Florida Prepaid 529 Day!
Florida Prepaid 529 Day is today, May 29th. So what is all the hype about? Have you started saving for your children’s college education yet? My bet would be probably not! Because if you are anything like me, your answer is…”we will start tomorrow”.
Well, guess what? “We will start tomorrow” turns into next month and then it’s next year. Unfortunately, by the time you realize it….your kids are putting in college applications and you are scrambling around trying to figure out where in the heck you are going to get the money for children’s college education.
We had the unthinkable happen during those years of “we are going to start saving tomorrow” days. We got divorced. That meant that because we didn’t start a 529 savings plan when the kid’s were young, there was no money for college.
My son had to pay for college himself. My oldest son went to college for 4 years which meant he had a lot of student loans. The sad part is that he works for his father and never even got to put any of his education to use. And he is still paying off his student loans…at 36 with a wife and three kids later.
As for my youngest son, he decided to not to go to college and also works for his father, but has no student loans.
So, I bet you are wondering why I am so concerned with saving for college with a Florida Prepaid 529 plan if my kids are grown? Well, you see…I have five grandchildren and they are still young enough that I can add to that plan so they aren’t in the same predicament as my son. My oldest grandson will be 9 this July and the rest follow in at 3, 3, 2, and 1.
My reasons for the Florida Prepaid 529 Savings Plan:
What is a 529 Savings Plan?
A 529 savings plan helps you start saving when children are young for their college education. The money can be used for books, tuition, supplies, even room and board under certain conditions.
What is Florida Prepaid?
No doubt that living in Florida has it’s benefits. But did you know that you don’t have to be a Florida resident to contribute to a Florida Prepaid 529 Savings Plan? They offer two types of saving options. One is a prepaid plan, which includes five different plans that are only available during open enrollment and the other is 529 savings plan.
The Florida 529 Savings Plan:
The Florida 529 Savings Plan can be started at anytime with as little as $25 with a recurring contribution until you reach $250 or just $250 from the get go. I know that doesn’t sound like much but anything is better than nothing (as you can see from my situation above!)
You get to choose from the investment options because only you know how much you can afford and how often. There are a total of 11 investment options for you to choose from and you can change at any time over the years your contribution amounts and how they are allocated.
So why not sign up today and get your children’s or grand children’s college education savings account started.
Have you started saving for your kid’s college yet?
Topic: College Savings and Florida Prepaid 529 Day May 29!