From your angel’s first giggle to his first step, you dream of your child gleaming with joy on graduation day. However, funding your kid’s college education calls for some serious planning.
It is natural for today’s parents to immediately dive into saving for their kid’s education. But for some, the initial eighteen years of a child’s busy life can put maintaining a college fund on the back burner.
The best time to start saving for your child’s college education is, now!
When you plan on maintaining a beefy college education fund or you don’t comply with the income limits for an ESA, a 529 Plan is a better alternative. Check out a 529 Plan that allows you to explore the funds you invest in through the account.
The most appropriate 529 Plan also provides you with the opportunity to change the beneficiary to another family member. This implies that if your firstborn chooses not to follow the college route, you can still benefit from the funds you have saved to help the next kid in line.
Good things about the 529 Plans
- Grows tax-free
- Superior contribution rates
- There are no restrictions or income limits based on age
Did you know that a significant number of parents would want their friends and family to contribute to their child’s college education fund instead of gifting physical gifts? When you start maintaining a savings account early in your life, you have more chances of receiving money from your relatives and friends which is their own little contribution to help your child get his college education.
Although you can open this savings account during any part of your child’s life, some parents establish it as soon as their children start kindergarten.
Parents can harness the power of compound interest for helping build their savings.
Opening an Account in the NC 529 Plan to save for your child’s college education is a great way to designate whatever amount you can afford to put aside for your child’s future. Since, saving for this fund requires full-time commitment, benefitting from the flexibility that comes with such an account is sure to help you in the long run.
Saving in this account implies that all earnings will be from federal and state income taxes as long as you can save these savings to pay off higher education expenses.
Modern-day money saving methods have contributed to the birth of crowd-funding platforms. Even though the concept is not novel, quick and transparent funding methods have helped thousands of people to pursue their dreams and materialize their goals.
What could be a better way to build your child’s future together? Birthdays and other gift-giving occasions are great times to encourage friends and family to gift to your child's savings plan.
The Gift of Education lets you create an account to save for your child’s college education. Your loved ones can pool in to pave the road for your child’s success. Users can easily track their savings and activity, thanks to an intuitive dashboard.