Saving for your child’s education: how much, and from when
A child’s education looks like an impossible sum, but time works in your favour. Estimate the total cost, divide it by the months left and set money aside every month. In this example, 500 lei a month for 15 years adds up to 90,000 lei. Start small now, not big later.
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Why start while the child is small?
The more time you have, the smaller the monthly amount. You do not need a big sum: you need regularity.
The cost of education is not known today, but you can start from an estimate and adjust as you go.
How do you estimate how much you need?
Start from what you can find out now: the annual tuition at the faculties you are considering, the length of study and, where relevant, housing and food. Add a margin for rising prices.
Illustrative example: if tuition is 30,000 lei a year and the studies last 3 years, you need 90,000 lei, excluding a dormitory and food. If the child gets a place with no tuition, the money can serve other purposes.
What does it come to per month?
Divide the amount by the months left. For 90,000 lei and 15 years (180 months) you get 500 lei a month. For a target of 54,000 lei you need 300 lei a month.
| Per month | Months | Total saved |
|---|---|---|
| 300 lei | 180 | 54,000 lei |
| 500 lei | 180 | 90,000 lei |
| 800 lei | 180 | 144,000 lei |
The table includes no interest or returns; these may add something but are not guaranteed.
Where do you keep the money?
- In a savings account or deposit separate from the everyday budget, so it is not spent along the way.
- With an automatic transfer on payday.
- Choose products you understand and ask about fees and withdrawal terms.
Do not assume any guarantee in advance: any investment product can lose value. For a long-term target, talk to a licensed financial adviser.
How do you involve the family?
Grandparents or relatives can contribute instead of birthday and holiday gifts. A small but regular amount from several people adds up fast.
As the child grows, involve them too: show how the money builds up and why. For teenagers, a first budget of their own is a valuable exercise.
How do you track progress?
In Family Calculator you can log each deposit as an expense under a “Study savings” category and see how much has built up. Once a year check whether the target is still realistic and adjust the monthly amount.
Do not sacrifice your emergency fund or your own pension for the child’s studies: a child can get scholarships and loans, but you cannot do that for retirement.
Frequently asked questions
How much should I set aside?
As much as you can sustain consistently. Start with a small amount and raise it when income grows.
What if I cannot save every month?
Pay in irregular amounts, for example from a bonus or gifts received. The important thing is not to stay at zero.
Is it worth signing up for a special product?
Compare the terms, fees and flexibility. A plain but disciplined savings account is often enough.