Tips, advice, and the latest news from the savings world.
By Sean Naron, Consumer Federation of America Advocacy Associate
Recently, America Saves reached out via Facebook and Twitter to find out some common questions people had about saving more successfully. With schools finally back in session and the official start of fall right around the corner, many concerned parents have asked about college savings plans, specifically, the benefits of what is commonly known as a 529 savings plan.
What is a 529 plan?
Originally designed to be the collegiate equivalent of a 401(k), a 529 qualified tuition program (QTP) is a state administered tax-advantaged investment plan designed to allow families to prepare for the cost of college over a period of time.
You’ve already set your budget and savings goals for September and have been keeping track of how much you have spent – now what? Now it’s time take another good hard look at your monthly spending. If you didn’t start the 30 day challenge with us at the beginning of September, it’s not too late to join. This week is a crucial week to check in on your finances. You might find yourself in a position where you are right on track with your spending. You may even be able to put more into savings or towards your goals than you thought.
But if you’re anything like me, this is the week you need to figure out how much money you have left to spend – and it may be less than you thought you would have.