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529 Day: CV-19 has Not Changed the Importance of…

May 27, 2020

The global CV-19 pandemic has reshaped our lives and thrown chaos into every element of the college process. But has it changed the way we should think about saving and paying for college?  Is this 529 Day – May 29, 2020, the year of CV-19, truly different from years past?  Not when we consider the big picture.



When you buy expensive things -- a TV, a car, a house --, you most likely take more and more time to carefully consider the risks, rewards, and probable outcomes associated with the purchase as the price increases. No one wants to waste hard-earned money. In addition to knowing the purchase price, you will likely have a good handle on the ultimate cost, including after-purchase expenses such as maintenance and insurance. This is true for nearly all consumer transactions -- except for purchasing an education.



There are many types of bank accounts that students will find useful in the coming years. We’ve already discussed savings plans specifically for college in another article, so this is an overview of some other basic financial accounts. Keep in mind, most of these accounts are Government-insured, meaning the first $250,000 of an individual’s total deposits are protected against a bank/credit union failure through the FDIC (Federal Deposit Insurance Corporation) for banks or NCUA (National Credit Union Administration) for credit unions.




While everyone loves holiday presents, one great gift parents can pass to their children is a discussion about money and making a budget. Ok, it’s not the most exciting topic, but it is one that high school and college students need to think about.  For the pre-high school crowd, a basic understanding of saving and spending goes a long way to setting them on a course for success in the years to come.