Small investments can go a long way.
Every dollar counts.
A common misconception when it comes to saving for college is that you need to put away a significant amount of money every month to make a difference. While putting away as much as you can every month is ideal, that number looks a little different for everyone. Saving just $20 a month can make a difference by helping your future student cover some of the cost of college and reduce future student loan debt. Here’s some more ways you can maximize your investment.
Recurring contributions are an easy way to save without much effort. You can set up contributions from your paycheck or directly from your personal bank account.
Investing in a college savings plan has many intangible benefits, too. No matter what amount you start with, recurring contributions and earnings compound over time. As you save, your contributions and the earnings on past contributions can increase from market action. The sooner you start saving, the more time your savings can work for you.
Maximize your investment.
There are a lot of ways you can make sure you’re saving as much as possible.
Automatic Investing Plan
Choose to have a monthly amount funneled to your Bright Directions 529 account. An automatic investing plan allows you the peace of mind to not have to mail a check each month. The funds can come directly out of your bank account each month, simplifying your savings process.
Contribute on your schedule and your comfort level with one-time deposits. You can make these contributions as often as you like. If your child receives birthday or holiday cash consider sending a check to deposit into your Bright Directions account.
Visit with your financial advisor to see if rolling funds from an out-of-state 529 plan into your Bright Directions 529 account might be beneficial. And, Illinois taxpayers can earn an Illinois state income tax deduction when rolling over.1
Payroll Direct Deposit
Choose to have your contribution taken straight from your paycheck each pay period. Check with your employer for availability.
Looking for something specific?