Saving money for private school tuition or higher education can be a daunting task. During this “America Saves Week”, State Treasurer Scott Fitzpatrick says to start saving as soon as you can. He suggests opening a 529 Education Savings Account through his office – a tax-advantaged investment account for K-12 and higher education expenses.

“Any dollar that you save right now is more than a dollar that you don’t have to borrow later,” he says. “It’s the fact that if you contribute now and your child is a newborn, or five years old or ten years old, that money is going to have time to grow.”

Fitzpatrick says Missouri has one of the most generous tax deduction opportunities with this program – up to $8,000 per person or $16,000 if you’re married filing jointly.