Everybody loves the summer, especially the kiddos because school is out.
And when school’s out, it also means that families leave town for extended vacations. It could be to a fun location instate, a new location out of the state, or maybe an adventure in a distant country. No matter where we go, there is something that we all have in common: we saved a lot of money to ensure our families would have an amazing time.
And we never think twice about it, right? We saved money in the past and present to enjoy moments in the future with our kids. That’s usually how it works when planning vacations. But what about planning for other aspects of our kids’ futures?
Oftentimes we look into the eyes of our children who haven’t learned to walk or are about to enter kindergarten in the fall and we think, “Wow, I just want to keep them young forever.” Sadly, that’s not the reality. Before we know it, they’ll be visiting colleges and we’ll be wondering what hit us.
If we’re going to put away some money to plan an epic vacation, we should do the same to ensure our kids have epic futures. And it is SO easy to do by setting up a 529 investment plan. What is a 529 investment plan, you ask? Basically it’s a tax-free college tuition plan that you can set up for your kiddos to use for qualified expenses.
We all know that college can be expensive, but saving for college doesn’t have to be overwhelming. That’s why I opened a ScholarShare 529 account for my daughters for only $50 total. Yep, that’s it.
Yes, by all means we should enjoy lavish, fun, and exotic family vacations this summer, but my suggestion is to keep a small amount of cash aside to open a 529 account. It only takes $25 and 15 minutes of your time. For the price of two exotic island drinks (and the time it will take you to drink them), you can set money for your kids’ futures. That’s totally worth it if you ask me.
When it comes to being a dad, nothing is more important to me than securing my daughters’ futures. A fun summer vacation is great, but not nearly as great as knowing I’m doing my part to help them become successful.
This post is sponsored by ScholarShare, but all opinions are my own.