Child Plans

As a fee-paying parent of school- or college-going children, it is tough to understand why education institutions refuse to reduce academic fees in these pandemic times, which have forced classes and lectures to be conducted mostly online.

They say the instinct to protect and nurture one’s child is one of the strongest instincts among us human beings. Yes, we are all more than capable of providing 3 square meals to our children and protecting them from physical harm; however, in order for them to protect themselves and fend for themselves in the world outside your protection, they require:

While our parents did work hard for their children, you’d have to agree that parenting has become tougher in the present generation. And this is especially so due to the much higher sums parents today have to spend on basics like education, healthcare, entertainment, and the daily expenditures of raising a well-rounded child.

The decision to take a loan changes the orientation of your life.
You no longer own it. You are owned.

The mature urban Indian householder knows that to meet the rising expenses of bringing up a child needs disciplined savings. Just having an FD or RD is never going to be enough. According to a study by ET Wealth in 2011, it costs about ₹54.75 lakhs to raise a child from birth until s/he is 21 years of age. Factoring in inflation, if your child is born in 2015, this figure will easily touch ₹75 lakhs. If s/he is born in 2020, we are looking at 1+ crore. And this is for a single child, mind you.

On Nov 14, 2018, people around the globe observed World Diabetes Day and Indians celebrated Children’s Day. While these concepts might seem dissimilar at first glance, let’s take a deeper look in this piece and see how, as parents, we can not only imbibe good qualities in our children but prepare them early in life to prevent what is going to be the biggest healthcare risk of their times – lifestyle disorders like Diabetes, heart disease, and hypertension.

Most schools will not teach your children money lessons; they will either learn it from their friends or from the culture they’re growing in. And as parents, you wouldn’t want to fling your children in the ocean and hope they will figure out how to swim. For all you know, they might just drown!

Planning for your child’s education is never too early. In fact, if we go by the growing cost of acquiring education in India, you may as well think that you’re late.