The power of starting at zero
A dollar a day is about $30 a month, a sum many families could set aside for a child. Invested at 7% from birth, it grows to around $13,000 by 18, about $37,000 by 30, and about $480,000 by 65. Only about $24,000 of that 65-year total is money actually put in; the rest is decades of compounding.
This is the case for starting early, whether it is a parent opening an account for a newborn or a young adult putting away a small amount from a first job.
Common questions
How much is a dollar a day for 18 years?
About $6,570 saved, or roughly $13,000 if invested at 7%.
Where can I invest for a child?
In the US, options include 529 plans, custodial UTMA/UGMA accounts and a custodial Roth IRA once the child has earned income.
This calculator gives estimates for planning. Real returns, rates and prices change, so treat the result as a guide rather than a promise. Read how we build and check our calculators.