#Saving #habits #summer #lead #future #success
SANTA FE, NM, June 16, 2022 (GLOBE NEWSWIRE) — This summer, many families are planning and saving money for vacations and fun activities. The Education Plan®, a 529 college savings plan, encourages families to save for higher education during the summer months in addition to summer entertainment and vacation time.
“While you’re saving for your vacation, you might want to consider saving for your future educational needs or those of your children,” said Natalie Cordova, executive director of the New Mexico Education Trust Board, the state agency that controls The Education Plan’s savings ® 529 managed plan. “Whether your kids are just starting school or about to graduate high school, it’s a good time to plan ahead to reduce the burden of education-related expenses and debt.”
529 College Savings Plans can be opened for as little as $1 and added to at any time if the account holder is able. Even small contributions add up, and the earlier an account is opened in a child’s life, the more the account can grow through compounding.
“While the ideal is to open an account early in life, an account can be opened at any time — for any beneficiary,” Cordova added. “While investing in fun activities for you and your family this summer, you should also invest in their future success, as studies show that students with at least $500 saved for college are three times more likely to attend college.” go and four times as likely to graduate. Because higher education is associated with better job opportunities and higher-paying salaries, a 529 College Savings Plan will help you prepare for a brighter future for you and your loved ones.”
529s can be used to pay Qualified Educational Expenditure including tuition, books, supplies, housing, meal plans, and computers at four-year universities, community colleges, trade and technical schools, and registered apprenticeships.
To learn more about the educational plan® or to set up your account this summer, visit