Looking to grow your children’s or grandchildren’s savings in their Ohio 529 accounts this year? Here are some ideas that you can add to your higher education funding goals.
Recurring contributions
As Berkshire Hathaway Board Chairman Warren Buffet recommends that you, “do not save what is left after spending; instead spend what is left after saving.” So, the simplest plan of action could be to set up recurring contributions from your bank account or use payroll direct deposit.
With recurring contributions, you can pay yourself and then your child’s education after high school first, rather than trying to set aside some dollars to contribute near the end of the pay cycle. You can set these automated deposits according to your payday or monthly contribution schedule. Or you can see if your employer offers payroll direct deposit. If so, you can have a portion of your after-tax pay deposited directly into your Ohio Direct 529 account.
Then you can watch your 529 savings add up even when depositing a small amount and watch how compound interest can grow your account even more.
Disappearing expenses
A disappearing expense is one of those temporary costs in your family’s budget, like preschool, diapers, or baby formula. There are quite a few disappearing expenses in a budget that can be redirected in college and career training savings contributions once the need for that cost is gone. Other disappearing expenses can include paying off a car loan, medical or dental bills, credit card debt, or even your own student loans. These costs are probably included in your budget, so you aren’t missing any income by shifting those dollars to a 529 account. As you know from paying off those bills, it’s far cheaper to save now than pay off student loans later.
Giving With Ugift
Your loved ones want to support you and your children. It started the day you first shared your good news and will continue far into the future.
When friends and family ask for gift ideas, share that you are saving for your child’s future educational needs with Ohio 529. Then invite them to join you in planning for that future with gift contributions to your Ohio 529 account. A gift for your child’s education will truly last a lifetime.
Ohio 529 makes it easy for others to give with Ugift, which is a unique code which allows loved ones to contribute to your Ohio 529 savings without needing the actual account number. Once they have this code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.
The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram posts from your phone.
Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.
Rethink your refund
For many families, an income tax refund can be the largest annual influx of extra revenue for their households. Consider saving some of that tax refund in your Ohio 529 account. Not only will you stretch those tax savings even further with your tax-free Ohio’s 529 Plan, but you can also reduce the amount of student loans you child may have to take out for their future higher education.
If you receive bonuses, commissions, or any extra earnings from your job, those can also be additional contributions for your 529 higher education savings account.
Shop with Upromise
Another way to save more money for your Ohio 529 account without any extra effort is Upromise, a free rewards program that offers cash back for their members’ purchases from a variety of businesses. When you connect your debit and/or credit card to your Upromise account, you can start earning rewards with your everyday shopping. You can then link your Upromise account to your Ohio 529 CollegeAdvantage Direct Plan account to deposit these rebates. Participating businesses include groceries stores, mobile games, online retail stores through Upromise.com, and thousands of restaurants.
Use The ReadySave 529App
You can open an Ohio 529 account or make contributions any time on your cell phone. The ReadySave 529 app makes it convenient whenever you have a moment between being the kids’ taxi service, picking up groceries or dinner, and just living your life to transfer funds from your banking accounts to your child’s 529 account. The minimum contribution is $25. So, for the times that you have more wiggle room in your budget, just pick up your phone and save with your Ohio 529 account.
Visit Ohio 529 online today to start saving for your child’s or grandchild’s future education with as little as $25. A 529 account can be used for whatever school comes after high school—including four-year colleges and universities, community colleges, tech, trade or vocational schools, apprenticeships, and certificate or credential programs. Learn, plan, and start with Ohio 529 today at CollegeAdvantage.com.
