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Business News › Wealth › Plan › You’ll spend Rs 1.05 crore on your child: Step-by-step guide on how to save this amount
You’ll spend Rs 1.05 crore on your child: Step-by-

step guide on how to save this amount
Synopsis
EXPAND
Find out how much money you will need at different stages in your child’s life. We've
calculated how much money you will need for your child by splitting the journey into 6
stages: from the nine months of pregnancy to 0-2 years, 3-5 years, 6-12 years, 13-18 years,
all the way up to post-graduation.
Getty Images
Would you trade Rs 1 crore for nothing
more than smiles, hugs and love, and
no guarantee that these will last a
lifetime? If you have a child, you are
already doing it. For this is how much
you are likely to spend from the time
you conceive till the child completes
his post graduation if you are living in a
metro or a tier 1 city. To be precise, you
will spend Rs 1.05 crore.
While some parents cover this financial journey with ease, others struggle to
meet the child’s goals, be it long-term milestones like graduation and
marriage, or short term ones like buying gadgets and organising a party for the
kid. Though it helps to have a high income to save for all the kid’s goals and
still provide a comfortable lifestyle, it may not always be possible to have a
7
high salary
SECTIONS
By Riju orBureau
Mehta, ET surplus. You
You’ll spend
Last Rscould
Updated: also
1.05 crore
Mar on start
15,your saving
child:
2022, 12:29 AM ISTlate or
Step-by-step useonthe
guide how wrong
to save this amount
SHARE FONT SIZE SAVE PRINT COMMENT
instruments to invest for goals. Either way, it may result in a shortage of funds. Legal/Will Guide Step by Step Guide
1 ET Wealth's new Legal/Will

“I may not be able to amass the entire Rs 50 lakh for my son’s MS, and will section tells you all about will,
trusts, divorce, inheritance rights
have to take an education loan for Rs 20 lakh or so,” says 48-year-old Abhijit and more
Kadu from Pune, whose 20-year-old son Hritwik is studying for his B.Tech
How to make a will difficult—toX
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17/03/2022, 18:29 Money Saving Tips: You’ll spend Rs 1.05 crore on your child: Step-by-step guide on how to save this amount - The Economi…
4 How Hindu male's assets are
divided if he dies without a will
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B.Tech degree. Hyderabad-based P. Vamsee Krishna, 39, regrets delaying account holder
investment in mutual funds for his two kids aged 13 and 11. “I should have
started with mutual funds much earlier. Now, even though I am raising the 4. Is it a bank holiday on March
18 for Holi?
investment in mutual funds each year, I may have to increase my earning
potential by learning new skills.” Another common mistake is choosing the
wrong goal. “You may have earmarked an amount for the child’s medical
5. How to best take advantage
education, but he may want to be a musician,” says Anup Bansal, Chief of tax saving options under
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Investment Officer, Scripbox. This will not only require a different investing
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The best trick is to start planning for your children the moment you decide to
WEALTH PLAN TRENDING TERMS
begin a family. “You should start saving even before the child is born because
the cost of education is very high,” says Dinesh Rohira, CEO & Founder, Digital Rupee RBI Financial Literacy
5nance.com. This is also the reason you should factor in inflation while Financial Goals Budget News
calculating the goal values.
Goal values can also go wrong if you make wrong assumptions and
calculations about the amount you will require for your child’s needs. This is
where ET Wealth can help you. We have calculated how much money you will
need for your child by splitting his journey into six stages, starting from the
nine months of pregnancy, moving to 0-2 years, 3-5 years, 6-12 years, 13-18
years, up to his graduation and post graduation years between 19 and 24 years. — X
You will spend the most, which is nearly Rs 42 lakh, for his higher education BACK TO TOP
in the last stage and the lowest, Rs 1.8 lakh, during pregnancy. While Start Now
healthcare needs like vaccinations take up the bulk of cost during the first two
Ask the Crypto Expert
years, these are gradually replaced by high childcare and education costs when
Presented By
the kid is between 6 and 12 years old, and these surge in the last stage as
education expenses.
Pratik Gauri
Founder & CEO, 5ire
Also read: 7 money mistakes to avoid while saving for kids

