Calculate Saving For a Child's Education
There are a number of factors you need to take into account when saving for your child's education including the costs they will incur, how your savings will be impacted by inflation and everything in between.
Please fix these errors:
Interpretation:
With a current college savings of #currentsavings# and a current monthly savings of #monthlysavings#, you will, in #yrstilcollege# years, have a shortfall of #Shortfall# under the required tuition of #Tuition#. If your interest rate is #intrate#% and inflation rate is #inflation#%, in order to have enough money saved for your child's education, you need to increase your initial savings to #ISavings# and your average monthly savings by #MSavings# per month.What does this mean to you? Placing a portion of your savings into an education fund for your child will be very beneficial in the future. By beginning to save earlier in your child's life, you can take advantage of the benefits of compounding, which means the amount of money you actually have to save decreases as your money begins to work for you by accumulating interest and growing at a faster rate.
" > If in #yrstilcollege# years you must provide #Education# per year for #yrsincollege# years, you will have #CIProfile# saved when it is needed. This amounts to an excess savings of #Excess# over the required estimated total tuition of #Tuition#.What does this mean to you? Having a little extra saved for your child's education may be useful to cover future tuition increases. In addition, tuition varies greatly according to what program your child may enter, and it can be hard to predict exactly how much will be needed in the future. On the other hand, if there is quite an excess, perhaps the #monthlysavings# saved per month for your child's education could be reduced and put into another savings account, such as your retirement savings account.
" >OOPS!!!
Related Links:
- Understanding the Time Value of Money - Find out how time really is money by learning to calculate present and future value.
- Investing In Your Child's Education - In a world of increasing costs, it is beneficial to discover ways to increase savings benefits and earn enough money to pay for your children's costs.