62.6 F
Fredericksburg
Thursday, October 28, 2021

Buy now

College Saving Made Simple (and Tax-free!)


college-saving-simple
What steps are you taking to prepare for making your children’s higher education a reality rather than a grave undertaking?
As a parent, the very thought of how my son will pay for higher education has kept me up at night. When our son was just 2 years old, my husband did some research and then set up a Virginia College Savings Plan — or VA529 — to help prepare our family for the extreme increases in tuition costs at public, four-year institutions. The VA529 will at least give our son the monetary support for higher education in an affordable manner and give us peace of mind.

We started our son’s VA529 with $2,000, and each month we purposefully set aside a few hundred dollars to add to the plan. As Virginia taxpayers, we are able to deduct up to $4,000 per year, and this holds true for each account, if needed, with an unlimited carry-forward. And as an added bonus, these earnings grow free from federal tax.

We are lucky to live in Virginia since VA529 has emerged as a premier 529 Plan in the country and has several unique programs with many options to match our savings strategy and style. Choose from Virginia529 prePAID, Virginia529 inVEST, CollegeAmerica, and CollegeWealth. Research each program and decide which one is best for you on the Virginia529 College Savings Plan website at http://www.va529.com/index.php.

We chose Virginia529 inVEST because it was really the only option that fit our needs since we didn’t want to pre-pay, didn’t have a financial advisor and we already had a savings account. Virginia529 inVEST allows us to save money in a variety of investments managed by professionals and is tax-free.

No matter your child’s age, start talking about college costs and create a savings plan today.
Nikki Ducas is a Fredericksburg mom who is financially vested in her son’s future.

Nikki Ducas
Nikki Ducas is a freelance writer and for the past 8+ years writes the money column for Fredericksburg Parent & Family Magazine. She has lived in Fredericksburg for 16 years with her husband and is a homeschooling mom to their two boys. Nikki enjoys hiking, knitting and her other side hustles of pet sitting and event management.

Related Articles

The History Behind Your Favorite Halloween Candies

Dressing up as your favorite superhero or princess is fun, but Halloween is all about the candy. Some of our favorite Halloween candies have...

5 Spooky & Sweet Halloween Recipes [with Recipes]

Get the whole family in the kitchen with these fun, no-bake Halloween treat recipes! Little ones will love sprinkling goodies onto the White Chocolate...

ASK MOM: Son Upset When Routine is Disrupted

Son Upset When Routine is Disrupted by Mary Follin and Kristi Crosson THE PROBLEM: When my son was a baby, we kept him on a tight...

Stay Connected

11,622FansLike
0FollowersFollow
2,416FollowersFollow

Sign up today!

* indicates required



FredParent eletters


Latest Articles

The History Behind Your Favorite Halloween Candies

Dressing up as your favorite superhero or princess is fun, but Halloween is all about the candy. Some of our favorite Halloween candies have...

5 Spooky & Sweet Halloween Recipes [with Recipes]

Get the whole family in the kitchen with these fun, no-bake Halloween treat recipes! Little ones will love sprinkling goodies onto the White Chocolate...

ASK MOM: Son Upset When Routine is Disrupted

Son Upset When Routine is Disrupted by Mary Follin and Kristi Crosson THE PROBLEM: When my son was a baby, we kept him on a tight...

Mary Washington Healthcare Provides Breast Cancer Care with a Focus on the Whole Patient

One in eight women in the United States will develop breast cancer over the course of her lifetime, according to the American Cancer Society....

Dadding at Snead’s Asparagus Farm

It’s official, people: fall is here. And fall means pumpkin patches and PSLs, at least if you want to believe my wife’s pajama shirts....