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September is already upon us and the school year is back in full swing! Moms everywhere are already tired of packing lunches, helping with homework, and scrambling for outfits every morning.
But the thing is is that the end of the school year will be here before we know it. And then another Summer will fly by. Then we’ll be starting another school year. And soon enough, those kids we were sending off to kindergarten will be graduating high school. It will all happen before we know it.
As a parent still struggling with their own student loan debt, I knew I wanted to set my own children up for success from the start. So Chad and I started a 529 Plan for Ari when he started school.
What is a 529 Plan?
A 529 Savings Plan is a lot like a 401k. It’s an easy, tax-friendly way to save for your children’s higher education. Ohio’s 529 Plan can be used across the country for 2-year and 4-year programs as well as technical schools.
Ohio’s 529 plan makes it incredibly easy to open and start saving for the future. They offer tools like the College Savings Planner to help you figure out how much your investment will impact your students’ future education. You can also check out this Cost Of Waiting Tool to see just how inaction can negatively impact your higher education finances.
Right now my first grader wants to be a YouTuber. But, heck, at his age I wanted to be a singer. Things change… quickly. In 5 years he may want to be a doctor or even a welder. Who knows.
But I do know that he will have options. He can decide whether a two or 4-year school is in his cards. He can decide if a trade school will be best for him.
It’s so easy to get started.
There are only a few things you truly need to start Ohio’s 529 plan.
- Your ID, social security number, telephone number, address, your date of birth, and your mothers maiden name.
- The telephone number, social security number, address, and date of birth of your successor (someone to take over the account should something happen to you).
- And lastly, the date of birth, telephone number, address, and social security number of the person you’re saving for.
That’s it. Easy peasy, right? Exactly.
So why wait?
Don’t. Give your children the tools they need to be successful. Engage them in learning and nurture their passions. But also provide them with the financial support they will need in the future, now.
Click here to get started with your very own Ohio 529 Plan.