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Father’s Day: My Financial Plan For My Daughter

Adhil Shetty
Adhil Shetty and daughter at breakfast
Adhil Shetty and daughter at breakfast

Happy Father’s Day to all the families out there.

I’m about to complete one year as a father. What’s changed for me since my daughter’s arrival last June?

These days, I get up 30 minutes early to have breakfast with my daughter instead of having a quick rushed grab-and-go breakfast. Later, I have a nice, long dinner with my wife and daughter. The little one is 11 months old, and prefers to play with her food than eat it.

I realise the immense value in a full night’s sleep. I’ve learnt to tune out the frequency of the high pitch crying of the baby when I am sleeping.

I’ve also learnt that having a child is a much bigger adjustment than getting married. My wife and I have the same tastes, but toddlers have a lifestyle entirely their own. Ours is awake every night, needing to be continuously fed, changed, and put to bed.

On the financial front, what have I changed?

Firstly, I doubled my term life insurance cover such that my family gets 10x my my income if I die. Any person with dependent family members must purchase a term plan – for their own peace of mind as well as for the financial support it will offer their family.

There’s no time to waste when it comes to starting a financial plan for your child. I have increased my monthly mutual fund SIP investment by 30% to save for my daughter’s education expenses. It would help me beat education inflation and financially support my daughter’s higher education.

For the moment, I’m grappling with a more basic problem: planning for my daughter’s play school fees which is surprisingly high in a Montessori school in Mumbai.

That’s where I am. How about you?

The writer is CEO, BankBazaar.com.