With America Saves Week, April 7–11, now in the rearview mirror let’s reflect on the daily themes Utah’s State Treasurer’s office highlighted this past week. This includes automatic saving, emergency funds, milestone goals, debt reduction, and saving at any age. In celebration, my529, Utah’s official 529 education savings plan, encourages you to teach your children smart saving habits now—so they’re ready for big purchases like college, a car, or a first home.
Start Young: Wants vs. Needs
When your child is small, invite them to help with the grocery list. Ask them to sort items into “wants” and “needs,” discuss advertising messages, and prioritize their own wish lists. This builds mindful spending and helps them avoid impulse buys.
Budgeting & Goal-Setting
Once they earn money—through allowances or chores—sit down together to create a simple budget. Have them list short-term goals (new video game) and long-term goals (college fund), showing how saving a little regularly adds up over time.
Open a 529 Account
Encourage regular, small deposits into a my529 account. Research shows that children with even $1–$499 saved for college are four times more likely to graduate . A dedicated college fund helps them see the value of investing in their future, whether that’s a university, technical program, or apprenticeship.
Emergency Fund for Teens
As graduation approaches, teach them to set aside money for unexpected expenses—like car repairs or job gaps—so they won’t rely on high‑interest credit.
By guiding your child through these steps, you’ll equip them with the financial skills to achieve both short‑ and long‑term goals. Learn more about my529 and compare future education costs at my529.org.
Investing involves risk. Read the Program Description at my529.org or call 800‑418‑2551 for details.
