Tag Archives: college fund

Music Legend Gets Overdue Honor and Unlikely Rocker Gets Overdue Recognition

Legendary Motown singer-songwriter Smokey Robinson is making history again. The 67-year-old, who is credited with shaping the once fledgling Motown record label into a force to be reckoned with in the music industry (with his group the Miracles), is receiving the United Negro College Fund’s award of excellence. The group says they decided to honor Robinson this year because he has been a longtime contributor to education and as such has helped “countless students get the college education they need and deserve.” You can see Robinson receiving the award sometime in January. The presentation was recently taped at the United … Continue reading →

Adults can save for college too!

Thinking about going back to school? Need a new trade, like mechanic, hairdresser, computer analyst? A college savings fund can help you make your dreams come true – without going into debt for school! Adults can open a 529 college savings fund – for yourself. You don’t have to be a kid to save for college. Maybe you are twenty something, newly married, have a child and are thinking about going back to school in a few years after the kid is grown a bit – but you aren’t sure if you’ll be having more children, therefore putting off the … Continue reading →

Does my age shape my spending?

How do your money priorities change as you get older? As a teenager we want to buy a car, get out on our own, maybe pay for college. Later in life we want to buy a home, and pay off college debts. How should we change our budgets as our needs change? Obviously as a young person, you’ll spend more on home ownership, raising a family, and ‘toys’. As you get older, you will be more concerned with college expenses for your children, your aged parents, and your own retirement. We still want to buy toys, (bikes, skis, snowshoes and … Continue reading →

Small or Big, where do I watch my pennies?

Should you sweat the big stuff or the small stuff when starting out? What a great question I received from a friend, and I’ll try to answer simply. Both of course. Watch both the pennies and the dollars Ok, but that may be easier said than done – after all, your starting out and want to pull your finances in line, but everything seems so, well, daunting! I’ve written about baby steps to take when you are starting to plan a budget, but what if you have to start even smaller than that to get yourself motivated? Here’s what Hubby … Continue reading →

Number Crunching: A College Fund

My daughter is three. We are going to open her a 529 savings college plan with a $1,000 initial deposit into it. We plan on putting $500.00 per year in to the plan for the next fifteen years. That is only $42.00 per month. (ok, it is really $41.66 per month). We can handle that. We’ll plan and budget for $500.00 per year, probably for a summer deposit, so it doesn’t come over the expensive December month. Since this is a 529 plan, the money will not be taxed. So, how much will she have for college? Can you figure … Continue reading →