5 Steps to Help Your College Savings Resolution

Tips include watching the Saving for College webinar, reviewing the U.Fund and U.Plan details, opening a college savings account, using the College Planning Tool, and setting up automatic giving.
Father holding baby and using computer

Can we say "Happy New Year" loud enough this winter? As we embark on 2021, you may be resolving to make some changes in your life, and some of those may relate to finances and saving for the future. If you have "saving for college" on your list, let us help you get started with our checklist below. Follow these steps to get acquainted with your college savings account options, learn how to make a personalized strategy to save, and set yourself up for future saving.

  1. To begin, watch our Saving for College webinar. You'll learn the reasons you should save for college, the best ways to save, how saving affects your chances for financial aid, and much more.
  2. Review our U.Fund and U.Plan pages. The U.Fund 529 College Investing Plan and the U.Plan Prepaid Tuition Program are your two college savings options in Massachusetts. They both offer tax benefits and flexibility, while helping you keep your college savings separate from your other assets. Our webpages provide a helpful overview on both.
  3. Open an account. Once you've determined where you want to save, open a U.Fund or U.Plan account. Many families ask us which option is best, and our Director of College Planning answers that question for you in this blog post.
  4. Use our College Planning Tool. This dynamic resource allows you to set up a personalized savings strategy for each child in your family, while helping you determine how much to save each month.
  5. Set up automatic giving. Both the U.Fund and U.Plan allow you to provide bank account information and authorize a regular, monthly contribution into your U.Fund or U.Plan account. Setting up automatic giving ensures your college savings will grow with an easy, set-it-and-forget-it approach.

Your future self (and your child!) will thank you for making this college savings resolution and sticking to it. And of course, we encourage you to contact us with any questions. We're here to help you plan for your child's future. Please reach out to us anytime at collegeplanning@mefa.org or (800) 449-MEFA (6332). We're happy to help.

Watch the Saving for College Webinar