(March 5, 2021) - Many descriptive words come to mind when we think about the past year. One word that has possibly eluded us though, is “lucky”. We haven’t had much luck on our side, have we? The ones who could really use a little luck, are our kids. Between school closures, having to remain “socially distant” from their friends, and life as they know it flipped upside down, it has been a long year for them. We have encouraged them to keep going, continue to work hard, and that circumstances will eventually change. A little luck dealing with this pandemic sure would be nice. But when it comes to one day funding their higher education costs, you won’t want to rely on luck.
Scholarships, grants, and gifting can all help pay for your child’s future education costs. If your kids are lucky, they will receive one or more of these alternative funding sources. As a parent, saving what you can now, will help limit the burden of debt for your child when they accomplish their dreams. Did you know that putting away a mere $10 a week from birth until they graduate high school can amount to more than $15,000 in savings? And that’s before interest.
One of the best ways to prepare and plan ahead is with Washington College Savings Plans (WA529). GET and DreamAhead are tax-advantaged accounts that can be used to pay for qualified education costs, at universities, colleges, apprenticeship programs and even qualified K-12.
You don’t have to leave your child’s dreams to chance. Take control, set goals and set them up to succeed. By planning with WA529 now, you can be their lucky charm in the future.