The following post was provided by guest contributor Angelina. Angelina has written articles about personal finance for a number of different websites. Recently she has been writing about the issue of personal debt and the fact that for those seeking debt consolidation, bad credit may not be as big an issue as you think. If you are interested in being a guest contributor for My Money Design, please feel free to contact me.
It should come as no surprise that tuition fees have once again risen. Your typical university can charge up to $13,500 a year now for just tuition and fees, and that doesn’t even count room and board!
The following post is from guest author Ryan Jones. Ryan is a contributory writer associated with Debt Consolidation Care and has written several articles for various financial websites. He holds his expertise in the Debt industry and has made significant contribution through his various articles.
A 529 plan is a kind of savings plan which is especially designed so as to encourage savings for the future college or any other mode of higher education. These savings plans have some tax advantages and are also legally known as the “qualified tuition plans”. The 529 savings plans are named so because they follow Section 529 of the Internal Revenue Code and are mainly administered by the different state agencies and the organizations.
Six Strategies for Beginners:
The best thing to do for your child is to plan for his or her education from now on so that your child does not face any kind of hindrance later in case of higher education. The 529 plan is one such savings that can help your child for future education purposes. Some of the strategies that you can follow as a beginner in order to successfully save money for the future higher education of your child are:
Please don’t hate me. I’m very proud that you’ve been following my advice (and the advice of my PF blog constituents) to start saving for retirement, etc. But now we’re going to talk about something that may require you to dig just a little deeper into those pockets of yours:
“I Don’t Even Have Kids Yet!” Why Do I Care?
I know some of you are pretty young and just graduating college yourself, while others of you may have recently got married and just had children. These are all great positions to be because, like most savings strategies, “more time” is our friend.
However, this post is going to assume that someday when or if you already DO have kids, that you’ll want to send your little Princess or Jedi (… there’s a Star Wars theme going on in my house right now) to college and give them every advantage possible.