That’s why a piece from the Wall Street Journal caught my attention this week.  It was a written debate between Neal Godfrey and Jon Gallo, both with varying experience in family financial literacy.  Ms. Godfrey argues that an allowance should be based on household duties and Mr. Gallo argued that allowances should be paid independent of children’s chores.

I’ll let you know right now that I sided with Ms. Godfrey.  I believe it is important for a child to learn the importance of hard work and how to earn money.  If they don’t work or do quality work, they shouldn’t be paid.  These are consequences we face as adults.

Both experts seemed to agree that there is a distinct difference between chores and household duties.  Chores are what kids get paid to do.  They are jobs around the house such as laundry, setting the tables and doing dishes.  Duties are responsibilities of the family member which include brushing your teeth, getting dressed, making your bed, etc.

What do you do if children refuse to do chores or household duties?  I think Ms. Godfrey sums it up best with this statement:

Citizen of the Household chores are “good behavior,” and if not done, the punishment is behavioral, taking away a privilege, like TV. If Work for Pay jobs are not done, there is no pay.

Should parents pay children an allowance?  One of our most important responsibilities as financial stewards is to teach principles of stewardship to our children.  I think working hard is one of those principles.  Work and earning pay is a valuable lesson for children, but just as important is teaching them how to budget:  give, save, spend.

What do you think about these ideas of paying children an allowance?

Source:  Should Allowances Be Tied to Chores?

When it comes down to finding the best plan it’s essential to compare the universal features among all the plans. By figuring out these features along with how they differ from one plan to another, you’ll be able to determine which plan is best suited for your particular financial situation. The best 529 plan is often different for everyone.

Prepay or Build Your Portfolio?

Photo © by Sergio Goncalves Chicago

The first thing you’ll want to ask yourself is, do you want to build your portfolio or prepay tuition? Many people don’t realize there are really two distinct kinds of 529 plans.

The prepaid plans let you purchase future semesters or units of education using today’s prices. On the other hand, 529 savings account plans let you invest your money which will grow determined by how the investments you chose perform. If you’re looking for simplicity and safety then stick to the prepaid plans. If you want to earn more and are not adverse to the greater risks involved, then choose a savings plan.

In-State or Out of State?

The next thing to decide on is whether to go with an out of state plan or an in-state plan. Some states offer credits or deductions for using a plan from your home state, while others give exemptions from paying income tax on your withdrawals. Some states even offer both. You’ll want to research this carefully before deciding on a plan.

Contribution Rules and Costs

You’ll want to also compare the contribution rules and any costs involved. Each plan is slightly different with some plans requiring minimal amounts for the initial investment and any additional amounts invested. Many plans also have caps on how much you’re allowed to contribute.  As far as costs go you’ll want to see which plan charges what? Most of these accounts come with an assortment of management, administrative and broker’s fees. A good rule of thumb is to keep all of your combined expenses paid out annually to between 1% and 1.5%. Anything over this number and you’re not getting the best deal, as the cost can begin to slowly eat away at the growth of your investment.

Financial planning for college can be overwhelming sometimes and is filled with hurdles. You’ll constantly find yourself asking new questions, like do 529 plans affect financial aid? Or, does my school meet the eligibility requirements? Don’t worry, while it all may feel complicated at first, you’ll quickly find that with a little time and effort you’ll be just fine.  It’s important to do your homework, but don’t forget to seek the advice of a qualified financial adviser before making any decisions.

Hopefully, these tips on choosing the best 529 savings accounts, has given you an insight into some of the things you should look out for when deciding a proper 529 plan for you.

Luckily, there are programs that can assist families who are looking for ways to pay for higher education. Upromise is a company that does just that. They use the familiar concept of cash back rewards to help saving for college education.

How can I earn with Upromise?

Once you become a Upromise member, there are various ways that you can use the program to start saving money for college. One of the easiest ways is through their online shopping portal where you can shop through 600 online stores including large names like Target, Wal-Mart, and Dell.  You can earn cash back rewards from 1% all the way to 25% of the purchase price.

You can also gain cash back rewards by registering your current credit or debit cards. When you make a purchase using your connected cards with a Upromise participant you will earn cash back. The best ways to earn is through the restaurants you go to. Using your connected credit or debit card can net you up to 8% of the meal cost.

Are there other methods to save?

In an alliance with Bank of America, Upromise also created two different credit cards to maximize cash back potential and help you earn more money for college. One of the cards gives cash back rewards on gas and grocery purchases while the other focuses on restaurants and groceries. Using either card can earn over 10% of the purchase price as cash back.

How do I withdraw my earnings?

Upromise offers various methods to withdraw your funds, even if you aren’t saving money for college.  The various ways to use your savings are by:

• Transferring the balance to pay off a current student loan
• Having the savings sent via check
• Move your savings into a high-yield savings account (offered thru Sallie Mae)
• Have your rewards deposited into a 529 account

While the products offered on Upromise may be of a higher-end variety (for example, purchasing name brand cereal instead of store brand), having the savings automatically deposited into an account can be crucial for those without proper saving habits. In the end, it is worth a try. There’s no huge downside to using Upromise—worst case scenario is that you don’t save very much—and since you are going to buy the products anyway, you might as well save for college while you shop.

