How much money should you be saving for your kids’ college education? I am partnering with ScholarShare to share a little information about 529 college savings accounts, and a few tips to save for college, and a way to take a pledge and win some cash!
Did you know that September is National College Savings Month?
I am so glad that light is being shed on saving for college. So many people underestimate the facts, thinking that they should be eligible for student grants, take out a government loan, holding out for a scholarship, or that their kids won’t even go to college. WRONG. College costs rise year after year, and the last thing you want to do is be unprepared. No matter what age your kids are, the time to start saving is NOW!
So, how much should I be saving for college?
There is really no right answer to this question. There are so many factors, such as your own income level, state of residence, how much you’ve already saved, their current age, the college your child attends, where they’ll live, how many years they’ll be there, etc. Someone who decides to go to college outside of their home state, live on their own and go all the way through to get their Ph.D. or head to law school is going to pay waaaaay more than somebody who decides to live at home, attend their local community college for a couple of years, then transfers to a University.
In order to know how much to save for each child, you’ve got to face the facts: “According to the College Board’s Trends in College Pricing 2010, the average cost of a 4-year degree at a public college is approximately $16,000 per year. For private college today, the cost is more than $36,000 per year. The same education could cost more than $325,000 12 years from now.”
The ScholarShare California 529 College savings plan is a great way to get started. With just a minimum contribution of $25, you are well on your way to saving for your child’s future, meaning less out of pocket costs for everyone. Funds saved in 529 accounts cover tuition, books, room and board, supplies, transportation and other personal costs and school related fees. As the parent or guardian, you’re in control: invest to money into different portfolios to gain much more of a return than a traditional savings account would. When it’s time, funds can be used tax free at accredited institutions, and no worries if your child decides not to attend – you can withdraw the money for whatever you need to, with a penalty.
Take the College Savings Pledge and promise to save today!
ScholarShare is encouraging parents and guardians to get started with their kids’ college savings this month, it’s so important! They are spreading the good word by asking that we take the College Savings Pledge, a simple statement you make that says, “Hey, I’m going to save for my children’s future, and you all should too!”
It’s super easy to pledge, it’s actually right on the ScholarShare Facebook page. By taking the pledge, you will also have the chance to win a $500 ScholarShare 529 account for your child and a $500 gift card for his or her classroom!
Here’s how it works:
- Visit CollegeSavingsPledge.com
- Take the pledge and provide your contact information. Enter for a chance to win!
- For an additional chance to win, once you sign the pledge, share it with your friends and family.
Make the pledge to start saving today, it can only help your family in the long run. For more information about ScholarShare 529 College Savings Accounts, visit them online at http://www.scholarshare.com.
Here’s to your child’s future college education!
This is a sponsored post in part of a partnership with ScholarShare, all opinions are my own