Enter your Query*
We have listed all these expenses in the following pages along with the
assumptions made for carrying out the calculations. Remember that all these
calculations
ETPrime are for Delhi, and the expenses are likely to drop if you are living
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Max. characters: 1000

in a tier 2 or 3 city. Also, if you’ve just had a baby and are starting to plan, you NEXT
will have to factor in an inflation of 6-7% to know how much you will need 15-
MUST KNOW ALL QUESTIONS
20 years down the line. We hope this acts as a guide and reminder for you to What is a cryptocurrency?
start saving for your child at the earliest. Good luck with the planning. How do cryptocurrencies work?
How to invest in cryptocurrency?
Stage 1: Prenatal Care & Delivery (9 months)

ITR Filing Step by Step Guide
Even before you start a family, start planning the kid’s finances. The nine
months of pregnancy and delivery charges can add up to a hefty Rs 2-3 lakh 1 Who has to file ITR
depending on whether you are in a metro, the tests you are required to take,
2 Collect Documents/Information
and whether you have a normal or caesarean section delivery.
3 Check ITR form
Healthcare: This will include doctor’s visits and consultation, which can
4 Login to file ITR
range from Rs 500-2,000; medical tests (blood, urine), costing Rs 1,500-2,000;
and ultrasound tests (Rs 1,000). These will continue during the three 5 Fill the Form
trimesters and the frequency will depend on your and the baby’s health.
6 Claim Deductions
Besides, the mother will need supplements like vitamins, iron, folic acid,
among others. 7 Pre-validate Bank Account
8 ITR Verification
Mother’s expense: Besides medication and maternity wear, the expectant
mother is likely to spend on massage, exercise or yoga as well. These costs are 9 Track Intimation Notice
optional and have not been included here. 10 Track Refund
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Delivery (hospitalisation): The cost for delivery in a Delhi hospital ranges
from Rs 50,000 to Rs 2 lakh and requires a stay of two to three days depending 3,100k
— X
on the type of delivery.
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a minute? ETINWealth
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House renovation/ new house on rent: If you are in a small, rented house
Start Now
and want to shift to a bigger one, you could shell out Rs 3,000-10,000 more
depending on the locality. If you are in your own house and want to renovate,
it may require upwards of Rs 20,000, but will be a one-time expense. We have DISCOVER MUTUAL FUNDS
not considered this expense in other stages as it may be non-existent or may
vary a lot. Top Tax
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Funds
Stage 2: Low cost at 0-2 years

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The focus is on child’s health and vaccinations, but daycare and nanny form Fixed
Low Cost High
Return Funds
Deposits
one of the largest part of expenses, as do functions for the kid.
Healthcare:
ETPrime Most vaccinations are done in the first two years and require
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frequent doctor’s visits, which can cost Rs 500-1,500. The vaccines are given at
birth, 2 months, 4 months, 6 months, 9 months, 12 months, 15 months, 18 Most Popular Opinion
months and 24 months.
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cost of 50 tins of 400 gm at Rs 360 each for the first year, and regular food
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also including nursing equipment and clothing for the mother worth Rs
5,000.
Clothes: The newborn needs a lot of change of clothes and outgrows them at a
fast pace. Depending on your budget, you can cut this cost.
Accessories/toys: Besides toys, you buy several items like stroller, walker, car
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Diapers: We have considered 4-5 diapers in a day for two years. Since the price
varies for different sizes, we have taken all sizes of one brand of diapers in line
with the baby’s growth, and their prices for calculating the total cost. Crypto Quiz Presented By
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Child functions/parties: Besides the first birthday party, there are religious
Question 1/4 Highest Score 40
functions like name and mundan ceremonies in the first two years. Birthday 0
parties can cost Rs 10,000-20,000 depending on whether you have them at
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Daycare/ Nanny: This is one of the highest expenses if both the spouses are
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Stage3: At 3-5 years, school costs rise

