Applications for a direct-sold plan, which is purchased from the plan’s sponsor or program manager, can take minutes and some states allow plans to be opened with as little as a penny. Many plans have options available where investments change automatically as children age.
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There’s more than one way to save for college. Many parents sock away college funds in tax-advantaged investment accounts called 529 plans, but there are other account options with tax benefits available.
New York City-based financial planner Stacy Francis says the money in accounts called Uniform Gifts to Minors Act or Uniform Transfers to Minors Act accounts can pay for things 529 plan funds aren’t eligible for.
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When it comes to understanding complex topics, people are often urged to keep it simple. But when it comes to paying bills, keeping things simple can be complicated.
After all, automation only works if you always have plenty of money in the bank and you keep track of miscellaneous purchases so you don’t overspend. You may also find that a few of your regular expenses can’t be paid with credit cards, such as babysitting or your child’s piano lessons. Some establishments may not accept online billing payments from your bank. It’s hard to bank in the 21st century when plenty of people, maybe yourself included, still live in the 20th.
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July 14, 2014
“Working two or three more years can make a big difference to your financial picture,” says Avani Ramnani, director of financial planning at Francis Financial in New York. “Essentially what a few extra years does is give you additional savings, and it grows over that period of time and can support your expenses later on.”
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April 2, 2014
“‘When planning withdrawals from 529 plans, make sure it’s for qualified education expenses such as tuition and textbooks,’ says Avani Ramnani, director of financial planning and investment management for New York City-based wealth management firm Francis Financial.”
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October 9, 2013
“‘You also have to keep the insurance price in mind,’ Francis says. ‘Insurance premiums increase with the value of a vehicle. The more expensive the vehicle is, the higher the annual insurance costs.'”
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November 14, 2012
Saving for multiple children in one account generally isn’t a good idea unless their ages are at least four years apart, says Stacy Francis, a New York-based certified financial planner.
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