Education Calculator

How much do you need to save for your children’s education?

A good education is one of the most important things that we can do for our children. A good education provides the foundation for their future success in today’s world.

Based on university surveys estimated costs are:

- Tuition $6,500 to $8,600pa (first year now free up to $12,000)
- Books $1,000
- Living expenses, if living away from home, $12,000pa based on $300 per week for 40 weeks
- Other course related costs, $500

Total approximately $51,500 for a three year course. The cheapest option is to assume that they will live at home. Allowing $80 per week spending money this will reduce costs to $19,000 for a three year course.

If you want your child to do dental, or medical studies, the cost could be up to $130,000 or more. It’s a lot better to have budgeted some of this cost than to have your child graduate with such a high level of debt from Student Loans.

For education savings we recommend ‘aggressive’ to ‘highly aggressive’ risk-return profile investments. The return possible from this type of investment over the long term is 6% as the net of tax paid.

	Investments earning, net of tax, net of inflation return
	First Child's name
	Current age
	Starting university at age
	for how many years
	Average cost each year
	Second Child's name
	Current age
	Starting university at age
	for how many years
	Average cost each year
	Third Child's name
	Current age
	Starting university at age
	for how many years
	Average cost each year

	Lump sum to invest now, to provide funds for all your children
	Amount to save per month until your youngest child has left university

Education Calculator

Financial Calculators

How much do you need to save for your children’s education?