Education expenses start from 2-3 years onwards as children start going to
playway school or preschool, and form a large chunk of expenses. Other costs
like those on healthcare, diapers, baby food and accessories come down.
Healthcare: The vaccinations will reduce considerably at this stage and will
comprise 3-5 visits, bringing down this cost.
Food: The food costs will increase somewhat as the growing child will need a
lot of nutrition.
Clothes: This cost can remain about the same, and it’s advisable not to spend
too much on clothes as the child will outgrow them fast.
Accessories/ toys: This cost will come down as accessories like walkers, etc,
will reduce. Child parties: Birthday parties will continue, and you will also
spend on gifts for other kids’ parties. We are considering Rs 10,000 a year.
Daycare/ Nanny: This cost also remains static as you continue to need
support at this age.
Education (preschool): This single expense, introduced from 2-3 years

onwards will eat into your budget. The admission and tuition fees for
preschools in Delhi can range from Rs 40,000-1 lakh a year. This does not
include any other cost related to school.
Transport/miscellaneous: This will include the cost of school bus/private — X

transport (Rs 3,000 a month), books, uniforms, shoes, projects and extra- Got a minute? ET Wealth team would
curricular activities, as well as trips that the school will charge separately for. like to know you better
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Health insurance: The cost will remain static at this age: Rs 5,100 for three
years.
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Stage 4: At 6-12 years, expenses will rise sharply

At this stage, education costs form the bulk of expenses, with healthcare being
replaced by entertainment, eating out, gadgets and accessories, as the child
begins social interactions and wants to take holidays.
Food: Besides regular meals, the child will want to eat out and have fast food
like burgers, pizzas, soft drinks, chocolates and ice creams. We are taking
around Rs 1,200 a month.
Clothes: We have considered an average spend of Rs 10,000 a year for summer

and winter clothes, which should be bought in a limited manner given the
child’s growth spurt.
Accessories/toys: You will still be spending on toys, bikes and accessories like
shoes, belts, clips, bags etc. As peer pressure begins, the child will want
everything his friends have, which will push you into buying unwanted stuff
as well.
Entertainment/parties: Kids’ birthday parties will pick up force at this stage

and increasing in costs as gifts and return gifts, costumes and food cost more.
Nanny/maid: Your child will no longer go to daycare, but you will still need a
maid to look after the child while you are at work.
Education: This is again one of the most expensive spend categories, with
schools charging an average of Rs 1 lakh a year as fee, besides other annual
charges. We have considered Rs 1.2 lakh a year for our calculations.
— X
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Transport/miscellaneous: This will again include school bus fee, books,

uniform and other activities related to school. We have considered Rs 6,000 a
year for books, uniform and other school-related activities.
Extra-curricular activities: This age will also see you pick up tutors for your
child and enrolling them in extra-curricular activities, whether it’s tennis and
swimming, or music and dance classes. We have considered Rs 3,000 a month
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considering that you start when the child is 7 years old.
Vacation: While you may not take a holiday every year, even a short break of 3-
5 days will cost you at least Rs 50,000 a year. Here we have considered Rs
40,000 a year.
Health insurance: The insurance premium will rise with parents’ age and go
up to around Rs 27,000 a year for a Rs 10 lakh cover including the child. This
will amount to Rs 6,500 more a year. For seven years, it will be Rs 45,500.
Stage 5: At 13-18 years, costs remain high

These six years are again marked by high education costs, besides a surge in
entertainment expenses as the teenagers discover the world and chill with
friends. Nannies, toys and child parties are replaced with eating out, mobile
phones and high tuition costs.
Food: The teens love to eat, especially fast food, and will prefer to eat out with
friends. The food cost will rise in this stage.
Clothes/accessories: They will also spend a lot on their looks and besides
clothes, will splurge on their hair, looks and accessories like shoes, bags and
glasses. This cost will also rise.
Entertainment/gadgets: Another surge will be due to gadgets, be it the — X

mobile phone, laptop or PC and Xbox or PlayStation. We have considered a Rs Got a minute? ET Wealth team would
15,000 phone, Rs 30,000 for a laptop, and Rs 30,000 for video games and BACK TO TOP
accessories. Also included is a bicycle purchase, eating out and parties. Start Now
Education: The school tuition costs will remain about the same.
Coaching classes/college applications: The rise in education costs will be in

