Start Smart with a Savings Plan for the New Year

By: South Carolina State Treasurer Curtis Loftis, Administrator of Future Scholar 529 College Savings Plan

Financial Planning Tips for the New Year

As South Carolina’s Treasurer, I know that having a financial plan is key to a happy, healthy life. So, whether you make New Year’s resolutions or not, I hope you’ll begin 2026 with some simple financial planning. By following a few tips, you can make sure you’re able to save money for both your future - and your child’s future.

1.  Edit and negotiate.

What fees do you pay each month? Are you sure you still need these services? For example, are you watching all the streaming services you’re signed up for? Or are you working out at the gym so that the membership fee you’re paying is worth it? If not, edit services you signed up for but no longer need.

Have you noticed your insurance premiums have gone up? If those rates have gotten too expensive, a different insurer could save you some money - or try negotiating a better rate with your current carrier. Are you carrying a balance on your credit card? If paying off high interest credit cards isn’t possible, try to negotiate a lower rate with your lender. Explain any life events, such as illness or job status change, which could affect your ability to pay your debt. Wherever possible, shop around and negotiate the rates you pay for services.

2.  Keep an eye on your financial future.

Do you have retirement accounts from different employers? If so, consider consolidating your funds into one account, such as an IRA. Consolidating makes it easier to keep an eye on your future.

If you have investments, take time to analyze each one to weed out any poor performers. You may want to consult your financial advisor to help you make important decisions about which investments you want to keep, and which ones need to go.

3.  Invest in your child’s future.

I hope you’ll make 2026 the year you choose a Future Scholar 529 College Savings Plan for your child’s future. Whether your child wants to become a teacher, a chef, a dentist, a welder, or an engineer, saving money for your kid’s education will boost the chances of fulfilling those future dreams.

By opening a Future Scholar 529 College Savings account now and saving as early as possible, you give your investment more time to grow. Your savings grow tax free, and when it’s time to use your funds, you withdraw the money tax free also, as long as you use it to pay for qualified educational expenses. A tax-free investment in your child’s future is a smart and important plan for 2026.

Most families decide to save with a Future Scholar 529 because of its substantial tax advantages, but you’ll also be happy to find that Future Scholar 529 accounts make the process of saving for education simple. Future Scholar 529 offers a quick on-line application, and you can set up automated contributions to ensure you are consistently contributing towards your savings goal.

If you already have a Future Scholar 529 account, congratulations!

You have a smart plan for your child’s future. Consider increasing your monthly contribution for 2026. Did you receive a work bonus or tax credit you can put toward your child’s college savings for a savings boost? Perhaps you have family and friends who would like to contribute to your child’s account for birthdays or special occasions? If so, no gift could be better than the gift of education.

Happy New Year!

I hope 2026 is your best year yet. Having a savings plan for the New Year is a great way to make your family’s finances even healthier. And having a Future Scholar 529 account to save for your child’s education is the perfect way to make your child’s future even brighter.