Did you know that today is National "529 College Savings Day"? Americans have invested more than $179 billion in 529 College Savings Plans, this is an all time high. With the challenges and costs of paying for higher education growing, saving now can help have big impacts later.
Here are a few tips from College Savings Plans Network (CSPN):
1) Define your savings goals: The first step is to determine how much you ultimately want to save for your child's education. Do you want to save for tuition only or include room and board? All four years of college or just two? Public or private? You can use a college cost calculator to forecast what the estimated cost of college will be when your child is ready to enroll.
2) Start early and save often: Start saving as early as possible - you can even open an account before you have children. You’ll be able to put away a smaller amount and will have more time for your money to grow. It’s never too late to start, but the later you do, the less time you have to build your funds.
3) Find Your Fit: Nearly every state offers a 529 plan, but you don’t have to go with your state’s plan if it isn’t the best fit for you. You can compare 529 plans by feature and by state.
4) Routine Reviews: It’s advisable that the account owner routinely reviews his or her account to determine if the risk tolerance or life circumstances have changed. Events like having another child or a change in job status can have an effect on how much you can afford to save.
I have a 529 for my kids and not only do we contribute to it but I also get money contributed from cash-back savings on online purchases, restaurants, gas and even grocery savings. Sign up for Upromise here and start taking advantage of some savings on purchases you are already making!
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