What can I say, I didn’t think it would happen, but my 529 Plan finally grew.
When I first signed up for the plan in 2015, I would check my status every month to see how the plan was doing. My son at the time was almost 2 and I was very anxious to get his college savings plan moving as I felt I was already late in the game by starting when he was already 2! I was lucky enough to get my savings plan with the State of Nevada through my employer at the time.
I was given the opportunity to start my plan with only $50 to start and contribute only $50 a month. My own personal savings was dismal at the time, so this was perfect for me as most 529 plans require you to begin the plan with at least $3,500.00. My $50 plan through the state of Nevada understandably took a while to show any promise because of how low I was starting with only $50. In year 2, my monthly contribution increased from $50 to $100, which was hard, but I did seem to more financially stable than I was the year before with many of the milk and diaper expenses behind me.
Nowadays, I just wait to receive my quarterly statements to check on the progress of my plan. In 2019, my plan has blossomed into over $8,000.00 with my monthly contribution still only being $100.00. I am happy with my progress, but do have plans to try to do some year-end contributions at the end of 2020 to give myself a boost, providing that I keep saving sufficiently in other areas of my finances. I now have another 2 year old son, so I want my savings plan to be able to help both of them attend a great college one day.
It’s easy to sign up for a 529 plan with your state. I actually live in Washington, DC but have a plan with the state of Nevada, because the Nevada plan allows your child to attend school anywhere in the US. This was a big deal in 2015, however, nowadays most 529 plans allow your child to attend school out of state and some even allow you to use your 529 plan funds for middle and high school tuition expenses and for yourself should your child decide not to attend college or receives a full scholarship.
I’ve learned so many amazing things about 529 plans from Savingforcollege.com. You can sign up for their newsletter there as well. Happy College Saving!
Vanguard Investment for the State of Nevada – Investor.vanguard.com.
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