Newborns are certainly tiny, but in addition to their shrill cries, you might also hear your FD or RD breaking—at least in Tier-1 and Tier-2 cities throughout India.Although having children can be expensive, it is becoming more and more normal for people and couples in today’s society to choose to live childfree. Because of money.
Online viewers have been enthralled by a recent thorough analysis that was published in HT Media’s financial daily, Mint, with its analytical breakdown of the expenditures related to raising a child.
In order to shed light on approximations of expenditures for things like school fees, extracurricular activities, summer camps, clothing, medical costs, and investments for further education, the paper gathered opinions from people in various parts of India. The analysis demonstrated the annual financial commitment parents must budget for in order to ensure their child’s well-being by combining these elements. The annual total ranged between Rs. 2.5 to 4.5 lakhs, depending on variables like family size and other aspects.
Notably, the paper also described the changing costs associated with various life stages, including everything from paediatrician visits in various locations to the expected costs associated with a child’s academic path, whether it be in pre-primary or higher secondary education.
Additionally, it forecasted the cost of post-secondary education, both domestically and internationally. The forecasts took a 10% inflation rate over ten years into account. The cost of overseas higher education was expected to be at least Rs. 3 crores, whereas the cost of domestic higher education was between Rs. 15 and 50 lakhs.
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