GRAND RAPIDS, Mich. (WOOD) September is College Savings Month, so it’s a good time to remind everyone it’s never too soon to start saving for college. Starting early allows parents to lock in tuition at current rates or take full advantage of the power of compounding, depending on the savings vehicle. Tuition costs continue to rise, and every little bit of savings puts higher education closer to within reach.
College Savings Tips
- Set up an automatic payment to your 529 plan
- Use baby milestones as savings opportunities
- Gradually increase the amount you save|
- Never spend a $5 bill – add them to your fund!
- Save your change and add to your 529 plan
- Initiate a 52 week savings game
The Michigan Education Trust’s 529 College Savings Plans offer tax advantages and a new pay-as-you-go option lowers the initial cost of purchasing a new contract. To get started, visit www.SETwithMET.com or call 800-MET-4-KID.