It is also to our benefit that even though I’m not working atm and might never work a highly paid job as I’m more into freelancing social work, my husband has quite a stable income and job in an MNC. The only area we haven’t compromised and will never do is good and healthy food and healthcare for all of us. Parenthood has taught me one thing that I think less for myself and more for the baby even when it comes to spending on clothes and stuff. So that will be our priority once we can travel back to our home state to do that at our bank. We were also looking into opening an FD account for our baby but haven’t been able to do that due to the lockdown. And for that a year before her birth we’ve made some SIPs and it’s solely for the future and education of the child or children should we have one more. Education is where we would basically be investing in our child to give her a stable independent future. However, since it’s our first child and we were kinda prepared we haven’t had the bumps yet. Our monthly expenses have increased almost double since conception I would say. We always knew our expenses would increase or almost double once we have a baby and true that. What a practical thread this is 😇 Hi,FTM of 10 mo baby girl. So, travelling wise we have upgraded and travel frequently. We love travelling and with baby we want to put up in good places. We buy winters clothes for bub for next in year in previous year winter sale. We cut down on expensive dinners and other lifestyle expenses. We downplayed that, we moved down from luxury brands to normal good brands that too on Sale. My husband was cloth and accessory (watch and sunglasses) crazy. So, yes we added cuts at some places for future and bloated few places for happy present. We are sometimes stuck between you only live once vs Save for future. Life cannot be lead on plans so these points just provide a ball park estimate. We want to have a good retirement life with lots of travelling, good food and decent place. Like our parents we do not want the kids to be our world and be happy and live an austere life when they are settled. We had decided that we will plan second child only if it seems feasible financially. Our main focus is education, we do not care about marriage and stuff (as society would have changed by then and I want the kid just to be happy not bound by some societal obligation). minimum (some good private colg in India or State University in other country) that is must required and a maximum which is the luxury one (Ivy college education with fully paid accommodation and stuff).
After adjusting inflation and time value of money, we now have a target how much we need to set aside or have for the first 22 years of our daughter. We took risk factors like our private job, kid not securing enough score etc. Likewise, the situation when she would study in India or abroad. Here we took into account how much will education cost in case she is bright and gets scholarship or vice versa. So, we made best and worst case scenarios. We decided we will fully support her financially till graduation (post grad and later on herself ). So, when my daughter was born we also chalked the plan. In my work organization people plan well ahead so that they have financial target in mind (as we all are in private jobs).
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