Boston Saves gives money to BPS students for their future

Boston Saves gives money to BPS students for their future

The program also motivates families to earn more money for their little ones through incentives, like reading programs, that provide an additional $5 per quarter. Through Boston Saves, every eligible student is set up with a seed savings account of $50. A special January promotion lets families who log in for the first time before Jan. 31 earn an extra $25 for their children’s savings account. When families save $25 of their own money per quarter, the city will add $5 to their Boston Saves account.  “I read to my kids all the time,” said Bah. “So it’s really a win-win for us. The kids are learning, and getting something more out of it too.”

“Even if someone saves just $5 or $10 a month, it helps,” said Bah, who recently signed up for the Boston Saves program on behalf of her 5-year-old.  The Dorchester mom recently graduated from UMass Boston. She hopes to put aside what she can each year so her kids, a ninth-grader and a kindergartner in the Boston Public School system, have a head start when college rolls around.

Boston Saves is a children’s savings account for Boston Public School families that helps them save for their kids’ college or career training. The program is currently open to BPS students from K2 kindergarten through second grade.  A working mother of two young children, Maimouna Bah knows just how hard it is to pay for higher education. 

Since 2019, the program has provided $682,550, including $48,845 in family-earned incentives, to more than 11,000 eligible students. But so far, only about 2,750 families have actually logged on to take advantage of the program. Currently, all K2, first, and second-grade students in BPS have Boston Saves accounts set up and ready to go. Administrators hope more families will take advantage of the free money — the January promotion is part of that push. “After graduating (in 2020), I ended up with a lot of loans to pay off. As a working mom, Boston is very expensive. At the end of the day, it’s easy to forget about saving for your kids’ future. I worry about things getting more expensive every year. I am hoping these savings will help a little bit.”

Bah says any kind of financial boost is welcome as she plans for her kids’ higher education. By the time a Boston Saves student graduates, they’d have saved $2,000 to help them pay for college or career training. According to the program, children who have a savings account are three times more likely to go to college, and four times more likely to graduate. 

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