Budgeting For School Choice

CentsAble Chat

Get Active In Your Kids’ Education Explore the optionsA lot of stress is placed on parent’s shoulders when it comes to their kids’ education; considering health risks, controversial material, dedicated teachers – can leave people wondering what is best for their young ones. Kids must go to school, but what’s the best option? Send them to the public school in your district, homeschool, pay for a private, charter or other alternative education program? With so many choices, budgeting for school choice can be harrowing, but necessary to assure the best outcome.

Scholarships Aren’t Just For College! Finding ways to payMany would be surprised to know that there are scholarships for K-12 available, or that fourteen states offer education vouchers to low-income families and those with special needs, and eight states provide a tax credit for tuition and related expenses. Many states offer charter schools and several alternatives to traditional public education, so spend some time researching all available options.

Budgeting For School Choice Be Intentional!Create a budget that focused on money for the school of choice. It may sound impossible but try it before the idea is dismissed. It’s a welcome surprise how much is found after looking closely at income versus expenses and making some changes. Being intentional with money produces astounding results!

Plan Ahead Time is a powerful toolOnce the money is found to cover this year, start planning ahead. With time on your side, there’s a lot more you can do. Low-income families can open a Coverdell or education savings account and contribute up to $2,000 per year. Earnings are tax-free when used for your child’s education. Another option is the 529 plan, which allows the flexibility to save a lot more. GiftOfCollege.com CFO, Patricia Roberts outlines the details, benefits and strategies in her book, “Route 529: A Parent’s Guide To Saving For College And Career Training With 529 Plans.”

The Budget Scavenger Hunt Look for money in unexpected placesGo beyond the traditional “found money” such as tax refunds, bonuses and salary increases, and consider life changes like the end of potty training or aging out of daycare as places to re-direct those expenses to pay for education. You can also look for “spare change” in your budget or consider other surprising ways to save money.

Getting Started Can you spare 15 minutes?“Route 529” Author, Patricia Roberts says you can open a 529 plan in as little as 15 minutes, and there’s a ton of information and plans to choose from at giftofcollege.com!

It Takes A Village! Give and receive the gift of education!You don’t have to go it alone, because friends, family, even employers can contribute to 529 plans, and you can contribute for friends and family! GiftOfCollege.com embraces the adage “it takes a village to raise a child” by offering gift cards for any occasion, redeemable to a new or existing 529 plan, leading you to successfully budgeting for school choice.