New Baby

Congratulations on the new addition to your family! Although it may seem like college is a long time away you should start saving now. Save as much as you can, even if it is only $25 or $50 a month.

Get the benefits of compounded interest!

The sooner you start saving, the more time there will be for compound interest to build up a nice college fund for your child. If you start by saving only $10 a week now, at 4% interest you will accumulate $12,663.44 by the time your child turns 17 and enrolls in college. If you wait until the year before college to start saving, you will have to save $238.60 a week to reach the same goal. It’s important to note that the if you start saving now you will get 30% of your savings from interest compounding!

Saving is easy with direct deposit!

You can set up to have your check deposited directly into your Heritage Credit Union checking account. Then, specify what amount you would like automatically deposited into a savings account. Each week when you get paid you will be saving more and more. It is easy to set up! Either go online and download the Payroll Deduction form or stop by the credit union.

EdVest

EdVest is an innovative qualified tuition program that helps families across the country invest for one of their most important financial goals – their children's education.

With EdVest, you can open an account on behalf of a designated beneficiary. Your contributions are placed in a trust fund established by the State of Wisconsin and are directed into special investment portfolios designed and managed specifically for the program. Earnings in your account will grow federal and state tax-free in Wisconsin, as well as potentially tax-free in other states, until the time your beneficiary is ready to go to college. The funds are then available to be used to pay for qualified higher education expenses at any eligible school – including two and four-year colleges, technical, vocational, and graduate schools.

For more information, visit the EdVest website.