Thank you to Ohio’s 529 for sponsoring this post. As always, all thoughts & opinions are my own.
Hey, moms (and a few dad readers out there, too), there seems like there is so much to juggle and keep track of right now, don’t you agree?
I honestly feel like time has stood still over the past few months, but, gosh, in some ways, it feels like it is going even more quickly. My girls are getting so much bigger every second! In fact, Ava will be in Kindergarten next year… how?!! I can see how time can fly once the kiddos start school and then all of the sudden, college savings becomes a seriously immediate concern.
https://www.collegeadvantage.com/?utm_source=influencer&utm_medium=gac&utm_campaign=BTSBecause I’m a planner and care immensely about my girls’ college educations, I’ve teamed up with Ohio’s 529 today to share the good word about the college savings options available in our great state. 🙂
Before I learned about Ohio’s 529 plan, I honestly wasn’t sure our options for saving for college. And I obviously don’t know what my girls will want to study or where they’ll go to school (they’re 2 and 4), but I have learned that opening a 529 helps to get them on the path forward as early as possible.
A 529 plan is a college savings plan that offers tax benefits.
Some quick facts about 529 plans: 529 plans aren’t just for 4-year programs (someone pursuing cosmetology could apply 529 funds to school expenses). Also, it’s great to know that Ohio’s 529 plan can be used nationwide. Plus, 529 plan withdrawals are tax free when used for higher education expenses.
If you’re not sure where to start, even small 529 plan deposits can grow through the power of compound interests, tax-free earning, and tax-free withdrawals for qualified higher education expenses. I personally am a fan of automatic contributions, so we don’t ever see that money in our account. We also plan to redirect our daycare costs to college savings, once our girls are in school.
I LOVE the tools that Ohio’s 529 has on their website – they are SO helpful in the planning process. They have a College Savings Planner that allows you to see how much you should be saving for each child. You simply input your college funding goals, examine your total projected costs, and estimate the monthly amount needed to meet your objective.
Ohio’s 529 also offers a Cost of Waiting Tool. This tool allows you to take a look at how much more you’ll need to save if you wait longer to start saving.
Ohio’s 529 has tons of information about saving for college and saving, in general. I love the idea of directing family members that want to provide gifts for your children to the 529 savings plan. Ohio’s 529 has a straightforward system where anyone that wants to contribute to the plan can do so just by logging into the account.