A Realistic Picture of Your Budget and How Feesback Can Help You With it
Most Indian households do not adhere to or have a strict monthly budget. The need for something becomes evident at the end of the calendar month as the balance of expenses and income shifts. The cycle continues month after month.
Consider how much an Indian family spends each month.
Here is a brief overview of all the monthly budgets and expenses a family must incur, and how we as a team at going to school can assist you in making the most of it in some easy ways. We offer you schemes and plans that are entirely fair and beneficial to you in the most genuine way.
This blog will help you get a realistic picture of how much a family spends and how you can make the most of it by taking a few simple steps.
Families in India probably have spent most of their money on monthly bills and bills. A family's monthly salary ranges between Rs. 40,000 and Rs. 2,00,000.
Most families must give up on their desires and dreams to meet their monthly obligations. And they spend roughly 60-70% of their monthly income on expenses and essentials. As a result, family members in India would then begin to create budgets and monitor their funds to save them in 2021.
Assume you want to learn more about families' monthly expenses, bills, and budgets. Then you've come to the right place because we've gone over the monthly expenses of families in detail, in addition to how those who create a month-to-month budget to cover bills and costs.
1. Rent for Your Home
In India, families must pay the monthly rent to cover their basic needs. And it ranges in price from Rs 8,000 to Rs 30,000 per month. So everything boils down to your way of life and the quantity of extra income you would like to splurge on an appropriate house or apartment. If you have a family of four or three, you will require adequate living space, and your monthly rent will range somewhere between the above-mentioned amount.
2. Food
Food is completely reliant on the number of members of the family, so it is difficult to predict. However, monthly food expenses for average Indian families range between Rs. 2,100 and Rs. 9,000.
3. Internet, Power, and Recharge
Any Indian family must pay internet and recharge bills. Both are required, which is why they are listed as important requirements. Everyone in the family wanted an unlimited pack and a WiFi connection in 2021. You must also have paid any other necessary bills, such as your electric bill. The average Indian parent pays between Rs. 1,000 and Rs. 13,000.
4. Transportation
In India, transportation costs vary from family to family. Others drive or ride their cars or bikes, while others take public transportation. However, vehicle in India is prohibitively expensive for families.
In India, average families pay about Rs. 5,000 to Rs. 30,000 per month for public transportation. And if you drive your car, you can save between Rs. 4,000 and Rs. 15,000 per month.
5. School/College
We're talking about families in India, where children get the most money from their parents' salaries for school/college and tuition fees. Education fees are increasing by the day, and paying their children's fees is becoming a higher priority for families. Monthly education fees for children range between Rs. 12,000 and Rs. 15,000.
It completely states that education nowadays has become extremely expensive and something that cannot be avoided because it is one of the most important aspects of a child's development, and as parents, we all want to give our children the best.
Feesback makes your education affordable by refunding the total amount of money in the form of coins and coupons that you can use in your daily life; the money is not deducted or tracked in any other way; in other words, for every rupee spent, the equivalent School fee is added to your coins.
This is the step we've taken to make things easier for both parents and students. It is not within our power to change the entire education system or the fee structure that it provides, so we took the initiative that is supportive in every way and will most effectively help every type of family because the offers can be redeemed based on the amount of refunded money in the account.
6. Grocery
A monthly ration in India costs between Rs. 4,500 and Rs. 9,000 to fulfill the necessities of families. Grocery shopping is a crucial component of our daily lives, but selecting the right foods can be difficult. As a result, converting any food shopping into healthy grocery shopping is crucial for anybody who wants to stay healthy.
Grocery can be considered one of the essential and most expensive things that have to be done on monthly basis, one can never avoid grocery as it comes under day-to-day needs. We at Feesback try to minimize it by giving grocery subscriptions based on the number of coins that you have earned by paying the fees through our portal, which states that you don't have to pay anything more or extra, you just have to redeem your coins from our portal and use it for something as essential as grocery. You can check out a site or just visit the Free Packages section and click on the
Grocery subscription and get all the required information.
7. Medical Insurance
Families in India are necessitated to have health insurance. It is available in a wide range of plans, including those for a single individual, a whole family, and only children. The family's needs ascertain it. A health insurance policy allows you to receive the best healthcare possible without having to worry about the astronomical costs that will be incurred at the time of discharge. As a result, understanding the claim process is critical information that the insured individual should have at all times. However, ordinary Indian families' healthcare insurance costs between Rs.1,667 and Rs.2,917 per month.
8. Wishes and Personal Expenses
Families have hopes and dreams, but to meet their needs and expenses, most families must sacrifice their hopes and dreams. Some families, on the other hand, want to fulfill their dreams now and then. Average Families in India spend between Rs. 2,000 and Rs. 7,000 on their desires.
Read our next blog or click here to know “What is Feesback and How Does It Make the Education Affordable”
