If you’re expecting a baby or have a young child, and have very little extra money, you’re not alone. Many young couples have children while they are trying to establish themselves financially. Even though you may have very little money, you can start a college fund for your kids with a little planning and a few good ideas.
Tag: 529 plan
Though we don’t hear about them much, 529 Plans have been around since 1996. They were created specifically to give tax breaks and other financial incentives to parents who were saving for their kids’ college education. 529 Plans come in lots of shapes and sizes, so choosing the right one can be tricky. To help you narrow down your options, here are some things to consider.
Historically, Americans aren’t big savers. Pile on top a global recession, lost jobs and wage cuts, saving for the future is challenging. But saving for retirement AND your child’s college education? That may seem downright impossible. We help you prioritize and offer suggestions about how to make the most of your money so you can save for all of life’s biggest events.
The economy is weak. Unemployment is high. And with universities projecting price increases of 10 percent or more per year, just the thought of your child’s future college bills is enough to make your head spin. But don’t send those kids off to bartending school just yet. 529 plans, if you haven’t heard of them, offer some great tax incentives and even ways to collect ‘free money’ to save for your children’s higher education.