Parents often dream of giving their children the best education, a secure life, and financial support when they need it the most. But with rising expenses and growing responsibilities, this dream sometimes feels difficult to achieve. The good news is that even a small habit of saving can make a big difference over time. Imagine setting aside just ₹70 per day. It may sound like a tiny amount, but with discipline and the right investment approach, this daily saving can turn into a huge corpus of around ₹6 lakh in the long run. This amount can support your child’s education, contribute towards marriage expenses, or even act as a financial cushion for their future needs.
Why Small Savings Matter in the Long Run
Many people believe that financial planning requires large sums of money. But the truth is that consistency is more important than the size of the savings. Small daily savings, when continued over years, create a powerful effect due to the combination of discipline, patience, and the benefit of compounding. ₹70 a day translates into ₹2,100 a month and ₹25,200 a year. Without even realizing, you are setting aside a solid amount annually that can grow significantly when invested wisely.
The Power of Discipline in Daily Saving
Skipping a cup of tea at a café, avoiding unnecessary online shopping, or reducing small luxuries can free up at least ₹70 daily. These savings may not affect your lifestyle in a major way, but they can create life-changing opportunities for your child in the future. Parents who follow this routine experience a sense of satisfaction because they know their small sacrifices today will lead to big rewards tomorrow.
How ₹70 Turns Into ₹6 Lakh
Let’s understand the numbers. If you save ₹70 every day, it becomes ₹25,200 annually. Now, if this amount is invested in options like recurring deposits, SIPs in mutual funds, or child-specific investment plans, the returns can multiply over 10 to 12 years. For example, with an average return of 10 to 12 percent in equity mutual funds through SIP, this habit can build close to ₹6 lakh or even more depending on the investment horizon. This calculation shows that the key lies not just in saving but in smart investing.
Best Investment Options for Parents
To make the most of your daily savings, parents can consider the following investment choices:
Recurring Deposits
Banks and post offices offer recurring deposits where you can deposit a fixed amount monthly. While returns are moderate, it is a safe and disciplined way to grow savings.
Systematic Investment Plans (SIPs)
Mutual fund SIPs are one of the most popular tools for wealth creation. Even small amounts invested monthly can generate attractive returns over the long term due to compounding.
Child Education Plans
Several insurance companies offer child-specific plans that combine savings with protection. These plans ensure that the child’s future is secure even in the absence of parents.
Public Provident Fund (PPF)
PPF is a government-backed scheme that offers safety, tax benefits, and decent returns. A portion of your daily savings can be directed here for long-term goals.
Importance of Starting Early
The earlier you start saving, the better your chances of creating a large corpus. Parents who begin when their child is young get the maximum benefit of compounding. Even if you begin with just ₹70 per day, the discipline of saving regularly for 10 to 15 years ensures that you have a significant fund by the time your child reaches higher education or marriage age.
Real-Life Example
Consider a parent who starts saving ₹70 daily when their child is 3 years old. By the time the child turns 18, the parent would have saved a huge amount. With proper investment, this fund can easily touch ₹6 lakh or more, which can help pay college fees, buy study materials, or even support marriage expenses. This shows how simple efforts today can reduce financial stress tomorrow.
Benefits Beyond Money
This daily saving habit not only creates wealth but also instills a culture of financial discipline in the family. Children observing their parents’ dedication towards savings learn valuable lessons about money management, patience, and planning. This knowledge is often more precious than the money itself because it shapes their financial behavior in the future.
Common Mistakes Parents Should Avoid
While saving daily sounds simple, many parents fall into certain traps. Some stop midway, some withdraw savings for non-essential expenses, and others fail to invest wisely. To truly reach the ₹6 lakh target, it is important to stay consistent, avoid impulsive withdrawals, and choose the right investment option based on risk appetite and goals.
Final Thoughts
Saving ₹70 a day is not a burden, but rather a smart strategy to prepare for your child’s future. Over the years, this small contribution turns into a sizeable amount that can support crucial milestones like education and marriage. What matters is discipline, consistency, and the wisdom to invest in the right avenues. With rising inflation and increasing educational expenses, every parent must adopt such small but impactful financial habits. Your child’s future security can begin with just ₹70 a day.
Disclaimer
This article is for informational purposes only and should not be taken as professional financial advice. Returns and corpus amounts mentioned are illustrative and may vary based on market conditions, investment choices, and tenure. Parents are advised to consult a financial advisor before making any investment decisions.
FAQs
1. How much can I save in 10 years by saving ₹70 daily?
By saving ₹70 daily, you save ₹25,200 annually. In 10 years, without interest, this is ₹2.52 lakh. With investments, it can grow close to ₹6 lakh.
2. Which is better for investing daily savings: SIP or RD?
SIPs generally give higher returns over the long term due to market-linked growth, while RDs are safer but offer lower returns.
3. Can I start with less than ₹70 a day?
Yes, even ₹50 a day makes a difference. The idea is to start small and stay consistent. You can increase the amount later.
4. Is this saving plan suitable for low-income parents?
Absolutely. This plan is designed for everyone. Even low-income parents can set aside a small daily amount without straining their budget.
5. What if I miss saving some days?
It’s normal to miss a few days. The key is to make up for it later or ensure consistency over the long term.
