How much does it cost to raise a toddler today? 13 lakhs!

Planning a baby? Do you have 13 lakhs in your bank account?

Kids come with high maintenance costs these days. If you are wondering why financial planning before planning a baby was not required two decades back, it s because the lifestyle and expectations of parents were different. Today, you want the best for your kid and most often, best things come at a high price.

Right from diapers to clothes, toys, schooling, birthday parties and other accessories, you ll be surprised to know how much all this sums up to be a whopping 10 lacs or more. That too, for only up to 3 years of age. And here, we aren t adding the advanced luxury gadgets or accessories. It s just the basics of good quality which 80% and above parents invest in these days.

If you still think it s an exaggerated quotation, we have the basic break-up of the various expenses that are involved in raising the a toddler from 0-3 years only.

Cradle This is one of the first needs of a baby. This one, believe me, is the cheapest of all items. Average cost: 4000

Baby cot This comes after the cradle. A basic and a sturdy one costs Rs 12,000 on an average. Did you know sharing the bed with your newborn can be fatal?

Linen You ll need changing sheets, little pillows, fresh sheets and a comfortable blanket that your child may grow fond of over the next few months. Then there ll be the mosquito net. Add them up and the average cost is Rs 20,000 for the 3 years or a little more in case you are brand conscious.

Diapers and wipes You can hire a warehouse to store the stock of diapers for infants and toddlers and you might still run out. To prevent infections and keep your baby happy and clean, you ll be changing at least 8 diapers a day on an average for the next 3 years. If you do the math at Rs 12 per diaper for the next 3 years, along with baby wipes that are used more often than toilet paper, it will add up to an average of Rs 2 lakh. When it comes to the child's comfort, here's why diapers are better than cloth nappies.

Vaccinations Now there s no compromising on this one. The number of vaccines has increased in the last 20 years and each one of it is important. So add the regular pediatric visits and the vaccinations and it sums up to an average of Rs 1.5 lakh again. This does not include any hospitalisation or serious ailments.

Feeding the baby There are the feeding bottles which need to be changed every 6 months, sterilisers, teats to be changed frequently, sipper cups and the biggest expense formula milk. These don t come cheap. PUFA and FUFA type bottles cost a lot of money. So the total expense here averages up to a good Rs 2 lakh.

Making memories Yes, you will be making lovely memories every single day. But then you also need to flaunt them and do something for keeps. So there are the photo shoots, hand prints on clay, footprints engraved somewhere and what not. If you are an enthusiastic parent, you will end up spending at least Rs 25,000 on it.

Changing table This has become quite an essential item as it is convenient and safe. Besides, fathers find it easy too. A good changing table with some storage costs around Rs 10,000.

Clothes and shoes Even if the baby doesn t demand these, parents can t but just stay away from doing up the wardrobe of their little one. Children outgrow these clothes and shoes in a blink and hence they can be quite expensive if you invest in high-end brands. Even decent brands are slightly expensive and over the next 3 years you will spend at least Rs 1.5 lacs on it. Believe us, we aren t even including high-end watches or other accessories and brands like Adidas or Zara.

Bumbo seat and high chair You ll need a Bumbo once your baby is about a year old and a high chair a bit before that. Long-lasting stable ones will cost around Rs 15,000 (for both).

The 1^st birthday - While the child doesn t have a clue about what s happening on this noisy day but parents have waited all year long for this milestone. A big party at a stylish banquet or a hotel is a must. Missing out on return gifts would be blasphemy and having just samosas and chips like we did 20 years back will not cut it anymore. The 1^st birthday is more of an adult s party than a kid s and the damage is a good lakh or so if you have invited all your family and friends. Most people also have two first birthday celebrations. One with religious rites and one party with magicians and emcee and the works! Keep at least 1 to 1.5 lacs aside for this.

Toys and books A play gym for Rs 6,000, at least 2 bicycles in 3 years costing 4000-5000 each and loads and loads of different toys and books, the list never ends and you can t stop yourself from buying these things. Before you know, these amount to almost Rs 90,000 or more in 3 years and this is when not all toys are from high-end brands like Fischer Price.

Playschool Start planning for a pre-school or playschool even before your little one is born because admissions in good schools have a waiting period of 2 years. Also, the cost of an engineering course and play school is almost the same yes, you heard it right. The playschool fees average up to 65000 for one semester i.e. 6 months. Add to it uniform, activities, field trips, bus fees, learning accessories and more and you will need at least Rs 3 lakhs by the time your child turns 3.

Exhausted? Relax, sip some water and start planning your finances before bringing the little one to the world. All the above items sum up to a whopping 10-12 lacs.

Wondering whether to plan a baby or go on a one month tour to Europe? Let us know in the comments below!

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