Expenses today are very different from what they were a few years ago. This extends to parenting as well. Children born in the 2000’s need things you could not even dream of at that age.
If you are a young parent or soon to become one, you might want to plan for a few expenses that didn’t really exist when you were a child.
Here are a few such new age parenting related expenses:
#1. Day Care
The cost: Starts at Rs. 2,000 per month (up to Rs. 10,000 per month)
Nuclear families usually need dual income, which means that both parents must be working to maintain a healthy lifestyle. Working mothers have no option but to enroll their child into a day care service or a creche, during working hours. Day care centers cost Rs. 5,000 per month, on an average.
#2. Play Schools
The cost: Rs 10,000 – Rs 20,000 per month
Once the child is 2-3 years of age, the parents need to start looking for a playschool. Playschools these days are not merely alphabet-teaching centers. They employ specially trained pre-school educators and provide a safe environment for kids to thrive in.
These services come at a cost as high as Rs. 1 lakh per year! In fact, some studies suggest that educating a pre-schooler these days is far more expensive than sending your teenager for higher education.
#3. Devices for children
The cost: From Rs 10,000 – Rs 50,000 per year
Your little one grows up and becomes curious about the world. As a preteen, he or she is exposed to advanced gadgets, which you could not even dream of as a child of the 70’s or 80’s.
There is a Kindle for a storybook, an iPod for music, and Play Stations instead of Carom. Certainly these fancy devices come at a high price, which somehow have become unavoidable expenses these days.
#4. Summer Camps
The cost: Rs 12,000 and upwards per month depending on age of the child
Devices accompany your child when at school, but even his holidays are not his anymore. Gone are the days when summers were just about a vacation to the hometown and staying with grandparents.
Months before summer holidays, parents start looking for summer camps for their preteens.
Summer camps can cost up to Rs. 3,000 per week. They offer diverse activities such as creative writing, fun projects, science expeditions, art & craft, music lessons, and storytelling to name a few.
If your child can learn useful skills over the summer, why not? But it does come with a significant price tag.
#5. Activity Classes
The cost:Can be as low as Rs 1,000 a month to as high as Rs 10,000 a month.Varies with age and skill.
Learning doesn’t stop with school classes. These days an activity class for specific skills is a must for most children. These can be dance or martial arts classes or even something unique like calligraphy.
These classes can be relatively cheap or expensive depending on the activity, the teacher, the batch size, the age of the children, and even the location.
#6. Academic Coaching
The cost: Rs. 2,000 to Rs. 12,000 per month
Moreover, a high school student would also want coaching classes to clear difficult competitive exams. Or home tuitions to pass the 12th grade math paper.
Other than unavoidable expenses, your teen may also ask for fancy branded clothes, guitar lessons on the weekend, aerobics or swimming classes, driving lessons, you name it!
These are the expected costs of raising a child in the 21st century, and this excludes healthcare bills, education loans (in case your child wishes to study abroad) etc.
The Learning; It helps a lot to plan your finances keeping in mind the rising costs of being a parent.