The warming weather and chirping birds of springtime means something different for everyone. Many people take up a new project or revisit long-term goals, like gardening, visiting a local farmer’s market or improving finances. As a NEST 529 Advisor account holder, spring is a great time to review your contributions and consider increasing the amount you’re saving each month as the end of another school year approaches.
If you’re not already making regular contributions to your account, now is a great time to upgrade your savings strategy and potentially cover more of the rising costs of higher education. Here are three tips that could help achieve that goal.
Plan your contributions
When saving for a loved one’s future, planning ahead is key to maximizing your NEST 529 Advisor account’s potential.
- Meet with your financial advisor to determine how much your loved one may need to cover some, or all, of their educational expenses.
- If you are able, plan to make regular contributions to your account. See how much of a difference monthly contributions could make.
- Decide what your investment risk tolerance is. Only commit to putting in what you feel comfortable with. Once you know that amount, find the best way to maximize your contributions.
It’s important to remember that every dollar you invest toward their dreams can make a difference. No matter the amount, recurring contributions may have the ability to compound over time and could potentially increase.1 So, the sooner you start adding money to your NEST 529 Advisor account, the more time your savings can work for you.
Make saving money fun
Get your loved one involved in planning for their future education. Show them the financial goals you’ve included for them in your budget. That way, they know they have your support to soar toward their dreams.
As a way to help your loved ones understand the importance of saving for higher education, we recently introduced Nester, the NEST 529 mascot. He’s here to lend a helpful feather to get kids excited about saving for their future.
The more you encourage your loved ones to talk about their dreams, the more enthusiastic they’ll be about the savings that are accumulating in their NEST 529 Advisor account.
Find more NEST 529 Advisor account information
Knowing how much you should be saving can be difficult. Along with your financial advisor, there’s a host of online information at your fingertips to help you manage your NEST 529 Advisor account.
By taking time this spring to review your NEST 529 Advisor account, you can give your child the confidence boost to truly soar toward their dreams.