Required income for family(6)

140°
Post Tycoon
datatransfer...
How much income is required per month for family of 6 ( 2 school going kids and parents as depandants)

For simple living.

Considering leaving job and want to take some break while i figure out alternate career paths.

Thanks.
Top Comments
Talk-Of-The-Town Talk-Of-The-Town
Link Copied

Simple living needs to be defined on what is your current life style and what you can give up temporarily( trips, outings, food orders etc). You know it better to judge
Quick list
- House rent?
- groceries, milk, etc
- bills electricity, water, DTH, mobile etc
- Any on going emi's?
- Medical spends?
- Periodic expense- school fee, insurance , tax's
- Vehicle ? Fuel, maintenance, insurance
- Pets cost if any
- kids spends - stationery, dress, etc

11 Comments  |  
9 Dimers
  • Sort By
Deal Subedar Deal Subedar
Link Copied

please do mention  where you are living ? i mean place , because cost depends on place of living:)

and people living there might share the view that way

since there is no generalized cost:) cost changes place to place

Deal Cadet Deal Cadet
Link Copied

I don’t think there is an straight forward answer of this question. What is simple life to you? Do you and your family members travel using public transport (rail, bus, metro only) or cab? During traveling, which coach do you book, sleeper or AC? Can you and family members stay without AC/cooler at home? Where do you visit when you are ill, government hospital OPD or private doctor's chember? Where do you go when medicine is needed, generic or high end branded? Which school do your kids go, government or some international school? How often do you visit resturants? Do you plan for buying products beforehand and wait for sale or bargain at different offline shops/hawkers? Or just order from quick commerce like instamart? The definition of simple varies person to person. Infact you will find that the simple state of yours isn’t simple to the other family members of you!

Post Tycoon Post Tycoon
Link Copied

Place of living hyderabad.. for your all questions, we adjust and adapt to get things/services at as lower cost as possible.

Kids do go to decent private school and cant compromise this.

View 1 more reply
Benevolent Benevolent
Link Copied

bare minimum 20k. if school tuition fee is under 5k and you have house. 

Deal Captain Deal Captain
Link Copied

1 lakh minimum after taxes for 6 people living in Hyderabad. This amount per month will cover your cost paycheck to paycheck and little bit savings for future.

Comrade Comrade
Link Copied

20k rent + 2 kids fee (at 1.5l eac, 3Lpa, 25K per month)+ groceries 15K + Health related (net off insurance ) 10K incl medicines + +10K for other expenses

80K is bare minimum at current trends and considering the Inflation impact, 85000 by next year

so atleast 1 lakh per month will be good estimate

Blaze Blaze
Link Copied

Does "simple living" as mentioned by OP means 1.5 LPA / Child school fees ?

View 1 more reply
Talk-Of-The-Town Talk-Of-The-Town
Link Copied

Simple living needs to be defined on what is your current life style and what you can give up temporarily( trips, outings, food orders etc). You know it better to judge
Quick list
- House rent?
- groceries, milk, etc
- bills electricity, water, DTH, mobile etc
- Any on going emi's?
- Medical spends?
- Periodic expense- school fee, insurance , tax's
- Vehicle ? Fuel, maintenance, insurance
- Pets cost if any
- kids spends - stationery, dress, etc

replyuser
Click here to reply
Reply