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One of the positive takeaways from 2020 is that more people began to save and savers began to save more. At Ohio’s 529 Plan, CollegeAdvantage, we believe that all types of savings are critical for your family’s overall financial success, in addition to college savings. This is why we are a proud supporter of the 2021 America Saves Week, which runs from Monday, Feb. 22 – Friday, Feb. 26.
Started in 2007, America Saves Week motivates and encourages individuals and households to develop good saving habits and build a better financial future. America Saves is an organization, managed by the Consumer Federation of America (CFA), which is dedicated to helping individuals save money, reduce household debt, and build wealth.
A key component of America Saves Week is the America Saves Pledge. With it, a participant chooses what goal for which they would like to save, set their money goal, and create a plan to reach it. Pledge participants will receive resources and tips to stay the course on their savings goals.
This annual event promotes savings as the key component for a more secure financial future. Here is participation information from 2020 America Saves Week:
- More than 1,300 organizations participated in America Saves Week, representing a diverse group of companies, nonprofits, educational institutions, military services, government agencies, and financial institutions. Over 1.2 million Americans were reached through these participating organizations.
- During America Saves Week 2020, participating banks and credit unions reported that savers deposited over $363.8 million as a direct result of their America Saves Week efforts.
America Saves Week will focus on a different theme each day. By the end of the week, participants will have learned how to set short-term savings goals, like an emergency fund, and long-term goals, like retirement. Additionally, participants can learn techniques on how to boost their financial education to shape their savings strategies and how best to save as a family.
The schedule is:
Monday, Feb. 22 — Save Automatically
Tuesday, Feb. 23 — Save for the Unexpected
Wednesday, Feb. 24 — Save to Retire
Thursday, Feb. 25 —Save by Reducing Debt
Friday, Feb. 26 — Save as a Family
Like all these participating organizations, Ohio’s 529 Plan encourages you and your family to set a financial goal together, make a plan to achieve it, and then save automatically. Saving automatically can head off the possibility that you might spend the money elsewhere. For some simple tips on how to “Save as a Family,” watch this video from last year's America Saves Week.
If one of your long-term savings goal is paying for your children’s future higher education, visit Ohio’s 529 Plan to learn more about the benefits of saving in a 529 plan. These include tax advantages, the fact that you can save in Ohio’s 529 Plan and use those funds tax-free across the nation to pay for qualified higher education expenses at four-year colleges and universities, two-year community colleges, trade or vocational schools, and a certificate programs that have a Federal School Code on the Free Application for Federal Student Aid (FAFSA). 529 plans can also be used for apprenticeship programs registered with the Secretary of Labor’s National Apprenticeships Act.
Once you’ve done your research, you can open an Ohio 529 Plan online to save for your child’s future education. Every dollar saved today is a dollar that won’t be borrowed later, which makes Ohio’s 529 college savings plan an excellent alternative to student loan debt. To learn more, explore Ohio’s 529 Plan – The Plan That Can.
Posted on February 19, 2021