Get started with Upromise!

So what is a 529 plan? Well, the 529 plan is what is referred to as an education savings account that is operated by either the state or an educational institution trying to help families plan and set aside the funds needed for future college expenses. It received its name from Section 529 of our Internal Revenue Code that created these kinds of savings accounts back in 1996.

You can use 529 plans to meet the costs of colleges that qualify nationwide. In most 529 plans, your school won’t be affected by whatever state your particular 529 education savings account is from. For example, you can be a resident of California, invest your money in a Vermont plan, and send your child to a college located in North Carolina. You’ll always want to double check with a financial advisor and make sure your institution has eligibility under the 529 rules. Each state has at least one if not more 529 plans that are available. It is the decision of each individual state to determine whether it has a 529 savings account plan, and what that plan will look like. This means there’s a wide variety of different 529 plans available. You should always research the benefits and features of the plan you are considering before investing.

529 plans also normally come with special tax benefits. The plan must usually satisfy a few minimum requirements under federal tax law to qualify. Although any contributions are not able to be deducted on federal tax returns, your investment will grow tax deferred, and all the distributions to pay for the student’s college expenses will come out federally free of tax. This treatment became permanent under the 2006 Pension Protection Act. A few states also offer tax incentives to their investors. Some states offer upfront deductions towards your contributions and in some cases income exemptions when withdrawing. This is in addition to the federal tax treatment mentioned above. You’ll want to research the tax benefits in your state and see what types of benefits residents are able to receive for keeping investments within their own state 529 plans. Don’t forget, if your state doesn’t offer any benefits you still have your choice of every other 529 plan available.

Another great thing about 529 plans for college education planning is that the donor stays in complete control of their account. With only a few exceptions, the person named as a beneficiary has no control or rights to any of the funds. This means you call all the shots, and you decide for what purpose and when withdrawals are made. Many of these plans also let you reclaim your funds at any point you wish, without any questions. Of course, if you do this, the earnings part of your non-qualified withdrawal is then subject to any income tax owed and an additional tax penalty of 10%.

In general, choosing your own independent 529 plan is the smart way to go when investing in your child’s education savings plan. These accounts are available to everyone, flexible, low maintenance, and offer simplified tax reporting. If you’re not sure where to start I recommend seeking the advice of a financial advisor and also conduct some of your own research to review the top 529 plan rankings and decide which is the best 529 account for you.  Again, I hope to make this a larger part of our savings.  I’d love for my children to get a good start after college with new debt.

Are you investing in a 529 plan?  If so, please let us know about your experience in the comments.

Srully Blotnick, an American author and journalist, did a study from 1960 to 1980 of 1,500 business school graduates, tracking their success after graduation based on their career choices.  These students were separated into two groups – those who chose to do something for money first and their passion second, and those who chose to follow their dreams and then worry about money later.  The study revealed that 83 percent of the graduates chose money over their dreams and only 17 percent decided to work in a field they were passionate about regardless of the pay.

This was not a large case study but, of the 255 graduates who chose work that truly absorbed them, 100 were millionaires 20 years later.  Out of the 1,245 graduates who decided to chase a bigger paycheck over what they were passionate about guess how many were millionaires 20 years down the road.   If you said “one” you are the winner.  That’s right, just one person that decided to follow a paycheck over passion actually earned a lot of money.

Once again, I don’t want to come across as saying that money is not important.  If your passion is to become an author I say go for it but, you might have to have another job on the side while you are working on your dreams.  My point is, if you do a job just for the money, you will very likely be dissatisfied with it.  This feeling will ooze over into other areas of your life.  I was actually in this boat a few years ago.  I was teaching first grade at the time and was offered a job selling high-end flooring in which I could potentially double or even triple my teaching salary.  I decided to take this job for the wrong reason – only to make more money.  For those of you that are unfamiliar with teaching, first grade is probably one of the most challenging but rewarding grades one can teach.  You have students come in at the beginning of the school year not being able to sound out a simple three-letter word and, by the time May comes, they are reading chapter books.  So I went from doing that to selling a $3,000 area rug that I could care less about.  I think it goes without saying that I was a HORRIBLE salesman – at least in that field.  I was not passionate at all about my job and this feeling affected other areas of my life.  Tracy even noticed that I had lost my “spark.”  After a few months of being a lousy salesman, I got back into teaching was happier making $37,000 a year doing that than I would have been making $100,000 selling flooring.

I think if there is a plus to the economic crisis our country is in, I think it is that many are realizing this.  Many people have been laid-off and/or fired and, thus, have been forced to find another career.  They have realized that almost no job is immune from being down-sized or eliminated.  Since this is the case, you might as well do something you are passionate about even if the pay is not large.  I know some that got into a career because they thought the large paycheck would make them “rich” but, after time realized this was not the case.  You see, a large bank account may mean you have a lot of money but does not automatically make you wealthy; working in a field that brings you fulfillment and has meaning to you can be worth more than any paycheck you might receive.

