Lesson 2: Getting Started- 3 Practical Steps

Step 1: Set a Goal

As cliche as it may sound, you must start by defining clear and realistic goals for your education savings. Consider factors like future career paths and earning potential, the cost of tuition, room and board, and other related expenses. Ask yourself the following questions:

1. How do you want the funds to be used?

2. How important is financial aid to you?

3. What are your broader savings goals?

It is completely normal to not know the answer to these questions but setting a goal gives you a target to work towards. If you need guidance, Pelican is here to guide you through this planning process or direct you to an opportunity that’s best for you.

Step 2: Make a Plan

Once you have your goal in mind, it’s time to create a savings plan. Choose an education savings account that aligns with your objectives, such as a 529 plan. With so many state plans offering different benefits, Pelican can help you with expert guidance and resources to make your plan.

To being, here are some key things to consider when building your plan:

• Begin by researching government programs, grants, and scholarships available in your state and at the federal level. These programs can provide financial assistance for education.

• Check if your employer offers any college savings benefits. Some companies provide educational assistance programs or scholarship opportunities for employees’ children and employer-sponsored tax-advantaged accounts

• Engage Family and Friends: Share your college savings goals with family and friends. Many people are willing to contribute to education as a meaningful gift for birthdays, holidays, and other special occasions.

Remember, building a community around education savings is a collaborative effort. By leveraging government programs, grants, scholarships, and the support of family, friends, and employers, you can create a strong financial foundation for future education. It’s essential to have a strategy in place, but don’t forget that it’s okay to adjust it as needed. Life is full of surprises, and your plan should be flexible.

Step 3: Be Accountable

Staying on track with your savings plan requires accountability. Regularly monitor your progress, celebrate your achievements, and don’t be too hard on yourself if you encounter setbacks. Keep your community informed about your progress. Share updates on your savings milestones and how contributions from friends and family are helping you reach your goals. Periodically review and adjust your savings plan as you get closer to your goal and as your financial situation evolves.