Financial Tips for Parents: Saving for College and Beyond

Graduation is a moment of pride and excitement—for both students and parents. As families celebrate milestones and turn their focus toward the future, now is an ideal time to consider your long-term education savings goals.

Whether your child is just starting school or preparing for college, having a thoughtful financial plan can reduce stress and open doors. At Peters Financial, we believe in helping families build strong financial foundations—starting with education.

Smart Steps for College and Education Planning

1. Start Early—Even Modest Contributions Matter

You don’t have to save everything at once. Starting early—even with small amounts—allows your savings to benefit from compound growth over time. Consistency and discipline are more important than large, one-time deposits.

2. Explore a 529 College Savings Plan

529 plans are a popular, tax-advantaged way to save for education expenses. Earnings grow tax-deferred, and withdrawals used for qualified education expenses are currently tax-free. Some plans also offer state tax benefits.

3. Set Realistic, Achievable Goals

Few families can cover the full cost of college—but that doesn’t mean saving isn’t worthwhile. Estimate the portion you want to contribute, then break it into monthly or yearly goals to stay on track.

4. Balance College Savings with Retirement and Emergency Funds

Saving for your child’s education is important—but not at the expense of your own financial stability. A well-rounded financial plan should also include retirement contributions and an emergency reserve.

5. Involve Your Child in the Conversation

From a young age, encourage conversations around budgeting, loans, and saving. Teaching financial responsibility early can help your child succeed both during and after college.

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Plan Confidently with Peters Financial

At Peters Financial, we’re here to help you make smart, forward-thinking decisions—whether you’re saving for a child’s education, preparing for retirement, or navigating complex tax issues.

Let’s build your college savings plan together.

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Disclosures: This content is for informational purposes only and does not constitute financial, tax, or legal advice. Please consult with a licensed financial professional before making any financial decisions. Investment strategies, including 529 plans, carry risk and should be considered based on individual circumstances.

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About the Author:

David Peters, CPA, CFP, ChFC, CLU, CPCU, CGMA, is the Founder and Owner of Peters Professional Education (petersprofessionaleducation.com) and Peters Tax Preparation & Consulting, PC. David Peters is also registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States, and regularly contributes regularly to various professional publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.

Required Disclosure:

The content presented above is for informational purposes only, is general in nature, and is not intended to and should not be relied upon or construed as a financial plan or financial/investment advice regarding any specific issue or factual circumstance.

Financial and investment advisory services offered through Peters Financial LLC. Brokerage and custodial services offered through Charles Schwab Co. Inc., member FINRA and SIPC. Peters Financial LLC and Charles Schwab Co. Inc. are not affiliated. David Peters also offers tax services through Peters Tax Preparation & Consulting, PC. Clients or prospective clients are never obligated to use Peters Tax Preparation & Consulting, PC. as part of any financial planning or investment management services offered by Peters Financial LLC.