Next Steps for Grades K - 5
Set up a 529 College Savings account
Research your options and open the account.
CollegeBacker makes it easy to start saving in a 529 College Savings Plan in 5 minutes. Plus, it's a free program.
Initiate Automatic Deposits.
Link your bank to your college savings account. Contact your college savings account provider to find out how easy it is to establish a regular deposit schedule electronically.
Teach your kids good savings habits.
Consciously talk about your own financial behavior in positive terms. You’ll find that your kids will often want to emulate you.
Recommend your kid play “Money Metropolis” from Practical Money Skills by Visa, a financial education game where players make life decisions that will affect whether their virtual bank accounts to shrink or grow.
Leverage Gifts from Relatives.
Encourage college savings gifts in lieu of presents.
If you have a CollegeBacker 529 plan, create your Gifting Pages to make it convenient to ask family and friends to contribute to college savings.
Evaluate Your Current Monthly Budget.
Review your income and analyze your expenses. Identify what expenses may be reduced and convert them into college savings.
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.
Find a Financial Planner.
Grow your investment confidence to ensure you can pay for college, go on your dream vacation, and build your retirement funds.
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.
Get life insurance.
Ensure your kids college dreams are still possible if you pass prematurely. By protecting their financial future, you’re enabling your family to meet your shared financial goals, including paying for college.
Life insurance should adjust as your needs change - as your children grow up, retirement nears and savings build, your life insurance should change, too. Everyday Life is the only online life insurance provider with plans that automatically adjust as your needs change.
Monitor Your Credit and Identity.
Review changes to your credit score and detect instances of identity theft by regularly checking your credit report.
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.
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.
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