Seven Things You Didn’t Know About 529 College Savings

Most 529 Twitter Party

 

When your children are young, your top priorities are getting dinner on the table, scrubbing grass stains out of baseball jerseys, and remembering to take the trash can to the curb (because smelling those diapers for another week is NOT an option).  It seems like a lifetime will pass before they make it to college, and figuring out how to pay for it is the last item on your to do list.  Then, in what feels like the blink of an eye, you’re filling out college applications and financial aid paperwork.

Missouri (along with many other states) offers a 529 plan to help you get a jump start on your college savings.  A MOST 529 plan can be set up in as little as 10 minutes and provides some pretty awesome benefits to both the account holder and beneficiary.

  • It’s FREE to open!  That’s right- there are no fees to create your MOST 529 account.  You can easily open one online here:  Open a MOST 529 Account. 
  • Even though your account is state specific, the benefits can be used at any eligible university or college in the United States or abroad.
  • If you’re an account owner and you live in Missouri, you can deduct up to
    $8,000 ($16,000 if you’re married filing jointly) of your MOST 529 Plan
    contributions when you file you state income taxes.
  • You can contribute up to $14,000 ($28,000 if married filing jointly) per year without triggering federal gift tax. You can contribute up to $325,000 total with a MOST 529 plan!
  • A 529 plan isn’t just used for 4-year degrees.  It can be used to pay for any eligible 2 or 4 year college, vocational or trade school, or even postgraduate studies.  This can also be used on some housing, textbook, and even computer costs!
  • You can set an account up for virtually anyone that has a valid social security number: children, cousins, grandchildren, nieces and nephews, or even yourself!
  • Qualified withdrawals are tax free, too! If the original beneficiary decides not to continue their education, you can transfer the benefits (with no penalty)  or withdraw the balance (penalties and taxes will be assessed upon withdrawal).

On Wednesday, May 25th  at 1:00 p.m. CST,  we’ll be co-hosting a Twitter Party with experts on the MOST 529 plan.  You can follow me on Twitter HERE or with the handle @SensibleFamily   We’ll be using the hashtag #MOSave4College and will be giving away some great prizes!

Organize all of Your Daily Deals Purchases with Couptivate

If you’re like me, you’ve got daily deals vouchers from sites like Living Social and Groupon strung everywhere.  Couptivate is a new service that will organize those vouchers for you and even send you reminders when they are close to expiration.

Click here to get started: Sign up for Couptivate

Who wouldn’t want your vouchers to look like this:

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These Great Resources are Still Available with FREE Signup!

 

I just wanted to remind you about all of the great free financial tools I’ve posted recently.  I use each and every one of these- for those of you who want to save like I do, sign up!

AboutOne Digital Organizer Use this to track your crazy schedule!

Credit Sesame offers free credit and debt management tools and tells you your credit score!  I got an alert yesterday that there had been a change in my credit report.  So nice to know it immediately.)

Food on the Table  This is a  free menu planning site that allows you to select recipes based on your store’s sale items, time constraints, ease of prep, etc.  It is so much fun, so beneficial, and so FREE!

Lemon is a free expense and receipt tracking tool.  It lets you scan, photograph, or manually add in your receipts to see exactly where your money is going.  If you’re trying to get a grasp on your budget, you NEED this one!

Manilla is a web based budget management control software.  You can use one password for all of your bills, financial, rewards, and subscription programs.  Everyone has so many accounts these days, it’s very helpful to see it all in one screen!

 

This is a sponsored conversation written by me on behalf of Manilla

Get Your Finances On Track | Try Manilla for FREE!

If getting your finances on track is something you struggle with, or you’re just looking for ways to save time while maintaining your budget, Manilla is an appropriate solution.

Manilla works as an online filling system that allows you to store all of your accounts, passwords, statements, and more in one location.  This will help you see all balances at once and avoid paper clutter. 

To sign up, click here: Sign up for Manilla

"This is a sponsored conversation written by me on behalf of Manilla."

FREE: $25 When You Open a Kid’s Savings Account or $103 When You Open Checking at ING

We have used ING Direct for years for our savings accounts.  They offer a decent interest rate, automatic transfers, and great customer service.  There are no fees associated with their savings accounts, either! 

I love that you can create several sub accounts and label them whatever you’d like.  If you want to save up for a vacation, set up a ‘vacation’ account and automatic regular transfers. 

Today only, they are offering a free $25 credit when you set up a new kid’s savings account and make a deposit (you can go as low as 50¢).  If you are new to ING altogether, you might find that they want to verify your bank account information.  In order to bypass this, give them a call and they will give you a one time use code to avoid that.  In order to take advantage of this, either you or your kiddo must be a new customer.

Also, in order to get a FREE $103, all you need to do is set up a free checking account and make 7 debit card purchases within 30 days.  Easy enough, huh?

Here’s how you need to get started:

1. Click here:  ING DIRECT

2.  Click ‘Learn More’

3.  Click on the ING Direct logo in the upper left corner.  It will take you to a page that has the same picture as above.

4.  Click on ‘Learn More’.

5.  Select ‘Earn $103’ or ‘Open a Kid’s Account’ (or both!)

6.  Complete the registration process.

7.  To get the $103, you’ll have to make 7 debit card purchases within 45 days.  Make sure you add enough $$ to do that!

This is a SUPER easy to set up a savings account for your children.  If you schedule a $2 deposit once a week, you will have nearly $2,000 saved up by your child’s 16 birthday (if you start as an infant).  That ought to buy a starter car!