How Much Should You Save for Your Child's Education?
By Georgia Holmes
Discover how to estimate future education costs, set a realistic savings target and choose between cash savings, Junior ISAs and investing for your child's future.
Planning for your child's education can feel like a big financial responsibility. Whether you want to help with school costs, university fees, accommodation or vocational training, putting money aside early can give your child more options in the future.
But how much should you actually save? The answer depends on the type of education you are planning for, your child's age and what you can realistically afford.
You do not necessarily need to cover every expense yourself. Student finance, scholarships and other forms of support may help with higher education costs. However, building your own savings can give your family greater flexibility and reduce financial pressure when the time comes.
Here's how to estimate the costs, choose a savings approach and decide how much to put aside for your child's education.
How much does your child's education cost?
The cost of education varies significantly depending on the path your child takes.
State school costs
State-funded schools do not charge tuition fees, but parents may still face costs for uniforms, transport, school trips, equipment, meals and extracurricular activities.
These expenses can add up over the school years, so it can be useful to budget for them as part of your regular household spending rather than treating them as unexpected costs.
Private school fees
If you are considering independent education, school fees can be one of the largest expenses in your family budget.
The Independent Schools Council's 2026 census reported average day-school fees of £6,226 per term before VAT. For schools where the standard 20% VAT applies, that would be approximately £7,470 per term, or £22,400 over three terms, before additional costs. Actual fees vary by school, location and age group.
If private education is a priority, check the school's current fee schedule and ask about registration fees, meals, uniforms, trips and possible fee increases. You should also find out whether bursaries or scholarships are available.
University and further education
University costs can include tuition fees, rent, food, travel, course materials and other living expenses.
For eligible full-time undergraduate students in England, the standard maximum tuition fee loan for the 2026/27 academic year is £9,790 a year. Eligible students may also receive a Maintenance Loan to help with living costs, with the amount depending on factors including household income and where they study.
Student finance rules differ across England, Scotland, Wales and Northern Ireland. Loans also have repayment rules, so it is worth checking the arrangements that are likely to apply to your child.
You may decide to save towards living costs, help with a shortfall in student finance or give your child the option of borrowing less. You do not have to save enough to cover every possible expense to make a meaningful contribution.
How much should you save each month?
A useful starting point is to work backwards from your savings goal. Think about how much you would like to contribute, how many years you have to save and whether you are saving for a specific expense or a general…