Take the College Savings Pledge with MomsLA & Scholarshare
This post is part of a campaign sponsored by Scholarshare. It’s the first in a series of four posts during College Savings Month. Check back each week to read the rest!
September is College Savings Month, and to kick it off with a bang, MomsLA is helping get the word out about Scholarshare’s (California’s 529 College Savings Plan) Annual Sweepstakes. This year, each week in September, Scholarshare will be giving away 5 – $500 prizes to be used for college savings (a total of 20).
To enter the sweepstakes, you’ll need to take the College Savings Pledge, which means you’ll promise to save money each month for college, even if it’s just $25, because once you get in the habit, you’ll really start accumulating the dough!
What’s great about a 529 College Savings Plan is that the money you save grows, and the earnings are “tax-free” if used for the proper educational expenses. That’s obviously not legalese, so here’s some actual legal language from Scholarshare’s website that explains how the 529 College Savings Plans work and why they’re so great:
Named for the section of the IRS code under which they were created, 529 plans offer valuable tax advantages. Contributions are made with money that has already been taxed. Once funds are placed in the account, investment earnings, if any, are not federally or state taxed, if withdrawn to pay for qualified higher education expenses.
Funds can be used at any eligible educational institution in the nation, and some abroad, for a variety of qualified higher education expenses, including mandatory fees, books, supplies, computer equipment, or even certain room and board costs.
I have been a fan of Scholarshare, California’s 529 College Savings Plan, since my kids were both babies, and I started accounts for them way back then.
And since Scholarshare has no annual account maintenance fee and some of the lowest management fees in the country, I feel a tiny bit smug that I chose this particular plan for my kids. ScholarShare also offers a wide variety of low-cost investment options, so you get to choose how your money is invested.
Another great advantage is that anyone can contribute to a 529 College Savings plan, so besides Mom & Dad, people like your favorite aunts and uncles, as well as grandparents, are welcome to help out.
We’ve all heard how high the costs of Colleges and Universities can be, and it’s easy to feel overwhelmed by it, but in fact, creating a plan to save money each month, and making use of a 529 College Savings Plan, can help you get so much closer to your goal than giving up and not even trying.
In fact, even though I already have 529 plans for my kids’ college expenses, I feel like it’s always a good idea to practice saving more money, so I’m taking the pledge myself.
Why don’t you take the College Savings Pledge with us? Start today by clicking over and following the instructions, then check back here next week when we’ll share some ideas for how to save that money you’ve promised!
Plus when you take the Pledge, you’ll be entered into the Scholarshare Sweepstakes for 20 chances to win $500 in college savings money during September, College Savings Month.
Check out the other posts in the series:
Sarah Auerswald is the co-Founder of MomsLA.com. She is a Scholarshare customer and has been since 2001. MomsLA, LLC co-Founders Yvonne Condes and Sarah Auerswald, and their immediate family members, are not eligible to win prizes in the Scholarshare 529 sweepstakes. This post is part of a sponsored campaign. It’s the first in a series. Check back each week this month to read more!