Building Block 3: Make Your First Deposit
This content is only relevant to District 30 families already enrolled in the NYC Kids RISE Save for College Program.
If you are a NEW eligible participant, please note that this fall your school will communicate with you about enrollment in the program. You can then check back here starting in January to take the foundational steps in the program, outlined below. In the meantime, read about the Save for College Program, and you can download introductory materials here.
Making a First Deposit into Your Connected College Savings Account
Once you have opened your own college savings account and connected it to your child’s NYC Scholarship Account, you’re ready to make a deposit with the Save for College Program.
Saving for college is an important piece of a family’s overall financial plan—but it’s not the only part. The amount of money that makes sense to save for college is different for every family. The good news is that no amount is too large or too small when you make a deposit early! Starting to save when your child is young can make a big difference by the time your kindergartner is ready for college.
Deposit at least $5 into your connected college savings account and your child will receive an extra $25 from NYC Kids RISE into their account!
Remember, this is just the beginning of our long-term partnership to save together for your child’s future. The most important part is getting started.
- Check out the documents in the Building Block 3 section of the downloadable resources page of the website for more information on the different ways to make deposits.
- For savings tips, check out the documents in the Saving Regularly section of the downloadable resources page of the website.
- For free, one-on-one support with fitting savings into your overall financial picture, consider visiting one of the NYC Financial Empowerment Centers located throughout the city. At the Financial Empowerment Centers, you can meet one-on-one with a professional financial counselor who can help you tackle debt, improve your credit, create a budget, open a bank account, save and plan for your future, and more. You can also get information about saving for your child’s college education and making a plan to make a deposit.
To schedule an appointment at a Financial Empowerment Center near you, call 311 or visit nyc.gov/dca.
Have You Heard About Savings Match?
Now that you’ve started saving, learn how you can double your savings in the first grade!