Tag: college savings

The 4 Best Ways to Save for Your Child’s Future: Pros and Cons Explained

Written by Zachary Morris, CFP® on January 5, 2025.

In this video, I’m breaking down four popular ways to save for your child’s future—from college savings to long-term investment accounts—and weighing the pros and cons of each. If you’re exploring options for your family, understanding these choices can help you create a plan that aligns with your goals and your child’s needs.

We’ll discuss 529 plans, UTMA accounts, Roth IRAs, and Joint Accounts, covering their unique features and tax benefits, along with any potential drawbacks. From education savings to general-purpose funds, you’ll get a clear picture of which option might work best for your family’s needs.

What GRANDPARENTS Don’t Know About 529 College Savings Plans

Written by Zachary Morris, CFP® on December 16, 2024.

IIn this video, we’re diving into everything grandparents need to know about 529 plans—a powerful tool for supporting your grandchildren’s educational future. 529 plans are tax-advantaged savings accounts designed for education expenses, and they offer unique benefits that can make a big difference over time. But there are important rules, benefits, and strategies to be aware of if you’re a grandparent looking to contribute to your grandchild’s college fund.

Starting a Family: Budgeting for New Parents and Future Education Costs

Written by Jeff Diamond on July 22, 2024.

Explore our essential tips on budgeting for education to help strengthen your child's financial future from the beginning.

Starting a family can be a beautiful and significant phase in life marked by immense joy, but it also comes with profound new responsibilities. Among the most crucial responsibilities for new parents is financial planning, since adjusting to life with a little one involves not just changes to daily routines, but also in how you manage your finances. To set your growing family up for success, it’s important to begin organizing your everyday expenses and budgeting for education costs early on. If you’re a new parent or planning to start a family soon, below are some practical guidelines to help manage your finances effectively as you navigate the exciting yet challenging journey of parenthood.

Navigating Parent PLUS Loans: Strategies for Repayment and Retirement Planning

Written by Zachary Morris, CFP® on August 23, 2023.

Parent PLUS loans allow parents to assist their children in affording college but keep these considerations in mind.

Tips to Balance Multiple Priorities and Help Maintain Your Future Financial Security

As college students head back to campus, college financing options are an important topic of conversation for many families, and that includes Parent PLUS loans. These loans are designed to allow parents to support their children in their pursuit of higher education, and they have become a significant financial consideration for many families. As the cost of education continues to rise, parents often shoulder a substantial portion of the financial burden. In this article, we’ll explore the intricacies of Parent PLUS loans, discuss the challenges they pose, and share strategies for repayment and long-term financial planning, including retirement considerations.

The Cost of College: 5 – 10 – 15 Years from Now

Written by Zachary Morris, CFP® on September 7, 2020.

As Educational Costs Continue to Rise, Parents and Students Must Be Prepared

Saving for college can seem like an uphill battle, especially given that costs have risen an average of 5 percent annually for the last decade. Accumulated College Board data for the 2019-2020 academic year showed an average cost of $21,950 as an in-state student at a state school, and a whopping $49,870 for a private school. Doing the math easily reveals that four years at any school will cost a pretty penny, especially if your children aren’t close to college age just yet.

Assuming cost trends continue, parents and prospective students will face steep tuition bills in the future.