I am thankful that years ago I started putting $20.00 per month into a 529 plan for my daughter. She leaves for college in 7 days, and I feel secure knowing that I have been able to assist her in paying for her college education. Through 18 years of savings, I increased my investment each quarter by 1%. Those small incremental changes have led to an amount saved which covers her full tuition for four years.
Many people are really not aware of the 529 plan. This plan is a college savings plan that offers varying tax and financial aid benefits. The name 529 is actually the section of the tax code in which it is under. There are two different plans offered, one which is a prepaid tuition plan and the other a college savings plan. These plans can be used for higher education costs in addition to K-12 tuition. Using either of these plans can produce great tax savings benefits for individuals.
If you have not started a college savings plan and have young children I suggest you start one now. Set up recurring deposits and most financial firms do not require a minimum amount to be invested. Do you need to learn more about 529 plans to feel comfortable investing in one? Go to one of my favorite websites https://www.savingforcollege.com/intro-to-529s/what-is-a-529-plan and there you will find all the information that you will need to know to make an informed and educated choice on how to start your college investment plan. Not sure what you need to save? Please read the post https://verdelladv.com/wp-admin/post.php?post=29130&action=edit to determine the amount you will need to invest.
