Making the Most of Your College Savings
When it comes to college costs, the numbers can get overwhelming. Between tuition, living expenses, and supplies like books and technology, some people are in the dark about how to maximize their money to get the most out of what they’re saving. Check out these key things to help you plan for the future.
While you can open a NEST 529 account at any time, you will maximize your money by starting out early. Some find it helpful to open an account when their child is born, and then add to it as often as they can; reaching their full savings potential by the time their child is ready to use the funds.
Don’t Ignore Compound Interest
Speaking of starting early—Compound interest is your friend, when you give it some time. Interest builds over time, increasing what you save even faster. It’s like free money every time you add to your account. So, the earlier you start saving the more “free money” you’ll get in the long run. The NEST 529 Plan allows your funds to grow tax-free!
Starting Small Still Matters
A lot of times, people think they need a large chunk of money to start saving. Even a small amount can make a difference when it comes to saving for education. And with time on your side, you’ll grow your money while contributing as much or as little as you want. And the best part is, anyone can contribute to your NEST 529 account, so even the smallest contribution from friends and family will add up. Contributing to a NEST 529 account as a birthday gift, holiday gift, or as a reward can be a gift that really matters.
A NEST 529 account is a welcome addition to your college savings plan, and can help you maximize the benefits of funding an education. When you start small and start early, you can create a meaningful fund that will help education costs.