack of beef price
The price of a regular pack of beef or meat is around 140 INR. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Punjab costs around 51 INR on average with prices rangeing between 38 INR and 73 INR depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 14 INR to 35 INR. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 33 INR 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 Punjab is around 29%. This means that students spend 29% of their income on grocery and basic household items. The expenditure can range from 20% to 35% depending on salary and location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 1,100 INR to 49,000 INR with the location, income, and size of the student being the most determinite factors.
