8 tips to help you save for college

SeedMA is helping families like yours learn the importance of saving for college. And we want to encourage you to save as much as possible on a regular basis. We know that there are many demands on your household finances. But dedicating even a small amount of your income per month toward college savings can make a big impact on your child’s future. Read through our tips below on how to make saving for college a priority, and try to implement at least a couple in the next few weeks.

  1. Set up a monthly automatic deposit from your checking account into your U.Fund 529 college savings account. Even putting $15-20 into your savings each month will allow your money to grow significantly over time.
  2. Have your child help save. When your son or daughter receives a monetary gift, have an agreement that a certain percentage of that money gets deposited into his or her 529 account. Getting your child into the pattern of saving for college early on will help instill the practice as he or she gets older.
  3. Set up a U.Fund gifting page online. This allows friends and family to easily contribute to your child’s 529 account, without the hassle of tracking down an account number or writing you a check. And it’s completely free.
  4. Once you’ve established your U.Fund gifting page, send a message to family and close friends that the best gift they can give to your child is in investment in your child’s academic future. Then send along the link to your child’s gifting page.
  5. Whenever you receive an extra boost to your income, whether it be a tax refund, earnings from additional hours worked, or lottery winnings (we can all dream), commit to putting a certain percentage into your child’s 529 account.
  6. Review your monthly expenses, and try to eliminate one and re-direct the funds toward college savings. If you have a phone, cable, or internet plan, call the company to see if your monthly rate can be decreased. Deposit the extra cash into your U.Fund.
  7. Your family needs to eat, but can you reduce your food costs? Even giving up take-out or a night out one or two nights a month for eating more cheaply at home can free up some funds for college savings.
  8. Each year, plan to increase the amount of your monthly automatic deposit into your 529 account. Pick a month now when you will plan to make this decision annually.

If you have questions about your 529 college savings account, or would like to speak to someone about setting a goal for college savings, we would love to talk with you. You can call us at 800-449-6332 or email us at info@seedma.org.