Opening an education savings account, such as an NC 529, while your child is young has all sorts of benefits. One benefit is that it allows the account to build until it’s needed for education. Earnings grow tax-free if the beneficiary uses the money for “qualified education expenses.” That term may sound confusing, but it’s intentionally broad. This is because the fund can pay for many school-related costs, …
There is so much to think about when you send your child off to college. You thought ahead when you decided to open a 529 Plan. But before you start taking money out and writing checks to the school, you have some homework to do. Here are some things you need to know about 529 Plan withdrawals.
What are Qualified Expenses?
The money grows tax-free when used for qualified education expenses.
New parents need to take advantage of every opportunity to save money. Those sweet bundles of joy are expensive! But what if there was a way to find a little extra cash in your monthly budget? We’re talking about painlessly trimming a few dollars here and there that, down the road, could add up to thousands in your baby’s college fund.
Money Hidden in Plain Sight
Go through your list of monthly expenses and recurring charges.
Congratulations to Tim Towner of Gastonia, North Carolina! The contest, “Celebrate 5/29 and Win $5,529 for College!”, selected Tim Towner’s name at random from a large list of entries. Towner will receive his prize as a contribution to his children’s NC 529 Accounts. The contest was sponsored during the month of May by College Foundation, Inc. (CFI), a North Carolina nonprofit. College Savings Day was also celebrated by other states to encourage families to set aside money for higher education.
Everyone knows that an NC 529 Account is one of the best ways to save for an education. An NC 529 Plan is easy, effective, and anyone can contribute to it. Parents, family, and friends can all do their part to pitch in for education. The best part is that earnings are free from state and federal taxes, as are the earnings you make on those contributions. As people consider saving for college,
How to Set Actionable Steps to Keep Your New Year’s Resolution
It’s a new year and a fresh start. Like many people, you’re probably lining up your goals for 2019 – one of which might be to save more money. In recent years, the most popular New Year’s resolutions have been to eat healthier, improve your life and make better financial decisions. According to Huffington Post,
