For Families

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    Welcome, Boston Saves families! We are so glad you have started planning now for your child’s future college or career training.

    Here are a few ways you can start planning and saving for your child’s future with Boston Saves:

    1) Open a financial account for your child’s future.

    Your child will have a Boston Saves account for their Boston Saves Dollars, but to save your own money for your child, you will need to open a financial account (savings, 529, or checking) for their future. If you do not have an account like this, you can open a savings or checking account with a bank or credit union, or open a 529 account through MEFA (Massachusetts Education Financing Authority) or through another state. Be sure to set up online banking so that you can log in to your account on the internet. 

    If you do not want to open a financial account in your name, you may open a custodial account instead. A custodial account does not need a social security number or identification card. This account is held by the Boston Educational Development Fund for your child. To open a custodial account, contact bostonsaves@metrocu.org.

    2) Log in to the Boston Saves Online Savings Center.

    Sign up for Family Updates to get word when the Boston Saves Online Savings Center goes up in the Fall of 2019. Once the Savings Center is up, you will be able to log in using your child’s State Assigned Student Identifier (SASID), which you can get at the office of your child’s school.

    In the Savings Center, you will be able to see the money in your child’s Boston Saves account and link a financial account of your own. This way, you will be able to see all of your savings for your child in one place online.

    3) Get Boston Saves Dollars for your child!

    You can grow the $50 in your child’s Boston Saves account to as much as $115 in the first year of the program – just by getting Boston Saves Dollars. There are three ways to get Boston Saves Dollars:

    • Link a financial account to your child’s Boston Saves account online ($25)
    • Save $25 for your child in a three-month period ($5/period…up to $20/year)
    • Read with your child for 20 days per month in a three-month period ($5/period…up to $20/year)

    Learn more about getting Boston Saves Dollars.

    4) Come to free Boston Saves events to learn more about saving and planning.

    In the first week of March, your child’s school will have a Boston Saves Welcome Event where you can learn more about the program and get help logging in to your child’s Boston Saves account. You will hear more about the Boston Saves Welcome Event when the day gets closer.

    Boston Saves also has other events at schools that make saving and planning even easier. These events cover such areas as:

    • credit-building
    • safe banking
    • savings tips
    • career play for children

    Look for information from your child’s school about events like these.

    5) Talk with your child about saving for the future.

    Talking with your child now about what it takes to reach their dreams can set them on a path to success. This can be as simple as talking about money, their dreams for the future, and the way saving can make their dreams come true. There are also fun games and lessons you can do together at home:

  • 6) Keep saving!

    When it comes to saving, every little bit helps. So try to put away as much money as you can. There are also tips you can use to learn more about how to grow 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.

     

    7) Think about becoming a Boston Saves Family Champion

    Are you excited about Boston Saves and want to share the program with other families? If so, you may want to become a Boston Saves Family Champion. A Family Champion is a parent or family member of a Boston Saves student who learns more about the program and shares information with other families at Boston Saves events. Family Champions can get up to $450 in gift cards for their time. Learn more here.

    If you would like to become a Family Champion, please fill out this Family Champion interest form. Thank you!

    Still have questions?

    See our Frequently Asked Questions Contact Boston Saves staff at bostonsaves@boston.gov or 617-918-5247.