This post is sponsored by the Florida Prepaid College Board, through my role as a Believer Blogger. All thoughts are my own.
Adulting is hard, right? The financial side of things is especially daunting. As you already know, I have been diligently working to set up and fund college accounts for both girls:
At this point, Audrey and Remy both have 529 plans and Remy also has two Florida Prepaid Plans. I contribute an equal amount for each girl each month, across the plans but am hoping to give them both another Florida Prepaid plan at the next open enrollment.
One big difference between the 529 and other Florida Prepaid plans is that you can start a 529 at any time and don’t need to wait for open enrollment. And if you’ve been thinking of starting one, the national 529 College Savings Day is a great time to start.
If you live in Florida — here’s one more awesome incentive: the Florida 529 Savings Plan Scholarship Program!
It runs through May 29 and 10 winners will each win a $529 scholarship to be deposited into a Florida 529 Savings Plan account. See all of the details at http://www.florida529savingsplanscholarship.com.
You do need to be a legal resident of Florida, over the age of 18. The Florida 529 Savings Plan Scholarship Program is part of the Florida Prepaid College Foundation’s ongoing commitment to broadening awareness of the many budget-friendly, flexible college savings options available through the Florida Prepaid College Board.
There are some other differences between a 529 and other Prepaid Plans that are worth noting:
- Unlike Prepaid Plans, the Florida 529 Savings Plan does not have a set payment amount or schedule.
- A family can contribute as much or as often as desired, and accounts can be opened at any time. There is no minimum contribution to open a Florida 529 Savings account, and there are no application fees.
- The Florida 529 Savings Plan is subject to fluctuations in the financial markets, while the Prepaid Plans are guaranteed by the State of Florida.
Because we have both types of plans, I feel more secure that we’re using a hybrid approach: one fairly conservative and one a bit riskier but with a big potential reward.
You can learn much more and even get bonus entries when you visit http://www.florida529savingsplanscholarship.com. Happy saving!