By: South Carolina State Treasurer Curtis Loftis, Administrator of Future Scholar College Savings Plan
As South Carolina’s Treasurer, I know that having a financial plan is crucial to a happy and healthy life. So, whether you make 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 still sure you need these services? For example, are you watching all of 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 the 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 negotiate 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 a 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 the time to analyze each one to identify and weed out any poor performers. Consider consulting 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 529 education savings plan for your child’s future. Whether your child wants to become a teacher, a chef, a dentist, or an engineer, saving money for your kid’s education will boost the chances of fulfilling those future dreams.
By opening a 529 college savings account now and starting to save 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 529 plans because of their substantial tax advantages, but you’ll also be happy to find that 529 plans make the process of saving for education simple. Most plans feature quick online applications, and many allow you to set up automated contributions if you like.
If you already have a 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 a gift of education.
Happy New Year!
I hope 2026 is your best year yet. Having a New Year’s plan is a great way to make your family’s finances even healthier. And having a 529 plan to save for your child’s education is the perfect way to make your child’s future even brighter.
About the author: Curtis Loftis is the State Treasurer of South Carolina. He also serves as the administrator of South Carolina’s Future Scholar 529 College Savings Plan. Visit treasurer.sc.gov or futurescholar.com for more information on ways to save through a 529 plan.