Real Cost of Education In India
Raising a child is not simple considering the rising education cost in India which includes spending money on your kids education and other mandatory extra curricular activities carried by schools. According the survey done by ASSOCHAM on the real cost of education in India it was found that – parents have to shell out nearly half of their annual income on their child’s schooling which includes all types of activities. And this number is only for single child. And this increased expenditure has brought worrying signs in parents especially with only one earning member since parent’s annual earning has not increased in proportion to the education cost.
Majority of the parents spend on an average 18Lakh to 20Lakh in raising a child by the time their teen graduates from school.
So what is the real cost of education in India and where do parents have to spend money?
1) Lunches: On an average parents spend 9, 600 per child per year on home cooked lunches and this cost increases in case of packed lunches.
2) Secondary level tuition: On an average, monthly cost of secondary level tuition in India is 6000-10,000.
3) Private tuition fees: Cost of private tuitions in India has witnessed a increase of about 45%-60% in the last 10 years as during this period majority of the middle class parents have been spending of their monthly incomes on them.
Displayed below is the real cost of education in India and where parents have to shell out money on:
How to Save Education Cost in India
So how can single earning parents provide best education to their child and continue to run household expenses perfectly:
1) Don’t fell into the trap of private tuitions. Educate them at home
2) Provide them home cooked meals as packed lunches are always high in cost
3) Buy stationery items in bulk so that you can get discounts
4) If possible, ride children to school in your own vehicle so that you can cut cost on transport provided by school