Image courtesy of Curt Smith
Here it is May 29, which the 529 Savings Account Programs use as a great excuse to market themselves.
And while I'm as suspicious as the next person about made up marketing holidays, I do believe whole-heartedly in taking a moment on 5/29 to think about your kids' 529s. Is your college savings where you want it to be? Have you been procrastinating on opening that college savings account? Have you and your partner talked about what you plan to pay for in terms of your child's college education?
I would suggest that you use today as an opportunity to quit procrastinating:
- If you haven't talked about college savings, bring it up over dinner. And if you have older kids, make sure they are part of the conversation. They might have some excellent suggestions, and they will certainly benefit from knowing where you all stand and how college savings will work in your family.
- If you've been putting off opening a 529, take 15 minutes today to do a little research on how to get started. Savingforcollege.com is an excellent resource.
- If you already have a 529 set up for Junior and Sis, look at your budget today and see if you could make a one-time contribution today or if you can increase the amount you regularly contribute.
For me, I'm going to take $50 of my fun money to put in LO and BB's accounts. I won't miss the money, and it will put each kid's account $25 closer to the level where they can afford to go to my alma mater in 15 years.
What will you do to commemorate 5/29?