As tax season begins, families have new opportunities to save money and take advantage of tax-free investment tools that help build generational wealth. Here in North Texas, United Way of Metropolitan Dallas is paving the way for children and families to access these pathways to financial stability. Through initiatives like Dollars for College, we expand opportunities for families to establish meaningful savings early in a child’s life.

At the same time, federal programs—including enhancements to the Child Tax Credit and the launch of new Trump Accounts, supported by the Trump Administration and Texas philanthropists such as Michael and Susan Dell—are expanding long-term savings options nationwide.  

These complementary efforts provide families with more ways to plan for the future. Read more below on what families need to know to make informed decisions.  

Why College Savings Plans Are Important 

Families who can save are better positioned to build wealth and create pathways to economic mobility. Yet many North Texas families face significant barriers to saving, because low wages and the rising costs of childcare, housing and groceries leave little room for long-term financial planning.  

Unfortunately, this means many local students don’t have funds to dedicate to higher education once they graduate high school. This contributes to the fact that fewer than one-third of high school graduates in North Texas go on to finish college.    

At United Way, we work to improve college attendance rates because it directly supports our focus areas of education, income and health. Going to college opens doors that will benefit a student throughout their entire life, such as more job options and higher wages. Education leads to financial security for an individual and their family, and it improves the odds that they’ll be able to live a long and healthy life.  

Today, a growing number of jobs require higher education or certification, and our region needs a strong pipeline of workers equipped with a bachelor’s degree or higher. Building that pipeline is one of the ways we drive progress toward our Aspire United 2030 goals, which include increasing by 20% the number of North Texas young adults who earn a living wage by 2030. 

Saving for the Future through Dollars for College   

To improve college enrollment rates, we offer Dollars for College, a children’s savings account program that provides low- and moderate-income families with a safe, trusted and easy-to-access way to build long-term savings for their child’s postsecondary education. Through early seed deposits, incentives and community partnerships, Dollars for College helps families begin saving for the future—strengthening both educational and financial opportunities for the next generation.  

Here’s how it works: Parents and other caregivers can quickly and easily open an account for their child, even if they don’t make an initial deposit. Dollars for Colleges uses an innovative 529 plan—My529.com—in partnership with local K-12 districts and schools, community partners and funders.  

Individual change-seekers can seed a child’s college savings account by donating just $50. Then, families can earn incentive deposits and can make their own deposits over time. During the four-year program, one of these savings accounts can grow to $500, and it continues to grow during the child’s primary and secondary education, which helps set a high school graduate up for success in college. 

The program has grown over time and currently serves more than 1,100 families with more than $511,000 in deposits.   

What are Trump Accounts?   

At the federal level, there have been continued investments in child tax credits and other college and education savings incentives, such as 529 plans, to help families build resources for their child’s future while providing more immediate access to capital.    

Last July, Congress passed the One Big Beautiful Bill Act, which established Trump Accounts—federally created, tax-deferred accounts designed to help families build long-term savings for children. These accounts launch on July 5, 2026, and are supported by detailed IRS guidance.   

Who’s Eligible for Trump Accounts? 

To be eligible for Trump Accounts, children must be born in the U.S., have a Social Security number and be under age 18 when the account is opened. Those born between 2025 and 2028 receive a $1,000 federal seed deposit, giving every eligible child an early financial foundation.  

Families can open an account through their 2025 tax filing or online. The easiest way is to file IRS Form 4547 online at trumpaccounts.gov. The form will ask for dates of birth, Social Security numbers and contact information.  

Families may contribute up to $5,000 per year, with additional contributions allowed from employers, charities and community organizations. Funds are invested in low-cost U.S. equity index funds, and accounts convert to a traditional IRA when the child turns 18.  

Philanthropic Investment and National Participation   

Beyond federal investment, a historic wave of philanthropy is dramatically expanding the reach of the Trump Accounts program. In December 2025, Texas philanthropists Michael and Susan Dell committed $6.25 billion, providing an extra $250 deposit to 25 million children in moderate-income ZIP codes. They were soon joined by New York philanthropists Ray and Barbara Dalio, who pledged $75 million to seed accounts for an additional 300,000 Connecticut children. These gifts—part of a national “50State Challenge”—ensure that millions more children, particularly in low- and middle-income communities, begin life with a real financial asset.  

The Trump Administration held a Trump Account Summit last month to advance national participation in the Trump Accounts initiative. The summit showcased major corporate commitments and philanthropic contributions from America’s leading companies, each pledging to match seed funding, broaden employee participation or develop innovative channels for account growth.  

Comparing Trump Accounts and Dollars for College 

For families, Trump Accounts represent an opportunity to save for education, homeownership, retirement and other long-term goals—offering a complement to community-based initiatives like United Way’s Dollars for College program.