Saving for College Made Easy by ScholarShare College Plan

In my early thirties I probably read through about every investment book I could get my hands on.  The Automatic Millionaire by David Bach and The Millionaire Next Door by Stanley and Danko are some of my favorites because they taught me that making money and having financial freedom is something that can be done – by just about anyone – with diligence and consistency.  I was, and still am interested in maximizing the money earned by my family because for me, money represents freedom.  Freedom to live the life you want.  I’ve come to a point in my life where I don’t want the expensive designer clothes (unless I get them at a steal!), big house, fancy cars, but would rather put our money into investments and savings plans that will support a lifestyle that will include travel, our future (a second home in Montana is my dream) and our daughter’s college education.

One of the most important things I have learned is that financial security can come to those who keep plugging away money each month for their future.  In The Automatic Millionaire, David Bach writes “how much you earn has almost no bearing on whether or not you can and will build wealth.”  His point is that part of building wealth is automatically putting aside money each month (pay yourself first) and into plans that will help you save money (tax-advantaged investments).

One viable way to help save for college is ScholarShare, a California’s 529 College Savings Plan, which is a state-sponsored, tax-advantaged investment vehicle designed to help and encourage families to save for future qualified higher education expenses.  Part of our financial planning is putting money into vehicles that allow us to have tax advantages.  And the ScholarShare College Savings Plan is one of those vehicles!

Main features of The ScholarShare College Savings Plan:

• The ScholarShare College Savings Plan is offered by the State of California. TIAA-CREF Tuition Financing, Inc. (TFI) is the Plan Manager.
• ScholarShare offers 19 investment portfolios, giving account holders more options, depending on their savings goals and risk tolerance.
• Since its inception in 1999, the number of ScholarShare accounts has grown to more than 260,000 with over $6.3 billion in total plan assets.
• In 2014, ScholarShare helped California families meet their higher education needs, with nearly $300 million withdrawn by families to pay for qualified higher education expenses.
• ScholarShare offers a diverse set of investment options, and provides tax-deferred growth and withdrawals free from state and federal taxes when the funds are used for qualified higher education expenses, such as tuition and fees, books or even certain room and board costs.
• Any U.S. citizen, or resident alien with a valid Social Security Number or Taxpayer Identification Number, can open a new account, for as little as $25.
• Through ScholarShare’s “Give a Gift” option, parents, grandparents, aunts, uncles and friends can open a new account as a gift or make a gift contribution to an existing one.
• ScholarShare has no annual account management fee, no income limit and offers a high maximum account balance.

ScholarShare’s 529 Day Matching Promotion

• In celebration of National 529 Day on May 29, 2015, ScholarShare launched its 529 Day matching promotion, “You Start It, We Match It.”
• Open a ScholarShare 529 College Savings Account on Friday, May 29, 2015 from 12:01am to 11:59pm PT and ScholarShare will match $50 of the initial deposit.
• To be eligible for ScholarShare’s matching promotion, California families will need to:
  • Open a new ScholarShare College Savings Plan with an initial deposit of at least $50 – to be contributed and invested at the time the new account is opened.
  • Enroll in the automatic contribution plan (ACP) for the new account with at least a $25 contribution per month.
• The matching deposit of $50 will be made to the eligible ScholarShare 529 account on or before 11:59pm PT on December 15, 2015. There is a limitof one matching deposit per new ScholarShare account opened for a new beneficiary.

Take advantage of this wonderful savings plan and earn $50 just by signing up!  I like that they automatically take out $25 each month towards your children’s future education.  It might mean one less dinner out each month but just the peace of mind alone makes it worth it!   To sign up go here:  https://www.scholarshare.com/news/529day.shtml.

You can find them on Facebook: ScholarShare and Twitter: @ScholarShare529

Note: This is a sponsored post on behalf of ScholarShare. I received compensation but all opinions are my own.

Do you have concerns about paying for your children’s college education? What are some steps you could take to help relieve any stress you might feel surrounding this concern?  I am excited to announce that we will be having some financial advice, tips and suggestions from a qualified financial consultant here on dandelion moms starting soon!