Next Steps for Grades 6 -8

Next Steps for Grades 6 - 8

Financial Readiness

Academics

Stronger Credit

Financial Readiness

Set up a 529 College Savings account

Research your options and open the account.  

Quatromoney Suggestion: 

CollegeBacker makes it easy to start saving in a 529 College Savings Plan in 5 minutes.  Plus, it's a free program.

 

Encourage Your Kid to Start Saving Themselves.

Suggest your kid set their own savings goal.  When kids have skin in the game, they actively feel a part of the process.

Quatromoney Suggestion: 

Goalsetter.co is a smart money app that lets kids save for big and small goals from a concert ticket to college savings.  Quickly create a personalized gifting page to ask others to easily give gifts in support of goal.

 

Find or Schedule a Meeting with Your Financial Planner. 

Grow your investment confidence to ensure you can pay for college, go on your dream vacation, and build your retirement funds. 

Quatromoney Suggestion:

The National Association of Personal Financial Advisors is a professional association with over 3,700 financial planners across the nation. They make searching for financial planners easy based on your needs and geography.

Academics

Keep Your Grades Up.  

Better grades often translate into merit aid.

Quatromoney Suggestion:

Need help?  Consider getting a tutor.  Wyzant has 1–on–1 lessons with the expert instructor of your choice. You decide when to meet, how much to pay, and who you want to work with.
 

Support Homework Expectations

Homework gets intense in middle school.  Sit down with your kid regularly to talk about their in-school assignments and homework,  Plus,  discuss their feelings about how they are balancing extracurricular activities and their social life with their academics. 

 

Stronger Credit

Monitor Your Credit and Identity.

Review changes to your credit score and detect instances of identity theft by regularly checking your credit report.

Quatromoney Suggestion:

Credit Sesame allows you to track changes in your credit report and score with real-time alerts for free.  Credit Sesame lets you head off potentially fraudulent activity and pinpoint errors so you can take steps to address them swiftly.

 

Evaluate Your Current Monthly Budget.

Review your income and analyze your expenses. Identify what expenses may be reduced and convert them into college savings.

Quatromoney Suggestion:

Pocketsmith lets you manage your budget and forecast your finances to get clarity over your money.  Use their personal finance software on the web to connect to your bank accounts securely and create cash flow forecasts.

 

Improve Your Credit Score. 

Build up your credit strength now to help with the future. A stronger FICO will get you better rates if borrowing.

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Final Thoughts

Did you know that $1,000 in savings
could save you $1,500 in student loan repayment*?

Planning in advance for college costs prepares you for this major financial investment.  Whether you want to motivate your family to save or avoid (or reduce) student loan debt, taking time now to think about college affordability makes sense. Saving a dollar here and there can add up fast and moving those dollars into college savings accounts means less borrowing down the line.

* Based on a 10 year loan repayment with deferred principal payments at today’s interest rates. Actual savings may vary.