If you’re just starting your financial journey, it’s easy to put off thinking about long-term goals like education planning—especially when more immediate needs like budgeting, debt, and saving for emergencies feel pressing. But setting aside even a small amount for future education expenses now can pay off in big ways down the road.

Whether you’re planning for your child’s college education, a loved one’s schooling, or even your own continuing education, taking time to understand your savings options can put you on the path to financial confidence.

The cost of education is rising steadily. In fact, tuition and fees at public universities have more than tripled over the last three decades. Without a plan in place, many families are forced to rely on student loans, which can create long-term financial strain. The earlier you start saving, the more time your money has to grow—and the less you’ll need to borrow later.

The most commonly used and widely recommended tool for education savings is the 529 Plan. These state-sponsored accounts offer tax advantages that make them incredibly efficient for long-term saving:

529 plans are flexible, simple to manage, and easy to set up—even small contributions made regularly can add up meaningfully over time.

While the 529 is the go-to for most families, there are a few other options worth knowing. Coverdell Education Savings Accounts (ESAs) and UTMA/UGMA custodial accounts can also be used to save for education, though they come with more limitations or fewer tax benefits. In most cases, a 529 plan will meet the needs of someone just getting started.

Start with a goal—even if it’s modest. Use our Saling Wealth Advisors online education savings calculator to get a rough idea of what future costs could look like. Then, set up automatic contributions to a 529 plan that fit your budget. You can always increase the amount later as your financial picture improves.

Remember: you don’t need to fully fund college overnight. Saving something—consistently—is far more effective than waiting to save the perfect amount later.

It’s important to keep your savings goals in perspective. Don’t fund a 529 plan at the expense of building an emergency fund or contributing to retirement. It’s possible to balance multiple goals at once—and with the right plan, you can stay on track for both your family’s education needs and your own financial future.

College Savings Calculator: https://salingadvisors.com/calculators/college-savings-calculator/

Further reading: https://www.savingforcollege.com/article/how-much-is-your-state-s-529-plan-tax-deduction-really-worth