The Ultimate College Savings Checklist: Set Your Family Up for Success

The Ultimate College Savings Checklist: Set Your Family Up for Success

Saving for your child’s college education can feel overwhelming, but it doesn’t have to be. With proper planning, the right tools, and a clear checklist, you can ensure your family is financially ready when the time comes. By working with a fiduciary financial advisor, you can create a college savings plan tailored to your goals and maximize the resources available to you.

This step-by-step guide will break down the essentials for successful college savings so you can rest easy knowing your family’s future is on track.

Why Start Planning Early?

The cost of higher education continues to rise, and starting early gives you the advantage of compounding growth and time to reach your goals. According to the College Board, the average cost of tuition and fees for a four-year public college is over $10,000 annually for in-state students—and that doesn’t include room, board, and other expenses.

Your College Savings Checklist

1. Define Your Goals

• How much do you want to save?
• What percentage of your child’s education costs do you plan to cover?
• Are you considering in-state, out-of-state, or private colleges?

Setting clear goals helps create a roadmap for your savings plan. A financial advisor can help you estimate future costs and align your goals with your budget.

2. Choose the Right Savings Account

There are multiple tax-advantaged savings accounts to consider, including:

• 529 Plans: Offers tax-free growth and flexibility for qualified education expenses, including tuition, room and board, and even K-12 expenses in some cases.
• Education Savings Accounts (ESAs): Allows for tax-free growth but has lower contribution limits and stricter income requirements.
• Custodial Accounts (UGMA/UTMA): Provides flexibility for non-education expenses but lacks tax advantages for education-specific savings.

A fiduciary financial advisor can guide you toward the right account based on your financial situation and goals.

3. Maximize Tax Benefits

Take full advantage of tax benefits associated with education savings accounts:

• Contributions to 529 plans may be eligible for state tax deductions.
• Earnings grow tax-free, and withdrawals for qualified expenses are also tax-free.
• Consult a fiduciary to ensure you’re leveraging all available tax advantages.

4. Automate Your Savings

Consistency is key. Set up automatic monthly contributions to your savings account. Even small amounts add up over time and help you stay on track.

5. Review and Adjust Annually

Life changes—your savings plan should, too.

• Reassess your goals and contributions annually.
• Evaluate changes in college costs, inflation, or your financial situation.
• Your financial advisor can help you make necessary adjustments to stay aligned with your objectives.

6. Explore Additional Funding Options

• Scholarships and Grants: Encourage your child to apply for merit- and need-based scholarships.
• Work-Study Programs: These provide a way to earn money while attending college.
• Federal Loans: If necessary, understand the options available and avoid over-borrowing.

7. Discuss Savings with Your Child

Involve your child in the conversation about college costs. Teaching financial responsibility early helps them make informed decisions about higher education and student debt.

8. Work with a Fiduciary Financial Advisor

Creating a college savings plan can be complex, but you don’t have to do it alone. A fiduciary financial advisor has your best interests in mind and can provide personalized strategies to meet your goals.

Take Action Today

Preparing for college is one of the most significant financial decisions you’ll make as a parent. By following this checklist, you can simplify the process and ensure your family is set up for success.

Call to Action:
Ready to create a personalized college savings plan? Contact a fiduciary financial advisor today to secure your child’s future and achieve peace of mind. Don’t wait—start planning now and give your family the gift of financial preparedness.

Global View Capital Management (GVCM) is an affiliate of Global View Capital Advisors (GVCA). GVCM is a SEC Registered Investment Advisory firm headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188-1126. 262.650.1030. Ryan Peca is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at www.adviserinfo.sec.gov Global View Capital Insurance Services (GVCI) is an affiliate of Global View Capital Advisors (GVCA). GVCI services offered through Experior Financial Group, ASH Brokerage, and/or PKS Financial. GVCI is headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188-1126. 262-650-1030. Ryan Peca is an Insurance Agent of GVCI.