OneShare Investments

Planning Strategies -- How to get your bucks in a row

Have a child or two headed to college in five, ten, or 15 years? Turn up your saving strategy with our quick tips for smart saving.

Start early. Although it’s never too late to start saving, we think it pays to start early. The sooner you begin setting aside some cash for your child's education, the more time your investment has to grow.

Talk to a pro. Researching how 529 plans vary from state to state can be a big undertaking. Our Parent Investment Specialists will help you navigate all the options by explaining in detail the long-term features and benefits of each program.

Set a savings goal. Before you can figure out how much you can afford to save each month, you need to figure out your total savings goal. Keep in mind that college costs vary widely between public, private, two-year and four-year programs, so you might want to figure out a few scenarios as you plan for the future. We can help you calculate the future cost of college and help you put a strategy in place.

Stick to a schedule. Automatic investing helps you maintain the discipline of putting money aside each month. It also saves paper, which keeps trees happy. Most 529 college savings plans let you automatically transfer a set amount of money from your checking account to the plan each month.

Modify your plan over time. As family income increases and expenses decrease, or vice versa, we suggest that you modify your college savings contributions accordingly. For example, if daycare costs decrease when your child goes to Kindergarten, take that extra money and put it into savings. You're already making do without that cash, so it shouldn't throw a wrench in your monthly budget. We'll meet with you at least semi-annually to review your financial goals.

Make it a family affair. When grandparents, aunts, uncles, and family friends ask about holiday and birthday gifts, tell them about your child’s college savings account. Instead of buying a $50 toy, they could buy a $25 toy and put the rest towards your child's 529.

Involve your child. As parents ourselves, we believe that one of the most important lessons you can teach your child is financial responsibility. When your child is young, you might want to designate a special college savings piggy bank for quarters and pennies. For older kids, opening a savings account at your local bank gives them a way to track their progress.