savings_stories_JACQUEMIN

Can't believe it's been over 25 years since we made the best decision for our family. We were a very busy young family with four children, very close together in ages.  In 1990, my husband, Jack, was a high school teacher and I was a registered nurse. The kids would have been 6, 8, 8, and 10 (yes, twins in the middle). We knew the potential of having three kids in college for four years in a row was a very overwhelming possibility. We so hoped for that possibility to come to fruition as we knew the importance of an education . . . but at the same time we knew how much that would cost. That, in and of itself, made us think of every penny we spent.

Jack and I came from very different backgrounds.  He paid for his own college education, even withdrawing for a period of time to serve our country via the National Guard.  I, on the other hand, had college paid for by my parents.

Budgeting for the education of our four children needed to be a priority. We wanted to invest in their future education in a way that wasn't so overwhelming.  Jack remembered the chunks of money he needed to pay his college tuition bill. I remembered my Dad writing the checks to cover mine. We knew college for our kids would have to be creatively financed by parents AND kids. We both agreed that CollegeAdvantage was the best way for us as parents to save by utilizing payroll deductions. With payroll deduction, we could save in reasonable amounts that would add up over time. As our salary increased, that money was redirected into our CollegeAdvantage savings accounts.

We knew that the kids would have to contribute, too. So, we encouraged a good work ethic, not only saving money for college but the value of earning good grades with the hopes of scholarships, grants, and other opportunities for higher education. All four children utilized their personal savings, scholarships or grants, and CollegeAdvantage to pay for their higher education, thus investing in their own future.

Our children are now adults of whom we are very proud.  We have wonderful sons and daughter-in-laws, and ​four grandchildren. We continue the importance of saving for a higher education by contributing to our grandchildren's college funds.

Thank you for this opportunity to help me reflect on my blessings in life and how Jack and I are honored to be their parents and grandparents.

Linda Jacquemin

Hamilton, Ohio

Original published April 17, 2015. Information has been updated.
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529 Short Course: New Parents

5 things every new parent needs to know about saving for education

  1. Why Ohio 529?
    529s are specifically created for higher education savings. Unlike a traditional banking account, a 529 account benefits from tax-free earnings and tax-free withdrawals. For Ohio residents, there is also a state income tax deduction for those contributions.
  2. It’s simple to start.
    You can open your 529 account online in minutes with as little as $25. With ready-made portfolio options, you don’t have to be a financial expert to feel confident in your savings plan choices.
  3. Set it and forget it with automatic deposits.
    The sooner you start saving, the longer your account benefits from the Ohio 529 tax advantages as well as compound interest. Many new parents take their 529 contributions off their to-do list by setting up small automatic deposits from either their banking accounts or paycheck. Also, with our ReadySave 529 app, it’s also easy to track and adjust your account right on your mobile device.
  4. Save for college, career training, and more.
    Ohio 529 can be used at over 30,000 schools of all kinds, nationwide, including universities; community colleges; trade, technical, and vocational schools; certificate programs; and apprenticeships. Your Ohio 529 account can also pay for K-12 tuition at a public, private, or religious school. And, if it’s not needed for educational expenses, you can now roll over your 529 to a Roth IRA.
  5. Others can help.
    It’s easy for family and friends to contribute to your child’s account and receive tax benefits for themselves. You can share your account’s unique Ugift number with others to contribute online without creating their own 529 accounts. Those who live in Ohio will also receive a state income tax deduction for their contributions. Also, you can sign up to have reminder emails sent to you and loved ones for the big milestones in your child’s life.

Hoping to find gold at the end of the rainbow? If you are saving with Ohio 529 CollegeAdvantage, you have the benefit of Ugift with your account, which is savings gold.

Ugift makes it easy for others to give to your Ohio 529 account. With Ugift, you generate a unique code which allows loved ones to contribute to your Ohio 529 savings plan without needing the actual account number. Once they have the Ugift code, your friends and family can visit Ugift529.com to make their online gifts directly to your 529.

When friends and family ask for gift ideas, share that you are saving for your child’s future education with Ohio 529. Then invite them to join in with gift contributions to your Ohio 529 account with Ugift. After all, a gift for your child’s education will truly last a lifetime.

The quickest and easiest way to pass along your child’s Ugift code is with the ReadySave 529 app, which you can access as an Ohio 529 CollegeAdvantage account owner. At the bottom of every page is an Ugift icon. Click on the gift symbol to view your Ugift code which you can send immediately as an invitation via texts, emails, and Facebook/Instagram chats from your phone.

Or log into your account online to view your child’s Ugift code to send to family and friends who would like to give the gift of education.

The Ugift code doesn’t expire. Which means whenever there is an occasion to celebrate­ like baby showers, holidays, birthdays, graduations, and special achievements, your family and friends can give to your Ohio 529 account. And they can choose to contribute as much as they want whenever they want. It can be a one-time gift or recurring gift; all they need is that Ugift code. Your loved ones’ contributions - whether big or small – will add up over the years. Added to the power of compound interest, these gifts will power your 529 savings to cover even more college and career training costs.

An added bonus for gift givers who live in Ohio: They are also eligible to receive a state income tax deduction for their Ohio 529 gift contributions, up to $4,000 per year, per beneficiary.

To learn more about all of the gifting options with Ohio 529 and order cards for special occasions, visit  529 Gift Central.

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