Five Smart Strategies for College Savings Month

September is College Savings Month – the perfect time to take a fresh look at your financial goals and make sure you're on track to support your child’s education (or your own!). Whether your student is still in diapers or already filling out college applications, it’s never too early – or too late – to start saving.

First International Bank & Trust is here to help you achieve your goals! Here are five smart, actionable steps to help you build a strong college savings strategy:

1. Start early! The sooner you begin saving, the more time your money has to grow. Even modest monthly contributions can add up significantly over time. For instance, saving $200 per month from birth adds up to $43,200 by age 18, not including possible interest earnings!
2. Open a Higher Learning Fund account. First International Bank & Trust offers a unique certificate of deposit (CD) designed to help families save for college that is designed to mature upon the student’s graduation from high school. Click here for more details about the account or to open one today.
3. Automate your savings. Consistency is key! Consider setting up automatic transfers from your checking account to a dedicated savings account – like FIBT’s First Money Market Account or Premium Money Market Account – to make saving effortless. These accounts offer tiered interest rates and flexible access, helping your money grow while staying within reach.
4. Get your student involved! As your child grows, teaching them to save for their own future builds financial literacy and ownership. Open a savings account and encourage them to deposit part of their allowance or earnings from a summer job. It’s a great way to build habits that last a lifetime.
5. Apply early and often for scholarships. Scholarships aren’t just for straight-A students or athletes. There are thousands of awards based on interests, community service, and even family heritage. Encourage your student to start applying as early as junior year – and keep applying throughout college. Every dollar earned is a dollar you don’t have to save or borrow.

If you’re ready to take the first step toward helping your student save for college, we invite you to visit a nearby FIBT location – or learn more about our account offerings online. Let’s make this College Savings Month count!