Alicia Nelson-Bell
Empowering Financial Wellness Program Coordinator

Can you feel the dollars seeping out and the heat creeping into your home every summer as your air conditioner struggles to keep your home cool and comfortable? With rising costs of the basic necessities, you’re probably looking for ways to cut back on them, and to make it possible to leave money in your pocket so you can make progress towards your goals. A home energy audit is a great way to identify ways your family can make your living space more comfortable for you and your wallet. ​

May marks the beginning of warmer weather, summer barbecues and celebrations recognizing the end of another school year. As you enjoy this month, join my529 in celebrating National 5.29 Day by taking advantage of a special offer. my529, Utah’s educational savings plan, has been helping families save for education for more than 25 years, and we take part in National 5.29 Day by making it easier for you to invest in the future.
 
A special offer
We are celebrating 5.29 Day for the entire month. Open a new my529 account between May 1 and May 31, 2022, and you could be eligible to receive up to $40 contributed to your account. Find more details and information about this offer at my529.org/529-day.
 
Scholarship opportunity
In addition to National 5.29 Day, my529 and the Utah State Library are once again partnering this year to offer the Book Your Summer reading award. Book Your Summer is an opportunity to get your children reading all summer while entering your name in a random drawing for one of four $1,000 my529 college savings scholarship accounts.

Alicia Nelson-Bell, Empowering Financial Wellness Program Coordinator

Do you want a simple financial action step that thousands of people have taken that has brought them success? Who doesn’t? We’ve got one for you. 

If you’re like many Americans, saving money and reaching your savings goals while managing debt can be hard. Research from the American Psychological Association shows that only about 40% of the American population can cover a $400 expense without going into debt. Even worse, about one third of the population has $0 in savings. What can be done to help individuals be more successful at reaching their savings goals? Open multiple, named savings accounts. Experts say this simple strategy has brought many people greater success in reaching their financial goals. Let’s break down the benefits that multiple savings accounts can have: 

my529 is Utah’s official 529 educational savings plan. The plan has been helping families across the United States invest for education for more than 25 years. my529 funds may be used for qualified education expenses, including K-12 tuition expenses, qualified education loan repayments and registered apprenticeships.

Every dollar you save is one dollar you won’t need to borrow and then pay back with interest. For example, if you saved toward a goal of $10,000, you'd save yourself more than $7,500 in interest payments.

In times like these with rising inflation, economic uncertainties, and global conflicts, saving both regularly and strategically is one of the healthiest habits you can create for yourself. Aside from having adequate investments for retirement, having funds for education is a critical piece to financial well-being. An easy way to build your wellness when it comes to educational savings is by setting up an account with my529, Utah’s educational savings plan.

Find out more HERE. And check out their website for helpful financial tips like, "Small ways to save money" and, "$1 + $1 = Family fun with financial literacy".

Contact: Bryn Ramjoue’, my529 Marketing Director, bramjoue@my529.org

Vincenza Vicari-Bentley, AFC
​Empowering Financial Wellness Program Coordinator

​If your goal is to have just the right amount of withholdings so that you end up getting a very small refund or writing a very small check to Uncle Sam, then the accuracy of your W-4 is critical. The W-4 form essentially tells your employer how much you want withheld from each paycheck to go towards your tax bill. The 2017 Tax Cuts and Jobs Act changed a lot of tax rules, including doing away with personal exemptions on the W-4 form.