A typical parent spends around ₹60-70 lakh to raise a child in the first 20 to 22 years after birth. This is a considerable cost you will incur as a parent before retiring. A significant financial event, aside from retirement, is educating and raising a child.
An infant requires constant attention, nutritious food, and medical care during its first few years. As the child gets older, costs for clothes and education begin to rise, but those for health care generally begin to decline.
