September is National College Savings Month., We’ve partnered with ScholarShare, California’s 529 college savings plan, to help raise awareness about the massive impact early planning and saving can have on your child’s future. The nitty-gritty of everyday parenting tasks take up the majority of our energy. When you lay those wee ones down at night, set a little bit of space aside in that buzzing brain to think long term.
We all hear the same story time after time. Start early and save a little, because over time it adds up significantly. This age old tale gets repeated because it’s true! Today in the US, the average cost for one child to get through college can reach upwards of $100,000 when you take into account tuition, housing, books and other expenses. That’s certainly an overwhelming price tag, and many families feel like it’s out of reach when they hear the number. If you start chipping away now, with the help of ScholarShare, you can save that money!
What is a 529 college savings plan?
If you have never heard of a 529 savings plan, familiarize yourself now, and then tell five friends about it, ok? A 529 is an investment account designed to encourage saving for college and other higher education costs by offering tax advantages. These 529 plans are sponsored by states (ScholarShare is California’s plan), state agencies or education institutions and every child in your life should have one in their name. Period.
Let’s be real, there’s nothing flashy and fun about sorting out all this “responsible” parenting stuff. However, the ScholarShare team takes an overwhelming (and a little dry) topic and makes it simple. You don’t need a financial degree to sort through the facts, figures and jargon. With ScholarShare you get:
- Professional portfolio management from a small, hands-on team
- Flexible portfolios ranging from conservative to more aggressive
- Low fees
- The money you save and grow through ScholarShare’s 529 plan is exempt from federal and state taxes when used for higher education
- Money can be used at schools nationwide and even some abroad
- There’s no age limit to using money for higher education
- Plans can be transferred with no penalty to other family members to be used for higher education
- No application or cancelation fees
- Start with as little as $25
- Fast, easy account set-up
How do I get started?
Fantastic news! Set up with ScholarShare takes just 15 minutes. Get started here.
By the time your child reaches college age, they will have put in years of careful academic study. They worked hard on the building blocks preparing them for higher education. Think of your savings plan the same way. Let it be a slow build toward the student they will become, for a smooth financial transition into college.
Have you started to save for your child’s education?
ScholarShare sponsored this post. All opinions are my own.