Saving for Education

Families may be interested in building savings for their own education or for their children’s education.

Ideas for Action

1. Set education goals.

Staff can support families in developing education goals. Asking open-ended questions, using reflective listening, and letting the family lead are techniques staff might use in goal-setting.

Start the Conversation

"I know you have a few goals related to finances and your career. What kind of additional training or education would be important for those?”
“By when would you like to complete your schooling?”
“What kind of costs are you anticipating?”

Resources for Families

Setting SMART Goals (worksheet)

2. Learn about different education savings accounts and state programs.

Staff can help families research local options for saving for education. Most states offer savings programs specifically for higher education. Note: If families are interested in saving for their children’s education, staff can help them explore Children’s Savings Account Programs and 529 College Savings Plans.

Start the Conversation

"What education savings accounts are available in this state?”
“Is there a benefit available through your job?”

Resources for Families

Saving Early = Saving Smart! (info sheet)

3. Create a savings plan to meet their education goals.

Staff can support families in determining what steps they need to take to reach their education savings goal. Staff can refer back to the seven steps of goal setting.

Start the Conversation

"What are the steps you want to take in the next weeks? Months? Years?”

Resources for Families

Savings Plan (worksheet)

4. Explore alternative ways to pay for education.

Loans can be a way to invest in a career and future but parents might be hesitant. States and schools may offer grants and other options for financing education. Staff can support families in learning about and comparing their options.

Start the Conversation