Dependents & Education Planning

Plan ahead for your family

The Dependents tab in Settings > Dependents helps you track your dependents and plan for education costs. Whether your kids are in childcare or heading to university, you can project the total cost and identify any funding gaps.

Managing dependents

Adding a dependent

Record each dependent with their name, date of birth, and relationship (child, step-child, etc.). Finance Frank uses the DOB to calculate current age and years remaining in education.

Education planning

For each dependent, you can set up an education plan:

• Current annual school fees — what you're paying now
• Years remaining — how many years of education are left
• Inflation rate — defaults to 4% annually for education costs
• Projected total cost — the estimated total you'll need over the remaining years

Funding gap analysis

Link an education fund goal (such as a savings account or investment) to each dependent. Finance Frank shows whether your current savings and contributions are on track to cover the projected costs, or if there's a gap to close.

How to use it

1. Navigate to Settings > Dependents
2. Click Add Dependent and enter their details
3. Set up an education plan with current fees and years remaining
4. Link an existing goal or savings to see the funding gap

Tips

• Education costs typically rise faster than general inflation — the 4% default is a good starting point
• Review your education plan annually and adjust fees as they change
• Use Setting Financial Goals to create a dedicated education savings goal
• Consider multiple scenarios (public vs private schooling) to understand the range of costs