Financial planning query: How much should I save for children's education?

My risk profile is moderately aggressive. At the moment I do not have children. I want to know much I should save for bringing up my children and for their wedding. Also, do guide me on how I have save to create a retirement corpus for myself. -- Sandeep Karpurapu

Shweta Jain, Founder & CEO, Investography, responds:

Expenses go up by atleast 20-25 per cent once you have a child, it could be more depending on how much you would like to spend on clothes, toys, education etc. Further, what kind of education etc you want to give to your child will determine how much you want to spend. Today nursery expenses itself could vary from Rs 30,000 to Rs 2 lakh per year depending on the school you choose and if you need day care (if your wife is working) or you have a support system at home. Keep aside Rs one lakh for every year of education and about 15 lakh to 20 lakh for graduation/ post-graduation.