1. Open a 529 account in a child’s life as soon as possible so funds can have more time to grow. Delaying saving for education may mean you play catch-up down the road, or your child will need to take out more student loans. Remember, every dollar saved today may be one less dollar borrowed tomorrow. With a 529 plan, time can be your biggest asset!
  2. Determine how much you can save and plan for when you will need to access your funds. When developing your higher education savings plan, don’t focus on covering the entire cost of a child’s education. Instead, focus on saving as much as you can within your means. Smaller, more manageable contributions throughout the years will add up over time!
  3. Build financial confidence by establishing automatic contributions to your account. Whether through payroll direct deposit or via ACH from your checking or savings account, when you save a dedicated amount of money at regular intervals, you can feel a sense of control over your savings. After some time, it can feel rewarding to see the future value of your investment.
  4. Invite friends, grandparents, aunts, uncles, and other family members to contribute to your child’s college savings. Birthdays, holidays, and other significant milestones are a great time for family and friends to gift to an Edvest 529 account. Plus, regardless of their relationship to a child, their contributions may qualify for a Wisconsin state income tax deduction.1
  5. Involve the child you are saving for in the process. Not only is it a good idea to have family and friends contribute, but you can also have your child save! Children can learn to set a savings goal and figure out how long it will take to save enough money for their goal. Create a fun system to track progress, provide regular encouragement, and use incentives such as matching funds. You can also have a discussion on how it feels to see your money grow.