Tips for Saving for Multiple Beneficiaries with an Edvest 529 Plan

published October 1, 2026

Did you know…the months with the highest birthrates in the United States are August through October? As families grow to welcome new siblings, this may mean considering saving for higher education for additional beneficiaries. While saving for multiple beneficiaries may seem challenging, saving with Edvest 529, can offer flexibility and tax advantages that make saving for multiple beneficiaries manageable.

Reminder: In a 529 plan, a beneficiary is the student the account is intended to support, often a child, grandchild, or loved one of the account owner. The funds saved in the 529 account will someday be used for the beneficiary's education expenses.

Whether you're currently saving for multiple children, grandchildren, or other loved ones, (or think you might in the future) here are some helpful tips to consider as you plan for multiple education journeys.

Start as Early as Possible

One of the most common things parents say about saving for college is, "I wish we would have started sooner." While that's often easier said than done, time is one of your most powerful tools when saving for big milestones like higher education.

When you save with a 529 plan, your contributions have the opportunity to benefit from tax-deferred investment potential growth and compounding over time. Even modest contributions made consistently over many years can add up in meaningful ways. For families saving for multiple beneficiaries, setting up monthly automatic contributions, such as payroll direct deposit or monthly ACH transfers from a checking or savings account, can help saving fit into a household budget.

Consider Separate Accounts for Each Beneficiary

When saving for multiple beneficiaries, instead of dedicating just one 529 account for multiple beneficiaries, many families find it beneficial to open a separate Edvest 529 account for each child. With one login, the account owner can view all of their beneficiaries and make contributions and changes to each account. While it's not required, having individual accounts can offer added flexibility, organization, and potential tax advantages.

Separate accounts allow families to customize investment strategies based on each child's age and expected timeline to college or career training. For example, families may choose more conservative investment options for a child who is closer to using the funds, while selecting more growth-oriented options for younger children who have more time before enrollment.

Having individual accounts can also make it easier to pay qualified education expenses for more than one child at the same time, as withdrawals are specific to each student. Additionally, because Wisconsin state tax deductions are calculated per beneficiary, separate accounts may help families maximize potential state tax benefits when saving for multiple students.

Remember: You Don't Have to Save It All

Here's an important reminder: You don't have to cover the full cost of college or career training on your own. A 529 plan is just one tool families can use to help prepare for education expenses.

Saving what you can, within your means, is often the most sustainable approach. Contribution amounts and frequency can always be adjusted as your financial situation changes. For example, some families choose to redirect funds previously used for daycare costs into a 529 plan once a child enters school.

As students get closer to graduation, families can also explore additional resources like grants, scholarships, and work-study programs by completing the Free Application for Federal Student Aid (FAFSA^®). When combined with savings, these forms of financial aid can help stretch college dollars even further.

Make Saving a Family Affair

Saving for multiple beneficiaries doesn't have to fall solely on one person. Once a 529 account is open, anyone can contribute, making it easy for family and friends to help support a child's future.

Many families encourage gift contributions for birthdays, holidays, graduations, or other milestones. Edvest 529 makes this convenient through online gifting tools like Ugift^®, which allows contributors to direct gifts to a beneficiary's account with a simple code.

Grandparents and other loved ones often appreciate giving a gift that supports long-term goals rather than something that may be quickly outgrown. And as children get older, encouraging them to contribute from summer or part-time jobs can help build strong savings habits and a sense of ownership in their education journey.

Understand the Flexibility of a 529 Plan

One of the biggest advantages of saving with a 529 plan is its flexibility, especially when you're saving for multiple beneficiaries.

If one student doesn't end up using all the funds in their account, those savings could assist another family member with education expenses. The account owner may be able to make tax-free changes, such as transferring funds to another eligible family member, so that the 529 savings are used where they are needed most.

This flexibility can offer peace of mind for families navigating different interests, timelines, and educational paths among multiple children.

Focus on Progress, Not Perfection

When saving for multiple beneficiaries, it's easy to worry about doing everything "just right." But progress matters far more than perfection.

Whether you save a little or a lot, every dollar set aside today can be one less dollar a student may need to borrow in the future. Beyond the financial impact, saving for education also helps build confidence, responsibility, and healthy financial habits in the people you're saving for.

No matter the final balance, choosing to save is a meaningful investment in your loved ones' futures.

Key Takeaways: Saving for Multiple Beneficiaries

• A beneficiary is the future or current student the 529 account is intended to support, such as a child, grandchild, or other loved one.
• Saving for multiple beneficiaries may feel challenging, but Edvest 529 offers flexibility and tax advantages that help make it manageable.
• Starting early can give your savings more time to benefit from tax-deferred investment growth and compounding.
• Many families benefit from opening separate 529 accounts for each beneficiary, in order to align investment strategies with the time frame each child will begin using the funds, easier expense tracking, and potential maximization of Wisconsin state tax deductions.
• Multiple accounts can also aid in estate planning by ensuring that ensuring that college funds are allocated appropriately to each beneficiary upon the death of the account owner.
• You don't need to save the full cost of education. Saving what you can, and adjusting overtime, is often the most sustainable approach.
• Family and friends can contribute, making milestones an opportunity to grow savings through gift contributions.
• If plans change, unused 529 funds can often be redirected to another eligible beneficiary, providing flexibility across multiple education paths.
• Every dollar saved today can help reduce the need for student loans tomorrow and support a future full of opportunity.

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Footnotes

1. To learn more about Wisconsin's Edvest 529 College Savings Plan, its investment objectives, risks, charges and expenses, see the Plan Description at Edvest.com before investing. Read it carefully. Investments in the Plan are neither insured nor guaranteed and there is the risk of investment loss. Consult your legal or tax professional for tax advice. If the funds aren't used for qualified higher education expenses, a federal 10% penalty tax on earnings (as well as federal and state income taxes) may apply. Prior to investing, check with your home state to learn if it offers tax or other benefits such as financial aid, scholarship funds or protection from creditors for investing in its own 529 plan. TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributor and underwriter for the Edvest 529 College Savings Plan.
2. Ugift is a registered service mark.

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