Have you ever asked your children what they want to be when they grow up?
I have… just every so often! Usually around their birthdays, I try to do this and write down their answers. Their replies are absolutely priceless and it is always fun to steal a glimpse into their little minds. I recently asked the girls what job they wanted to have when they got older, and Ava instantly replied with two careers: A basketball player AND an actress 🙂 Ellie expressed she would like to be “a Mom” when she grows up 🙂 My sweeties!
Even if their career choices change a million times… or even if they don’t… I know that I have some planning to do on my end to set them up for success to chase their dreams! Ava will be starting Kindergarten in the fall which is unbelievable! Saving for higher education is definitely something we have to plan for as it won’t just happen overnight.
In celebration of 529 Day, which is on May 29th, I’ve partnered up with Ohio’s 529 to share more about how this plan is an ideal way to save for higher education.
When I did a poll earlier this year on Instagram to see how many of you were familiar with Ohio’s 529, it was refreshing to see that many of you were!
In case you aren’t familiar, here are some quick facts about 529 plans as we get ready for 529 Day (May 29!): 529 plans aren’t just for 4-year programs (someone pursuing cosmetology could apply 529 funds to school expenses). Also, it’s reassuring 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 extremely 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 a plethora 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.
Ohio’s 529 is a wonderful option if you’re looking into saving for higher education! Time has flown since having Ava over 5 years ago. If that’s any indication of how the next several years will go, actually using our college savings will be here before we know it!