the form of tuitions, coaching classes and applying to colleges. We have
considered Rs 1 lakh as coaching fee and Rs 1.5 lakh for college applications,
career counselling and consultation. This amount will rise if the child is
applying abroad for higher studies tuitions, coaching classes and applying to
colleges. We have considered Rs 1 lakh as coaching fee and Rs 1.5 lakh for
college applications, career counselling and consultation. This amount will
rise ETPrime
if the child Invest
is applying abroad for higher studies.
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Transport/ miscellaneous: These costs too will remain static. Extra-

curricular: The hobby classes typically end in Class X when the child starts to
focus on studies. We have considered these classes for four years till the child
is 16 years of age.
Vacation: The holidays too taper off as the child becomes more involved in
studies. We have considered vacations for 3-4 years.
Health insurance: This cost too will remain almost the same.
Stage 6: Education expenses peak at 19-24 years

The expenses at this stage will depend on whether the child goes out
(domestic or international) for education or stays at home. These will shoot up — X
if he is studying abroad and will be more manageable if he is India. It will also like to know you better
depend on the type of institution he gets admission in, the stream of BACK TO TOP
education and length of the course. For ease, we will consider a 4-year B.Tech Start Now
course from an Indian university, followed by a 2-year MBA program, all while
living in a hostel.
Clothes: While food will be taken care of in hostel, you will have to pay for
clothes and other minor living expenses.
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Higher education: The cost of higher education in India is much lower than
abroad, where you will end up paying around Rs 1 crore for an undergrad
course. Here we have considered an engineering degree from a private
college/IIT followed by an MBA.
Hostel expenses: These can vary a lot, but we have considered a private
college with an average cost of Rs 1 lakh a year.
Health insurance: Buy him a separate plan of Rs 5 lakh, which will cost
around Rs 6,000 a year. You can pay his premium till he gets a job.
( Originally published on Mar 14, 2022 )
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(Your legal guide on estate planning, inheritance, will and more. ...more
— X
7 COMMENTS ON THIS STORY like to know you better
BACK TO TOP
Harkirat Singh Bedi 3 hours ago Start Now
Very well articulated. More than saving this article is helpful to help new or
would be parents get an insight into how the story pans out and plan for it
well in advance. Wish i had seen something like this 23 years ago.
User Pal 1 day ago
Which steps are mentioned to save this amount?
Rahul Shirsath 2 days ago
this whole article makes parenthood look like task
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17/03/2022, 18:29 Money Saving Tips: You’ll spend Rs 1.

BENCHMARKS NSE GAINER-LARGE CAP FEATURED FUNDS ★★★★★ 5Y RETURN

The Great Holi Offer

You’ll spend Rs 1.05 crore on your child: Step-by-

1 ET Wealth's new Legal/Will

5 When is a daughter legal heir

3. How nominees, legal heirs

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calculating the goal values.

Also read: 7 money mistakes to avoid while saving for kids

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Stage 1: Prenatal Care & Delivery (9 months)

optional and have not been included here. 10 Track Refund

1 DAY 1 WEEK 1 MONTH 1 YEAR

Stage 2: Low cost at 0-2 years

Food: Breastfeeding is usually supplemented with baby formula milk for up to

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Health insurance: If a Delhi-based couple, aged 30 and 28 years, buys a family

Stage3: At 3-5 years, school costs rise

Education (preschool): This single expense, introduced from 2-3 years

Transport/miscellaneous: This will include the cost of school bus/private — X

Stage 4: At 6-12 years, expenses will rise sharply

Clothes: We have considered an average spend of Rs 10,000 a year for summer

Entertainment/parties: Kids’ birthday parties will pick up force at this stage

Transport/miscellaneous: This will again include school bus fee, books,

Stage 5: At 13-18 years, costs remain high

Entertainment/gadgets: Another surge will be due to gadgets, be it the — X

Coaching classes/college applications: The rise in education costs will be in

Transport/ miscellaneous: These costs too will remain static. Extra-

Stage 6: Education expenses peak at 19-24 years

( Originally published on Mar 14, 2022 )

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