Posted by Denise Murray on
- Other Apps
Disclaimer: Compensation was provided by NY 529 Direct via Momtrends. The opinions expressed herein are those of the author and are not indicative of the opinions of NY 529 Direct or Momtrends.
Family, Finances, and Future Planning How Do I Begin Saving for College?
High school is a time for studies and buddies. This is a time where our kids are launching into their future professional selves. Reestablishing ourselves in New York after more of those surprises life leads us through, it was time for a more substantial, college savings plan. My son and I did some investigative research, and began more aggressively funding his educational resources by deciding to invest in a NY529 Direct college savings plan.
Knowing the benefits of saving with a 529 savings plan, certainly, I wish I had started researching and saving a little bit more for the future, however, it's never too late. I made the decision to begin saving more money through moderately aggressive investments, for a more rewarding short-term return. That's proven to be a smart money move for our family! Seeing my money grow almost as fast as my son is a good feeling.
We easily opened a NY529 Direct Savings Plan investment account, this savings plan is specifically designed to fund higher-education savings. Commonly, 529 plans are sponsored by states, allowing investment into federally tax-deferred savings with qualified withdrawals being tax-free. Family members and friends are also able to open a 529 savings plan account for educational expenses, as long the person is a U.S. citizen or a resident alien. With our account, I was able to select my investments, assign my son as a beneficiary, and determine how my money is to be allocated. As an added incentive, as a New York state taxpayer, I also benefit from the NY state tax deduction.
Offering flexibility to families, a 529 Savings Plan pays for higher education at eligible 2- and 4-year colleges, post-grad programs, trade schools, and vocational schools in any state. I was pleasantly surprised to learn about other expenses that can also be paid through our savings plan, including many of those little surprises considered qualifying higher-education expenses, including tuition, books, supplies, equipment, expenses for the purchase of certain tech purchases and related services, as well as certain room and board fees.
Allow me to ruin the surprise, as my son has grown up, we have faced the realization that weekend and summer jobs, birthday gifts and holiday checks from family and friends will not be nearly enough savings to finance higher education expenses. I decided to "set-it-and-forget-it". Setting up recurring contributions to my 529 Direct Savings Plan from my bank account or pay check is a convenient way for me to set up regular contributions on an ongoing basis.
Managing family, finances, and future planning will bring many surprises along the way, thankfully with far more successes. Now that we have a better understanding where to begin, the next step is to open a 529 Direct Savings Plan account today! Give a call to speak directly with an education savings specialists at 877-NYSAVES (697-2837) to receive your copy of the Disclosure Booklet and Tuition Savings Agreement, also available at www.nysaves.org. This information includes investment objectives, risks, charges, expenses, and other important details to consider. Read and consider all information carefully before any investment.
Please Note- Investments in this plan are subject to risk, including the possible loss of the money you invest. Investments in bonds are subject to interest rate, credit, and inflation risk. Investments are not guaranteed or insured.
Disclaimer: Compensation was provided by NY 529 Direct via Momtrends. The opinions expressed herein are those of the author and are not indicative of the opinions of NY 529 Direct or Momtrends. As the owner of this blog, niecyisms and nestlings, I am compensated to provide my opinion on products, services, websites and various other topics. This blog may contain affiliate links. Even though, as the writer/owner of this blog receiving compensation for posts or advertisements, I will always give my honest opinions, findings, beliefs or experiences on those topics or products. This blog abides by word of mouth marketing standards. I believe in the honesty of relationship, opinion, and identity. The views and opinions expressed on this blog are purely my own. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.