The gift of College is one of the most important gifts a parent can give to their child.
When I think about my childhood, I always remember the sacrifice that my parents did for us their kids and the possibility of our dreams becoming a reality.
Nowadays saving for college is that much easier with the help of NY529 College Savings Program.
Last weekend we were reminded, just how easy it is to open an account and important it is to plan for your child's future.
I remember growing up and watching my parents worry about our future. Their sole purpose for leaving their Mexico behind was to offer us a better future, the opportunity of being the best us that we could be. Growing up that's what they did, even if it meant walking 50 blocks to work and back home to save on transportation, every cent counts when you are saving up.
I also always remember my dad and mom telling us that the best gift they could ever give us was an education.
That was the key to a better future.
I wish that as we grew up, saving for college would have been easier for them and now being a mom of two, one of which will be in college in exactly two years I'm grateful for NY529 College Savings Program which makes saving for college easy and effective. The best thing is that parents and loved ones can help give the gift of College.
Below you will find just a few reasons why NY529 College Savings Program is great for helping you save for your child's college.
What is NY529 College Savings Program:
It's a type of investment account you can use for higher-education savings. 529 plans are usually sponsored by states.
There Is No Better Time Like Now
It's never too late or two early to start. You can start on account even before child is born. All you have to do is change beneficiary at no cost. Yep, you heard that right, free of charge.
All You Need Is $1
Where some programs require a set amount to open up an account, the NY529 College Saving Program doesn't require one.
All you need to open a NY's 529 College Savings Program is $1.00.
That $1.00 that is sometimes spent on what we in Spanish call tonterias
can go towards your child's future.
Anyone Can Open An Account
Anyone can open up a NY529 College Savings Program. As long as they are a U.S. Citizen or a resident Alien. Coming from two parents who were once immigrants and now being the wife of an immigrant. I know how this could be a problem for some, or a push away. But the great thing about anyone being able to open an account, is that someone who is close to you and the beneficiary can do so. Think about other relatives or friends who are in your life an in option.
The Gift Of College
Once your child has an account, anyone can contribute. Think birthdays and special holidays. All you have to do is share a special Ugift code on twitter or by email.
You can also print out gift coupons that can then be distributed in person or sent by mail.
Pay For Qualified Higher Education & School Related Expense
The money can be used to pay for 4 year and 2 year colleges, as well as trade schools or institutes, that have a federal school code.
Use this link - https://fafsa.ed.gov/spa/fsc/#SEARCH?locale=en_US
to search for an eligible institution.
The money can also be used to pay for an education expense, such as supplies, books, equipment; expenses for the purchase of certain computer equipment, software, and computer related services, as well as certain room and board fees.
My Child Doesn't End Up Going To College
It happens, school is not for everyone and that is ok but what will happen to that money saved up?
It can be transferred over to another sibling or another eligible family member, without being charged a penalty. Have you ever thought about going back to school? If yes, then you can also become the new beneficiary. It's never too late :)
You also have the option of withdrawing the moppet from the account but will have to pay a 10% federal penalty, as well as state and local income taxes. This tax would be on the earnings since you contributed after-tax dollars.
These are just a few of the main reasons why NY529 Savings Plan is a great way to start saving for your child's college.
Both of my kids have a NY529 Savings College Program for 3 years now, and let me tell you that it makes a difference.
Don't take my word for it and make sure to check out the NY529 direct site www.NYSaves.org for more information or give them a call at 1-877-NYSAVES they will answer all of your questions.
Oh and take it from me, this is not something to sit on. Kids grow up way too fast and time seems to just slip though your fingers. Take it from this momma who has a teen son who is just two years away from a higher education, it seems like just yesterday we were walking to his first day of Kindergarten.
Valentina wants to be a Veterinarian and an artist when she grows up.
We are happy to help her dream become a reality!
What does your child want to be when they grow up and are you ready to help them with that dream?
Love,
Kary xoxo
Disclaimer: This is a compensated post, in partnership with Momtrends. All opinions are 100% our own.
No comments