Avoid debt and alleviate stress

By the end of June 2023, the amount of debt held by U.S. households reached a record $17.06 trillion, according to the Federal Reserve Bank of New York. The adverse link between debt and increased stress and anxiety is well-established: The more overwhelming your money issues are, the more of an impact it will have on your well-being.  

This is why it’s a good idea to examine your financial wellness, including having adequate savings for future expenses and trying to avoid debt.

The costs of education can be significant, and my529, Utah’s educational savings plan, wants to help as you continue to plan ahead for those qualified education expenses.

With your my529 account, the financial burden of student loans and other qualified education expenses can be reduced, and the stress and anxiety that comes with debt can potentially be avoided.

Here are five great reasons to consider increasing the savings in your my529 account today.

1. Flexible investment options. my529 offers a range of investment options that allow for choice and flexibility. This can help you tailor your investments to your individual financial goals and tolerance for risk.
2. Low fees. my529 accounts typically have low fees when compared with other 529 plans, making my529 a cost-effective way to save for education. This allows you to maximize your investment returns while minimizing fees.
3. Tax advantages. 529 plans are designed to create tax incentives for those saving for education. The money in a my529 account grows tax-deferred, and withdrawals for qualified education expenses are tax-free.
4. Encourages savings. Saving for education is an important aspect of overall financial wellness, and my529 accounts can help boost your habit of regular saving. By setting up a my529 account, you have already created a dedicated savings account for education expenses while taking advantage of the tax benefits and investment options available to you.
5. Compound growth. As the value of your account increases beyond your principal investment, that growth is added to your account balance. It now has a greater potential to generate further growth.

Consider sharing some of these ideas for saving with friends and family who might also be planning for the costs of future education.

With your my529 account, the financial burden of student loans and other qualified education expenses can be reduced, and the stress and anxiety that comes with debt can potentially be avoided.