College Savings Month is the time to think about your child’s future and decide how to provide them with the amount they need to get a decent education. Unfortunately, for many families, the issue of paying for college is quite serious, but not everyone thinks about how to save up enough money.
In 2003, the US Congress recognized that higher education is important for every child’s future, so September was declared the month of saving for future studies. The event was originally conceived by the National Association of State Treasurers. They planned to tell the parents of future students how to save money wisely in order to help their child become successful, and get a good education and a promising career. September shows how important it is to plan for the future.
How to save money for college
- Save up front. The sooner you start raising money for education, the easier it will be for you to raise the required amount. Your foresight will pay off in 10 or 15 years.
- Savings must be systematic. For example, activate monthly payments, then the system will automatically set aside the indicated amount to the account. You will not have to worry about it every time.
- Do not neglect putting something aside. Even small amounts will help you raise enough money to study at a good college.
- Warn relatives and guests that instead of gifts, it would be appropriate to deposit any amount into the child’s savings account.
- One of the most popular and affordable funding methods is the 529 Plan. This is a special investment account under which the owner receives certain tax benefits when using funds to pay for tuition.
How to join College Savings Month
Fortunately, today more and more parents are taking a responsible approach to the issue of education of children and begin to save money 10-15 years before the child enters college. Don’t ignore this issue, as recent studies show a direct link between the quality of education and earnings in the future. Carefully study the information of different states – they offer special training programs in colleges. Take part in themed events, especially those that are dedicated to the 529 Plan. Save what you can, and your child will be grateful to you in the future.
When is College Savings Month celebrated in 2023?
College Savings Month is observed on September 1 each year.