College Savings Goal Calculator

How the calculation works

The tool scales your goal to the future using the inflation rate you provide and then solves for the monthly deposit needed to reach that amount. The future cost target is $\mathrm{FV}=\mathrm{Goal}\times {1+i}^t$, where $i$ is tuition inflation and $t$ is the number of years. Existing savings grow by the investment return, modeled monthly for precision.

Monthly contributions may rise each year if you plan automatic increases. We treat the first month’s deposit as $P$₀ and grow it by $g$ per month, while investment returns compound by $r$. The future value of those deposits is $\mathrm{FV}=P$₀ × 1 + r n − 1 + g n r − g , so the script solves for $P$₀ that delivers the needed future balance. If markets or budgets change, adjust the sliders and recalculate instantly.

Planning tips and related tools

Mix regular contributions with windfalls such as tax refunds to stay ahead of tuition growth. Compare the outcome here with actual campus pricing using the college net price calculator, explore wage expectations by degree in the major earnings comparison tool, and evaluate rising tuition scenarios with the tuition inflation calculator. Coordinating all three helps align savings with long-term affordability.

Remember to review contribution limits for 529 plans or other vehicles each year, and adjust the growth assumptions to match your portfolio. Periodically revisiting this calculator keeps your college savings plan aligned with actual costs and investment performance.