Saving for a trip?

So what do you know? Graduation is right around the corner and you don’t know any idea of what to do with yourself now. I have an idea. How about a much-deserved trip to a place that you have never been? Sound like something you would want to do? Well that is exactly how I felt. When I graduated college in May of 2009, I found myself in the position of having the desire to take a trip but found myself short on money to do actually take a trip. I turned to Gimmepleez to share my goal with family and friends. What I did is I made a small print out listing the website and my goal, and I included it with my graduation invitation. That way, when family and friends got the invite to come to my graduation or maybe just an invite to the after party, they knew exactly what I wanted without even having to think about it. It was like, wow, Jon is finally graduating from college, and look at this, he is trying to save for a trip to Italy. What better way to share a savings goal than during a time when family and friends are already planning of getting you a gift. It worked great from me. I raised nearly $1000.

Jon Evans

What's your dream?

Obstacles are those frightful things you see when you take your eyes off your goal. Henry Ford

Gimmepleez Contest

Hey, check out our contest on Twitter at twitter.com/gimmepleez.

Thanks,
Wayne

Parents; What can you control about your child's college future?

1. Start saving as early as possible. Waiting until your kid hits 16, has a 3.8 GPA, and says he/she wants to be a doctor is not a good move. Starting to plan and save early (infant is the best) gives you and your child the best opportunity to have all the funds needed when college time comes.

2. Be financially upfront with your kids. Letting your children know how much money will be afforded to them for college is hugely important at a young age. Let them know that any amount above what you have for them will need to be earned via scholarships, savings, and student loans. The younger they understand this the sooner and harder they will work on those things.

3. Share all the options with your children and make suggestions or recommendations. In my last blog post I spoke about 2 year colleges. Make sure you little ones know and understand the impact behind this decision.

4. 3 year college degree programs are becoming more and more available. In our current economic state, this should grow as a trend, not decrease. A 4 year degree in 3 years will save roughly 25%.

5. Finally, let friends and family help. During gift giving time, perhaps let family donate into a college savings account. Over the course of many years, just one birthday present annually from grandma could have a huge impact in a 529 or other savings product. Don't be shy about asking. Trust me, the people in our lives are always wondering what to get us for bdays, holidays, graduations, etc. They will thrilled for you to share this since it is such a good cause.

Too late to save for college, what now?

Each week I have been talking about 529's and a few other ways to save for college. Well, if you happen to be in college now or are going to be in the very near future, what can be done to help with this great expense? Research, plan, and make some tough decisions.

A four year private university can charge well above $35k. The average cost for a 4 year Private is up this year to just over $26k. However, about 20% of students pay less then $18k. This is because of the $170 billion in financial aid that is currently available. As a matter of fact, the average grant aid for a four year private college is over $14k per student. Research you grants and aid. You MUST see what is available for you.

The decision making process; is a private college the only college for you? We all know that state college costs have risen sharply as well. Up 6% this year. This rising cost is still significantly less money then the private option. As a matter of fact, taking no grants or aid into play, private college is on average 375% more expensive then a public institution. Will you get nearly 4x the education? Thats for you to research and decide.

And finally, to take this one step further, Community College. 1/3 of all full time college students attend public two year colleges. I did! And after two years I decided college was for me and I needed to move on to a 4 year. I decided what I wanted to major in. And I decided where I wanted to go. This two year college decision for me showed me the way and saved me about $10k vs. going to the state school from the start. I graduated 12 years ago. Imagine what the cost savings would be today.

Do your homework and research the heck out of schools, and what aid is available to you. Plan the best you can. My plan sort of worked itself out along the way. Then, make the best decision for you and your needs. I believe college is for everyone. Hopefully everyone can find a way to go!

Wayne Weber

Save for college, but how?

Today, there are so many different ways to save for college. It seems so confusing and now I know why my four sisters struggle to find the best way for my eight nieces and nephews.

529's are by far the most popular choice. Are they good for everyone? Two of my four sisters use 529 College Savings Plans for their kids and are doing a great job with them. They have automatic deposits that go in, add money during bonus times and increased cash flow, and seem to be a good promoter of the plan during gift giving time. Let's face it, grandma's $10 cash gifts go a long way when your seven. However, the dent they make going into a 529 over 15 years is incredible.

One of my sisters is married to a finanical wiz. His version of a 529 plan is a well diversified portfolio that carries as many tax benifits as possible. I'm quite sure his college saving plan will do great and hope that it outperforms any 529. If you carry this expertise and have the time, private investing is a great choice.

And finally, the "good luck kid" approach to saving for college. Many adults have had to do it on their own. Scholarships, grants and loans are all great tools and resources. There is something to be said about "earning it, all of it"! Just know, college is expensive and is not getting any cheaper. My wife and I still pay her student loan after 12 years. It's a small loan and carries a 3.5% interest rate. Today the loans are way bigger as well as the interest rates. What was once a cell phone bill to pay off a student loan is now a mortgage payment.

529 plans are not for everyone but certainly for most. If helping your children save for college is your plan and you think a 529 is for you, ask for help. Ask your friends with kids. Read the plans available in your state. Make sure you know what is right for you first! And when all else fails and your still at a loss, ask a finanical professional.

Wayne Weber

What's your dream?

Heal the past, Live the present, Dream the future.
Author unknown

Saving for college without a 529

Uniform Gift to Minors, Education Savings Accounts, Taxable Accounts... Is one a better option for you. Great read. http://tinyurl.com/yzygffr

Saving for college?

Beat that tax man saving for college. Here are the advantages.
http://tinyurl.com/y9er5c9

Different kinds of 529 Plans

There are two types of 529 plans. College savings plans and prepaid tuition plans. Which is right for you? http://tinyurl.com/yjcyp9m

Saving for college in a recession

Here are some great tips for saving money for college. Looks like a 529 is your friend.
http://tinyurl.com/yc943dv

Great college saving calculator

Starting to save early is the best advice. Here is the best calculator I have seen. http://tinyurl.com/yghtt5g

Tips for parents cutting college costs

Have a child going off to college soon? Here is a great read with 12 tips for cutting college costs.
http://tinyurl.com/y8vt2us

Save for college early

Studies are showing that parents with younger children are saving more. Great to get started day one!
http://tinyurl.com/ydvceo2

Need to pay for college

Here is a great resource to have while planning and saving for college tuition.
http://tinyurl.com/yb29zxd

College in your child's future?

Here is a very cool straightforward guide to a college savings 529.
http://tinyurl.com/yahkw6g

What's your dream?

Dream big and dare to fail.
Norman Vaughan

Too late to start a 529 Saving Plan?

When is the best time to start a college savings plan? What are the benefits?
http://tinyurl.com/ybwwuj9

Saving for college made simple, a 529.

Investing in your childs future is as easy a savings account. A 529 is a savings account with so many benefits. Here are the basics. http://tinyurl.com/6749dg