Why April is a great month to save for college
When it comes to filing your taxes, are you a procrastinator? We can certainly understand why … there’s little that’s fun about gathering those W-2s, charitable contribution records and mortgage interest statements, then sitting down at the computer for long stretches of confusing data entry.
We have a silver lining for this situation, though. If you haven’t done your taxes yet, that means you haven’t spent your tax refund yet! So let your procrastination work to your advantage: Promise yourself that you’ll use your tax refund to save for college!
Take the pledge to commit at least one half of your tax refund toward college savings.
To help you feel proud of your progress — or motivated to start making some — we turned to
Sallie Mae’s 2018 “How America Saves for College” report:
- Close to 6 in 10 families told Sallie Mae in 2018 that that they are saving for college. Unfortunately, that means more than 40 percent of American families have nothing saved. With one quick deposit, you can move your family to the favorable side of this divide!
- Three in 10 surveyed parents say they are spending less on household and personal items, allowing them to save more for college. Translation: You could spend that tax return on a better TV or summer wardrobe, but sacrificing now to save those funds for college is going to feel very satisfying later. College savings is always in style!
- Parents, on average, told Sallie Mae they plan to save $55,342 for college and they were, on average, about one-third of their way toward that goal. How do your savings stack up?