Planning 529

Good morning, Good Monday, Good planning.  By now, you know me. I'd rather be ready and not go than to go and not be ready!  Just completed transferring Bailee's savings (from me) into a 529. A 529 is an educational savings account that is tax free upon use......if it's used for education. I think I just might have her textbooks covered for semester one.... yikes!  There are some really good perks though. It keeps hands out of the till, it can be added to for as little as $25 as many times as anyone feels the need (or want), it comes with a deposit/gift code so anyone, anytime can contribute if the mood strikes them or the holiday gift idea alludes them, it offers a tax deduction to the account owner (that would be me) and it lessens the burden of the parent, grandparent or student when the time comes to further their education. I actually can't find a downside...and you know I looked!!!! I've always tried to instill in my crew that saving half of a gift and spending the other makes sense.  It's hard at any age to receive money from those that care and just put it all in the bank to save. This tried and true theory makes sense and keeps everybody (mostly) happy. Kids buy toys, teens buy gas and iTunes cards and adults.....well, who gives adults money....(ME!!) they can do whatever they see fit....maybe a dinner out and a well deserved cocktail.


Soon, Baby Jett will appear and it will be time to get him started on his very own 529.  I've already told his Mommy and Daddy that a social security # is one of their first parental, fiscal responsibilities for him. They rolled their eyes until I rolled out the costs of education today and added on 18 years. I think they got it!


So, if anyone is contemplating ideas for their infant (or not so infant) grands for the upcoming holiday, I suggest you plan ahead and get the ball rolling.  If nothing else, it lightens the load and brightens your day.