Many young couples I know shudder to think of having a kid. One of the guys told me ‘I am still a kid…how can I have a kid‘. And he is 29 and so is his wife.
This is not a class on whether to have a kid, but for those who have a kid! Have you wondered how much does a kid cost you?
Does the cost increase (per month) as the kid’s age increases?
Well have you at least tried enumerating them? School fees, clothes, the doc, the dentist, vitamins, antibiotics, dresses and accessories – the tennis shoes, the swimming class and the badminton racquet, the list just goes on.
Of course I am not talking food, rent, etc. which go to the common pool – and then get divided by say 3 or 4 depending upon how many people are there in the house.
Then there could be coaching class fees, parties, gifts, entertainment, gadgets,….
Sadly there is very little research in India about such things, and one has to just make estimates. Estimates can obviously go wrong by a mile…and we would not even know about it.
The costs of a kid – right from delivery to their wedding can be a stunning Rs. 1 crore – for a kid born in say 2000. Safely add 8% inflation for every year after that. So in case you have decided to have a kid in the year 2013 or 2014, you should estimate a requirement of about Rs. 2 crores. This is of course assuming a normal kid, normal delivery, ordinary school, ordinary education. If you throw in an International school – that itself will jack up prices by about Rs. 50 lakhs.
Happily most of this money will be needed back ended, so you do have time to earn it! However if you think your son needs a brother or a sister…well add another Rs. 4 crores to the budget 🙂
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