Saving for Post-Secondary Education

Saving for Post-Secondary Education is a campaign led by UW-Madison Division of Extension county educators to promote the benefits of saving for college, answer common questions about saving for higher education, and provide information about how you can get started.

A Little Savings Goes a Long Way

Children with a savings account just for college are much more likely to attend college and earn a degree–no matter how much money is in their accounts. Even small amounts of savings for higher education have a big impact, encouraging children to start thinking about college and planning how to get there.

The Most Important Step is the First One–Getting Started

Deciding how much to save and what type of account to use can become complicated decisions–many options are available. This complexity can get in the way of the most important thing–getting started. View the Getting Started PDF(also available in Spanish). The habit of saving for college is more important than the amount you save or the type of account you open. Other related articles answer some common questions about saving for college and directs you to trusted resources where you can learn more.

It takes 15 minutes and $25 to open up a college savings account through Wisconsin’s Edvest program. Check out some of the resources and savings options on this website to see if a 529 plan is right for you.

Below are three steps to get you started.

Find a little bit of money to put towards college savings – Helpful steps can include developing or reviewing your budget, starting to track spending, or simply using a change jar. If you save $2/day in an account that earns just 1% interest, in 17 years you’ll have more than $12,400.
Pick a place to save – Families interested in college savings have a variety of options over where to put their savings. Learn more on the Post-Secondary Savings Options article. Options range anywhere from a change jar or piggy bank to more complex plans that may allow you to save on taxes.
Tell friends and family about savings – Get friends and family members involved!

Acknowledgements

This project received generous support from the UW-Madison School of Human Ecology’s Meta Schroeder Beckner Endowment Funds.

Articles

Youth Forward Wisconsin: Multi-institute Extension Team Brings Research on Universal Child Savings Accounts to Communities

Youth Forward Wisconsin is a movement supported by UW-Madison Division of Extension and local Extension educators from 17 Wisconsin communities. This team is providing the tools to understand and implement universal child savings account programs to help Wisconsin youth reach their full potential. The Youth Forward Wisconsin team received an Extension Innovation Grant to support the work […]

Sharing Expert Testimony at the Wisconsin State Capital

On March 1, Chelsea Wunnicke, Human Development and Relationships Educator Richland County, and Jenny Abel, Financial Security Outreach Program Manager, presented expert testimony on universal savings accounts for all children. Wunnicke and Abel shared research-based context at the public hearing for the 2021 Senate Bill 947. The public hearing was with the Assembly Committee on Ways […]

Additional Resources for Planning and Paying for College

In addition to the resources included throughout this website, the following links are to trusted resources about planning and paying for college. UW-Madison Division of Extension Resources College savings fact sheet (also available in Spanish) – Summarizes the importance of college savings and describes different types of college savings accounts. Savings planning worksheet – Short […]

Benefits of Higher Education

Although the costs of higher education continue to increase, college graduates enjoy lower unemployment rates and higher earnings. The following chart shows median monthly earnings for U.S. workers in 2021 based on their educational attainment (Source: U.S. Bureau of Labor Statistics). People with a bachelor’s degree earned a median of $1,334 per week or about […]

Paying for College

Given how much the cost of college increases over time, saving for your child’s future education may seem like a drop in the bucket. It is true that U.S. households use a variety of sources of money beyond savings to fund their children’s education, but saving for college plays a special role in helping pay […]

Post-Secondary Savings Options

Families interested in saving for college have a variety of options over where to save their money, maybe too many options. This page describes some of common options and provides links for more information. The information on this page is provided for educational purposes only and does not imply an endorsement of any specific financial […]