Ohio’s 529 Is Participating In 2022 America Saves Week. So Should You!
A positive takeaway from the past two years 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 education savings. This is why we are a proud supporter of the 2022 America Saves Week, which runs from Monday, Feb. 21 – Friday, Feb. 25. This year’s theme echoes what most households have been striving for these last two years – Building Financial Resilience.
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. To assist, here is additional information directly from America Saves:
- Nearly 2,300 organizations participated in 2021 America Saves Week, representing a diverse group of companies, nonprofits, educational institutions, military services, government agencies, and financial institutions. Over 11.4 million Americans were reached through these participating organizations.
- During America Saves Week 2021, participating banks and credit unions reported that savers deposited over $158.6 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 building an emergency fund, and long-term goals, like saving for 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. Here’s a video to help kickoff for savings journey.
The daily schedule and related video is:
Monday, Feb. 21 — Save Automatically
Tuesday, Feb. 22 — Save for the Unexpected
Wednesday, Feb. 23 — Save to Retire
Thursday, Feb. 24 — Save by Reducing Debt
Friday, Feb. 25 — 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 to reduce the possibility that you might spend the money elsewhere. Saving for the unexpected gives you a cushion for when your furnace suddenly stops working at the beginning of winter, or of your car needs more than just an oil change. With an emergency fund, you can avoid using a credit card and taking on debt. And when you save as a family and everyone is on board the budgeting plan, there are no limits to what you can achieve together. Ohio’s 529 Plan has some ideas how you can teach your children about money and saving.
If one of your long-term savings goal is paying for your children’s education after high school, visit Ohio’s 529 Plan, CollegeAdvantage, 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 to pay for qualified higher education expenses at four-year colleges and universities, two-year community colleges, trade, technical 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.
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. A 529 account can be used for whatever education comes after high school. Learn, plan, and start with Ohio’s 529 Plan today at CollegeAdvantage.com.
Posted on February 21, 2022