With September finally upon us, it’s time to say goodbye to our swimsuits and turn our attention back to the routine that comes with back-to-school season. A new academic year means new school supplies to buy, new dorm rooms to decorate, and new class schedules to organize and prepare for. The costs associated with higher education have risen recently, and it can be an overwhelming time of year for many.

An Overview of College Savings Month

College Savings Month is celebrated each September, and it serves as a reminder that it’s never too soon to start thinking about saving for college.

We know how difficult it can be to put one or several kids through college. Even beyond the major expenses like tuition fees and travel costs, all the lesser expenses such as textbooks and food combine and contribute to what can be a major financial headache for parents and guardians. College Savings Month was set up to help inform people and get them thinking about the financial needs of putting children through college.

Creating a College Savings Plan

Perhaps the best tip we can offer during College Savings Month is to start saving early. In fact, we recommend starting to save before you think it’s necessary. The reason is simple: interest. Compound interest is a magnificent money-maker over time, and if you begin saving today for your child’s future, that fund will have grown substantially by the time they’re ready for college.

There are a number of ways QCU can help you save for college:

• Through our traditional savings accounts
• Youth & Student Accounts, which offer great advantages for students themselves, helping them develop good financial habits, from saving enough to limiting unnecessary spending. These accounts go hand-in-hand with accounts into which parents or guardians are depositing. With this two-pronged approach, parents and guardians can rest easy knowing that they’re contributing to their kids’ future and that their kids are also taking their financial future seriously.
• 529 plans, which have been around for years now, are tax-advantaged accounts that are used to save and pay for educational expenses from kindergarten right through to graduate school.
• QCU’s annual scholarship lottery program’s application process begins in January. Applications can be found on QCU’s website. The deadline for applications is in March.  Five student applications are randomly selected to receive the scholarship. For application and details of the program, visit www.qcu.org in January.

Regardless of the path you plan on taking, Quincy Credit Union is here to help you every step of the way.

Join Quincy Credit Union today and kickstart your kids’ college savings plan.