Inflation has caused a steep increase in the costs in the last few years. However, it is not just inflation that has caused an increase in the costs but our changing lifestyle as well. One of the costs that have gone up as a direct effect of lifestyle changes is parenting expenses.
Parenting has become much more expensive than what it was a few years ago. People who are planning a child will have to consider these new costs and plan their
finances accordingly. Here are the new entrants in the childcare expenditure column that you must not miss out on.
Day Care CentresAs both parents are working in most of the households, day care centre costs have become a new normal. If you and your partner both are planning to get back to work soon after you have had a child, you must plan in advance and start saving for day care centre costs.
GadgetsGone are the days when outdoor activities and playgrounds did not cost a dime. These days, children are engaged not just in outdoor activities but also in indoor activities. Indoor activities often involve gadgets and other devices. These gadgets can have a significant impact on your financial budgets. Therefore, keep a buffer amount for whenever your child demands a new gadget to fuel his/her curiosity.
Summer CampsSummer camps for kids have been around for quite a while. But the sheer variety of summer camps with different kinds of budgets has changed the way summer camps used to happen earlier. These summer camps are activity and hobby based and most of the times specifically crafted for your children. While planning for your parenthood costs, you will definitely have to take the summer camp costs into account.
Activity ClassesActivity classes beyond school have become a new normal. Such activities are considered as a holistic way for child’s development. More and more parents are getting inclined towards engaging their children in some activities beyond school. Such engagements not only improve a child’s social skills but also help them to figure out their interests, likes and dislikes much early in their life.
Raising a child incurs significant costs. If you have a child or are planning to have one then make sure that you start building a planned parenthood fund well in advance to give your child the life they deserve.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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