7 Reasons Why You Should Open a 529 Florida Prepaid Savings Plan

Are you considering opening a Florida 529 Savings Plan? Be sure to check out this Florida 529 Savings Promo where you can earn up to $50! This post is sponsored by Florida Prepaid College Savings Plans. All thoughts and opinions are my own. Please see my disclosure policy)

Things may look a lot differently for us than they did this time last year, but one thing remains: the unconditional love that we have for our children and knowing that brighter days are ahead for them.

Florida Prepaid College Savings Plans knows that the past few months have been challenging for so many of us, and they are once again here to help us navigate these difficult times. Now more than ever, it is a great time to think about saving for college! Even the smallest amounts of money can add up to so many possibilities for our children!

Through August 16, when you open a Florida 529 Savings Plan and contribute $25, Florida Prepaid will contribute another $25! In addition, for plans set up with an automatic monthly contribution of $25 or more, Florida Prepaid will contribute another $25. Current customers that have not yet enrolled in automatic monthly contributions can also earn $25 if they set up automatic contributions through their online account. That is up to $50 toward your child’s future college education!

As someone who loves to save money, I can’t think of a better way to get my summer started than to save for my boys’ college education. I know that $25 may not sound like a lot, but I am here to tell you that $25 a month saved into a Florida 529 Savings Plan can grow into thousands of dollars for my boys by the time they head off to college. Doesn’t that put a huge smile on your face knowing that just $25 a month can go toward helping your children fulfill all of their future dreams and goals?

7 Reasons Why You Should Open a Florida 529 Savings Plan with Florida Prepaid:

  1. It is Free and easy to sign up.

You had me at Free! Simply choose your investment options and start saving. It is that simple! There is no family income limit, and it is super easy to set up monthly contributions and change them at any time. I also appreciate that you can invite family and friends to contribute toward your college savings goals with Florida Prepaid eGift portal! It takes less than 10 minutes to sign up and get started saving.

  1. Florida 529 Savings Plans are tax-free.

Unlike a savings account or mutual fund that is going to get hit with income taxes, your contributions toward your 529 Savings Plan will earn interest and will not be taxed when the money is taken out to pay for college. Investment earnings are not taxed as long as they are used for qualified education expenses, including tuition, fees, room, board, books and supplies.

  1. Florida 529 Savings Plans can be used in conjunction with your Florida Prepaid College Plan.

These two plans work very well together! While your Prepaid Plan can only be used to pay for tuition and other fees, the Florida 529 Savings Plan can be used to help cover fees, room and board, the cost of books, supplies and equipment.

  1. You don’t have to attend a Florida school to use your Florida 529 Savings Plan.

Despite the name, this plan can be used anywhere in the U.S. to pay for qualified educational expenses. In addition, if you move out of state, your plan travels with you and can be used at most colleges, universities, technical and trade schools and more.

    5. Florida 529 Savings Plans are very FLEXIBLE.

Flexibility is a key factor and one of the things that draws my family and I to this type of plan. It allows us to save for our boys’ college education at any time and we can contribute as much or as little as we want to. There are currently 14 investment options available; you can build your own portfolio or choose the most popular option, the Age-Based Portfolio, which automatically adjusts over time as your child grows closer to college age.

    6. You can use a Florida 529 Savings Plan even if your child doesn’t attend college.

    We know that kids can change their minds on so many things even college! You can close the Plan and withdraw the remaining balance, or the Plan can be transferred to another family member. How awesome is that?

    7. A Florida 529 Savings Plan can also be used toward qualified K-12 expenses.

    Many people don’t realize this, but your 529 Savings Plan can also be used on up to $10,000 annually in qualified K-12 expenses such as tuition and mandatory fees associated with enrollment or attendance at an elementary or secondary public, private, or religious schools.

    Do you still have questions about the Florida 529 Savings Plan? Florida Prepaid College Plans is hosting a 10-minute Webinar on July 23 at 12 Noon EST where they will be answering lots of college savings questions. You can register for the free webinar HERE: https://bit.ly/31BUGKz

    What are you waiting for? Make a splash this a summer and start saving for college today! Remember, you can get up to $50 for FREE when you sign up for a Florida 529 Savings Plan. You have to HURRY though as this promo is only good through August 16!

    Be sure to follow Florida Prepaid College Plans on FacebookTwitterInstagram and  YouTube to stay up to date with information on open enrollment, tips and promotional offers.