How Much Should You Save for Your Child’s Future? A Practical Guide
- lms editor
- Mar 9
- 1 min read
As parents, we all dream of providing the best education and wedding for our children. However, with rising costs and inflation, it’s essential to plan ahead and start saving early. But how much do you actually need to save to secure your child’s future?
Based on research by Scripbox, let’s break down the estimated costs and the savings required to meet these goals.
1. Higher Education Costs
Current & Future Costs:
Current Cost: ₹30 lakh
Cost after 10 years: ₹54 lakh
Cost after 15 years: ₹72 lakh
How Much to Save Monthly?
For 10 years: ₹26,000 per month
For 15 years: ₹17,500 per month
Higher education is becoming increasingly expensive, and factoring in inflation at 6% annually, saving systematically is crucial.
2. Wedding Costs
Current & Future Costs:
Current Cost: ₹15 lakh
Cost after 10 years: ₹27 lakh
Cost after 15 years: ₹36 lakh
How Much to Save Monthly?
For 10 years: ₹13,000 per month
For 15 years: ₹9,000 per month
Weddings are significant milestones, and their expenses are expected to rise over time. Planning ahead ensures that you can give your child a dream wedding without financial stress.
Key Takeaways for Parents:
Start Early: The earlier you begin, the lower the monthly savings required.
Invest Wisely: Consider SIPs (Systematic Investment Plans) or other investment options that yield inflation-beating returns.
Factor in Inflation: A 6% inflation rate means today’s expenses will double in about 12 years.
Set Goals: Define clear financial goals for your child’s education and wedding and track your progress.
By planning and saving systematically, you can ensure a secure and stress-free future for your child. Start today!
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