National and local studies show that in order to sustain a family of four, you need to make around $40,000 per year (about $19 per hour). Most of the jobs that pay self-sustaining wages require education beyond high school (technical training or a college education). As the cost of college goes up, it can be a challenge to pay for tuition.  That is why now is a good time to open a college savings fund that allows you to save for future expenses and plan for tomorrow.

Utah Saves has partnered with the Utah Educational Savings Plan (UESP, or Utah’s 529 Plan) to help you do just that.

How do I save?

UESP is simple and allows you to save a little or a lot, according to your own schedule.  Just open an account and deposit your extra pocket change. The earnings are tax free and if you’re a Utah resident, you can take a state tax deduction.

Where and when can I use the money?

You can use the savings for almost any school, almost any where, from Utah to UCLA.  The money can be used for any qualified higher education expense: tuition, fees, books, room and board, and required materials and equipment.

Does it cost me anything?

UESP has relatively low administrative fees (fees are lower for Utah residents) and is rated one of the best and affordable college savings plans in the country.

What if my child decides not to go to college?

If junior decides that college isn’t for him, you can transfer the money to another member of the family.

How do I start?

It’s simple. Just visit www.uesp.org or call 1.800.418.2551 and they’ll be happy to help answer any questions and you get started.