How the Child Education Savings Calculator works
Project education savings for a child. Adjust the inputs above, then use the calculate button to generate a fresh estimate based on the numbers you entered.
The result is designed to give you a quick planning number, plus a short breakdown of the major figures behind it. You can reset the form at any time and try a different scenario.
When to use this calculator
Use this child education savings calculator to estimate how current savings and monthly contributions may grow before school starts. It is useful for testing whether a savings plan is on track for future education costs.
Formula
Future savings = current balance compounded over time plus compounded monthly contributions
- Current education savings is the starting balance.
- Monthly contribution is the recurring savings amount.
- Annual return is the assumed growth rate.
- Years to save is the time before funds are needed.
Worked example
For $5,000 saved, $250 contributed monthly, a 5% annual return and 12 years to save, the calculator estimates future education savings.
Common mistakes
- Assuming investment returns are guaranteed.
- Ignoring future education cost inflation.
- Stopping contributions without updating the goal.
FAQs
Should I compare this with future college cost?
Yes. Pair this savings estimate with a future education cost estimate to see the gap.
Does this include grants?
No. Use the RESP calculator if you want to include a grant-style match.
What return should I use?
Use a realistic return for the account type and investment mix.