Jessie Jimenez

Other ways to help kids after high school

Back to School 2

While our budgeting experiments are going at Cashtoons, we decided to dedicate this first post in September to that end-of-summer season of anticipation, excitement, and maybe a little nervousness: Back to School!
This post is for all the parents out there. Consider opening a 529 account for your kids if you haven't yet.
<img src="/images/September2022.jpg" alt="529 account">
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You can open an account with $25.
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Even a few hundred dollars in a 529 account can make it 3 times more likely that a kid will go to college, and make them over 4 times more likely to graduate.
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College is not for everyone. 529 money can be used for a wide range of continuing education: vocational schools, culinary schools, cosmetology schools, golf academies, dance or ballet schools, etc.
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If your child gets a scholarship, you can withdraw that amount of money from the 529 account without paying a penalty. (You will have to pay taxes on it.)
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It takes less than 10 minutes to set up the account.
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Sources
<img src="/images/sources1.jpg" alt="sources">
https://www.oregoncollegesavings.com/
https://www.washingtonpost.com/business/2019/12/12/even-if-your-child-is-just-few-years-away-college-its-not-too-late-fund-plan/
https://www.edmit.me/blog/where-can-you-use-a-529-plan