Father and daughter saving money in piggy bankToday, May 29th, is 529 Day, a day nationally recognized to celebrate 529 college savings plans and all the benefits that come along with them.

At MEFA, we try to take advantage of any opportunity to share the many reasons why families should consider saving for college. It’s one of the most important things you can do with your money, and setting aside any amount in a designated account will help reduce the need to borrow for college later on.

The great thing about saving for college is that there’s no “right” way to do it, as long as you have a plan. MEFA’s tools and resources, some of which are listed below, were developed to help families do just that. We recommend you use these tools and resources as your family develops a plan for funding future college costs.

  1. College Planning Tool: Create a personalized college savings strategy for each child in your family. You’ll record your current college savings information, project your future college costs, and receive guidance on creating a college savings plan that works for your family.
  2. College Savings Estimator: Use this to help you determine your monthly savings amount. By selecting your child’s age, and entering how much you plan to save each month, you’ll get an estimate of how much you will have saved (with interest) when your child turns 18 years old.
  3. College Savings Tips: Find ways you can fit saving for college into your monthly budget and make progress towards your goals.
  4. Saving for College Webinar: This pre-recorded webinar will walk through all the information and resources that you can use to put a college savings plan in place.
  5. MEFA U.Fund 529 College Investing Plan: Celebrating 529 Day wouldn’t be complete without highlighting the Massachusetts 529 college savings plan. Easy to open with no minimum balance required, the U.Fund allows you to choose how your money is invested, can be used at any accredited college or university, and has powerful tax advantages.

Join us in celebrating saving for college! We will be hosting a Twitter Chat addressing the myths surrounding college savings at 1pm today, and we’ll be LIVE on Facebook at 3pm to talk more about why families should save. Follow along in the national conversation using #529Day. And, if you have any questions about saving for college, reach out to us at collegeplanning@mefa.org or by calling (800) 449-6332 (MEFA).