529 College Savings Plans

529 College Savings Plans were created by the Congress in 1996 to help parents save for their children’s college fund. These saving plans are also known as ‘Qualified Tuition Program’ and give tax benefits on the principal amount. So, if you are a parent of a new-born, then saving in these plans can reap you maximum benefits. There are two types of 529 College Savings Plans:

1. Pre-paid Tuition Choice: In this option, one can pay a child’s tuition fees at the current rate for the eligible state colleges or universities. The plan is also applicable if he or she decides to attend a college outside the state. Private colleges are also covered under this plan that allows parents to buy a tuition unit for a year.

2. 529 Savings Option: This plan allows parents to save money towards their children’s tuition fees. Funds from the account can be used to pay towards a child’s tuition fees, school fees, books, room rent and various other expenses towards higher-education expenses. Every state has their own specific rules and regulations with the underlying same law governing all of them.

So, save towards your child’s educational fund, so that when he or she grows up you are able to secure their future by providing them higher education.

7 Steps to Plan your Savings for Children's Education

This infographic titled ‘7 Steps to plan your savings for children's education’ from MoneyTips highlights the importance of Planning for Child Education to secure their future. This will be useful for readers showing Seven Steps to Plan their Child’s Education and  to ensure that nothing stands in their way.

College savings with 529 Plans

In the United States, college fees are extremely high with a big expenditure on the part of the parents. But at the same time, they are an investment for your child’s future. People who have a better educational background earn and live a better life with better amenities and money to support their own families.

If you are a new parent, it is best to start investing in your child’s education from today itself to make sure that you have saved enough money for your child’s education. Among many plans, 529 plans are a good option to invest your money.

The 529 plan is a state-operated savings plan, which has various benefits such as tax-exemption on the capital amount. The plan was introduced by Congress and is also known as qualified tuition programs (QTPs). Introduced in 1996, it is one of the popular investment plans offered by all the states in the country.

Every state offers differ plans to its citizens, but there are two major divisions offered by all the states.

• College saving plans

• Prepaid tuition plans

529 plan offers are exempted from federal taxes even in the case of withdrawals, as long as the withdrawals are towards paying college fees of your child. So, of you are planning to invest in college funds 529 plans are a viable option.

Students Loan Are An Investment In Future

This infographic titled ‘Students Loan Are An Investment In Future‘ from MoneyTips highlights the importance of Education. This infographic is created for readers who are interested in borrowing student loans.

Saving for Your Future

Retirement is that time when you are free from all the obligations and where you can spend your life the way you always wanted to. However, for many Americans, retirement means cutting down on their expenses to meet the ends. There could be hundreds or even thousands of things that you would love to do when you grow old. This is why it is extremely important to save for your future to ensure that you fulfill all your aspirations without any inhibitions.

When saving for your future, you must weigh your options precisely to avoid any future risks. Starting at an earlier age gives you the benefit of saving for both your short term, as well as, long term goals. For instance, you can plan for your child’s higher education, you can invest in the college funds or if you plan to buy a house, you can do that by saving and investing at the earliest possible.

The key to a successful investment plan is focusing on the long-term goals, without ignoring the short-term goals. Plan your finances accordingly and make your future secure.

Money Tips that Grow With Your Children

 

Turning your child from a materialist into a money-savvy young adult is a serious undertaking, so start as early as you can. Check out this infographic for the money tips that grows with your child.

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How Does a 529 Plan Work?

 

Choosing a 529 Plan is no simple thing and many investors don’t have a full understanding of how these things work. Just checkout the basics in this infographic and contact Moneytips for any further assistance.

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Paying Off Student Loans

With the rising inflation, it has become extremely difficult for many students to get into a college and pursue their dream of higher studies. Student loan is the best option to get into a college as it takes care of all the college expenses. So if you are planning to take a student loan, here are some important tips that will help you pay off the debt after completion of your studies –

• Summers are an excellent time to learn and earn. When in college, most students go for an internship or job for experience and money. However, the trick is not to spend all that you earn. Save this amount as this will be a huge help in paying off a large portion of your student loan.
• There are various financial aid programs, grants and scholarships for which you can apply. Getting a scholarship can save a lot of your study expenses, making it easier for you to pay the debt.
• Volunteer yourself for a job in college. This will help you in earning round the year without having to worry about the debt payment.

Nearly half of the college graduates today have a student loan to repay. If you are one of those who have a student loan, follow the tips above to repay your student loan easily, without facing any financial strain.

Saving For Your Child’s College [Infographic]

This infographic has been launched by Moneytips for helping parents save for their child’s college education. Going to college is a ladder to financial success but the inflating college tuition prices make it difficult for parents to send their children to the college of their choice. But this can be achieved by proper financial planning and taking avid steps to save for children’s future college education.

The infographic adumbrate:

• Statistics About College Tuition Fees and Expenses
• How Higher Education Leads To Higher Income
• 7 Ways To Save For Your Kids’ College Education

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15 pleasent ways to save money for your kid's college fund

Here the above displayed infographic highlights the few things you can do to start saving for your kid's college fund.

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