For Families

  • Families Banner

    Welcome, Boston Saves families! We’re so glad you have started planning now for your child’s financial future. On this page you will find:

    • Answers to common questions about Boston Saves
    • Resources to help you build your money
    • Tools to teach your children about saving
    • Information on how you could become a Boston Saves Family Champion

FAQ

  • The more college education a person has, the more money they usually make later in life. The chart below shows that when it comes to college, every little bit helps!

    earnings chart

    There are also good careers that do not require a college degree. However, these jobs still require training. Here are some examples:

    Bos Careers

    All K2 students in the 11 current pilot schools are automatically enrolled in Boston Saves. These schools are:

    • Conley Elementary
    • Harvard-Kent Elementary
    • McKay K-8
    • Otis Elementary
    • Roosevelt K-8
    • Winship Elementary
    • Gardner Pilot Academy
    • West Zone ELC
    • Haynes EEC
    • King K-8
    • Mattahunt Elementary
     

    All K2 and 1st grade students in the five initial pilot schools are automatically enrolled in Boston Saves. These schools are:

    • Conley Elementary
    • Harvard-Kent Elementary
    • McKay K-8
    • Otis Elementary
    • Roosevelt K-8
     

    All K2 students in all Boston Public Schools will be automatically enrolled in Boston Saves in Fall 2019.

    If your child is eligible for Boston Saves, they already have an account! Simply log in to the web portal to see the Boston Saves Dollars in your child’s account. To log in:

    Every Boston Saves account comes with a starting deposit of $50 for your child's future education or career training. You can earn more reward money, called Boston Saves Dollars, for your child in several ways. Here are some easy ones:

    1) Use the Boston Saves web portal to link your child's Boston Saves account to a financial account of your own. This financial account should be one that is dedicated to saving for your child. When you link these accounts, you will earn an additional $25 in Boston Saves Dollars for your child.

    2) Deposit at least $25 every three months into that same bank account and earn $5 Boston Saves Dollars each time.

    On the Boston Saves web portal, you will see your child's Boston Saves Dollars and the money you are saving all in one place. This makes it easier to stay motivated, track your progress, and set your child up for success. Just keep saving!

    You can link any savings, checking, or 529 account that is dedicated to saving for your child’s future. This can be an account that you already have or one that you open for this specific purpose.

    When your child finishes high school, their Boston Saves Dollars can be used to help pay for community college, four-year college, career training, technical certificates, or any other form of accredited higher education.

    You do not put money directly into your child’s Boston Saves account. Instead, you can put money into the financial account that you have linked to your child's Boston Saves account. The Boston Saves web portal allows you to see the money in both accounts together.

    You can take the money out of your own financial account at any time. There is no penalty. However, we hope you can make every effort to keep that money saved in the account for your child's future. The Boston Saves Dollars in your child's Boston Saves account are held by the Boston Educational Development Fund until your child earns their high school credential and enrolls in college or career training. At that time, the Boston Saves Dollars will be sent directly to your child’s education or training program.

    When a student leaves a participating school, their Boston Saves account will become inactive. Inactive accounts cannot earn any new Boston Saves Dollars. However, your child will still be able to use any Boston Saves Dollars already in the account for their college or career training.

    The money held in your child's Boston Saves account will not affect your eligibility for public assistance. The Boston Saves Dollars in this account belong to your child and are held by the Boston Educational Development Fund.

    However, the money held in your own financial account can affect your eligibility for public assistance.

    If you would like to open a new financial account dedicated to your child's future, Bank On Boston can help you find one that is safe, reliable, and affordable.

    If you do not want to open a financial account, you can link a custodial account to your child's Boston Saves account instead. A custodial account works just like a savings account, except the name on the account is the Custodian for the benefit of a specific child. Boston Saves offers a custodial account through Metro Credit Union. The Custodian for the Boston Saves custodial account is the Boston Educational Development Foundation.

    To sign up for the custodial account, you only need to provide basic information - no social security number or identification card is needed. To learn more about signing up for a custodial account, contact Marlene Collins at mcollins@metrocu.org or 877-696- 3876 x4001.

     

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Build Your Money

  • Below are free programs from the City of Boston that can help city residents increase their financial well-being, train for better jobs, and pursue a college degree. Click the links below to learn more about each program, including eligibility guidelines.

    Financial Programs

    Open a Bank Account

    Find a safe and affordable bank account to better protect, save, and access your money with the help of Bank On Boston. To learn more, visit the Bank On Boston webpage.

    Learn how to Build Credit

    Attend a credit-building workshop from Boston Builds Credit to learn how to improve your credit score. To learn more, visit the Boston Builds Credit website.

    Get Tax Help

    Get your taxes done by a trained tax preparer at one of dozens of Boston Tax Help Coalition sites across the city. To learn more, visit the Boston Tax Help Coalition website or call 617-635-4500

    Get Financial Coaching

    Take advantage of long-term, one-on-one financial coaching and access to computers and printers at the Roxbury Center for Financial Empowerment, located in Dudley Square. To learn more, call 617-541-2671

    Job Training Programs

    Train for City Jobs

    Train to become an Emergency Medical Technician (EMT) or earn a Hoisting or Commercial Driver’s License (CDL) through City Academy. Graduates are eligible for living wage jobs with the City of Boston. To learn more, visit the City Academy webpage.

    Become an Apprentice

    Train for living wage union apprenticeships in construction or hospitality through the Greater Boston American Apprenticeship Initiative (GBAAI). Some participants can also earn college credit on the job and receive tuition assistance to finish their degree. To learn more, visit the GBAAI webpage.

    Prepare for a Hospitality Career

    Prepare for training in the culinary or housekeeping fields and earn a free laptop. To learn more, visit the Bridge to Hospitality webpage or contact Sharon at 617-541-2612.

    Education Programs

    Attend College for Free

    Attend community college free of tuition or mandatory fees through the Tuition-Free Community College Plan. A sister program, Boston Bridge, also gives graduates the option of continuing at a 4-year state university for free. Eligible participants must have earned a high school credential in the past year. To learn more, visit the Tuition-Free Community College webpage.

    Below are tips from across the web that may help make saving easier for you. This list does not constitute an endorsement or financial advice from Boston Saves.

    Below are tips from across the web that you may find helpful for building your finances. This list does not constitute an endorsement or financial advice from Boston Saves.

Teach Your Kids About Money

Apply to be a Boston Saves Champion

  • The best way for families to learn more about Boston Saves and get motivated to save money is from another parent. If you are a parent at a Boston Saves school, you could help fill this role as a Boston Saves Family Champion! Family Champions participate in program workshops, share information with other parents, and help with Boston Saves events. They are also compensated for their time. If you would like to learn more, please email bostonsaves@boston.gov.

    Interested in becoming a Boston Saves Family Champion? Please fill out this brief application form. Thank you for your support!