Piggy Bank Savers

Starting as early as age 4 or 5 you can begin educating your children about savings. Start this phase off by purchasing your child’s first piggy bank and help them save for candy or a small toy from a discount dollar store. Kids don’t have to be earning an allowance at this stage. Mom and dad can just offer them a little bit of spending money each week to allocate towards their savings goal.

Savings Account Savers

As this stage your child is a little bit older and can grasp the concept of earning or receiving an allowance for doing jobs around the house. Saving in a piggy bank can still work great for these youngsters but you might be able to start them with an online kids savings account such as the ING for Kids savings account. The savings goal obviously increases in this phase as well. Consider helping your child learn to save for a larger toy, or even a fun-filled entertainment event with a friend such as bowling.

Teenage Savers

You’re child is probably in the teenager years and the savings goals should reflect larger items that require more responsibility. Do they want to go on that special trip with their church or high school? Well, they’re certainly going to need a savings goal, aren’t they? Mom and dad can help with a match, but children need to do their part too. This phase can also mean saving for a down payment for a car which many teenagers would love to have when they are of the proper age.

Saving for College

Phase 4 is saving for an even larger goal such as college. Phase 4 savers are contributing a part of their part-time paychecks to this goal and are doing their part to help earn their way to a college degree. This type of savings doesn’t necessarily replace the saving that parents can do with a college savings plan, or educational savings account, but can be in addition to these tools. Children might continue to use their ING Kid’s Savings account to save for college expenses such as tuition, room and board and food.

Saving while in College

Finally, a phase 5 saver is a child in college that is saving, but perhaps for future savings goals after graduating. This saver is for children who are a year or two into college and have settled in well. They may have a part-time job while attending school. These types of savings goals may include building an emergency savings account, saving for work related expenses, such as clothes, or even for apartment or housing after school. A phase 5 saver has the present under control and the future in mind. This phase is only possible when a child has learned the importance of saving and done their part in phases 1 – 4.

Hopefully, this article helps create a clearer picture in your mind of a path towards savings for your children. It’s your job to educate them on the importance of savings and why they need to prepare for their future as young adults. Each phase also provides a great opportunity to help children learn to manage their money wisely so they can have enough to contribute towards savings.

What do you think about this children’s savings road map?

Many people learn about money when they first graduate school and have to start paying their own bills.  Debt, in addition to student loans, unexpectedly becomes a priority with new car payments, student loans and likely some credit card spending.  Savings is something less than desirable to think about at the time because we’d naturally rather have fun with our money than be responsible.

I think parents have the opportunity to help our children take a different approach to money management.  Doing so can help children avoid many of the same mistakes we’ve made.

In fact, sometimes it’s helpful to look at things we shouldn’t do to teach our kids about money to get the message across and keep ourselves honest.  Consider these ways not to teach your children about money -

Don’t Help Your Child Understand the Value of Earning – Want your child to expect that everything is handed to them on a silver platter?  No problem.  Buy them everything they want and don’t teach them how to work or earn money to purchase things.  At the same time, don’t teach them how to do quality work.  It’s our job as parents to make sure our children understand the importance of hard work and a job well done.

Don’t Set a Giving Example – If we don’t set a giving example in our household, I think it’s difficult to raise a child with a giving heart.  Make it known you’re writing a check to your church or that you’re donating clothes to the homeless.  In fact, let your children participate!

Don’t Let Your Child Participate in Family Money Management – If you want your child to learn by themselves, don’t let them help you manage the family budget.  At the right time, I think it makes great sense to let our children manage a portion of the family budget and even have visibility into monthly expenses so they can understand real money and work is required to meet the family needs.

Don’t Talk About What to Do with Money: Giving, Saving and Spending – A big mistake is not teaching our children the things you can do with money.  Too often money discussions are around spending.  But, there are more important priorities such as giving and saving.  After money is earned there is a great opportunity to teach children that giving and saving priorities should be in first place.

Don’t Practice What You Preach – I think we’re all smart enough to know that our children are likely to grow up and exhibit many of the same behaviors we’ve exhibited in front of them.  Lack of financial responsibility, poor spending decisions, or a general philosophy of money that is self – focused will likely help set up our children to experience much of the pain as the result of this behavior.  Sure, we all make mistakes, but let’s get those out in the open and use them as teaching moments.

Teaching our children about money is probably one of the most important responsibilities we have as parents.  Money is a huge part of life and our children will come to learn about it with or without our instruction.

What are your thoughts on teaching children about money?

I drive Ava to school most mornings.  One day last month Tracy was taking Ella to the dentist during the day.  On the way out the door, I told Tracy to use the credit card to pay for this.  When we got into my car, Ava said, “I thought credit cards were bad to use dad.”  You can tell whose daughter she is, huh?  Whenever such an opportunity arises, I make sure to use it as a teaching example.

I explained to her that yes, for many, credit cards are not wise to use.  A lot of people use them without having the money to pay them off in full each month.  I then told her that Tracy and I have two accounts at the bank – a checking account and a savings account.  I have divided the money we have in our savings account into different categories including medical (other categories include expenses I know will come out including car insurance, Christmas and vacation).  I went on and explained that I get paid once a month and, instead of constantly transferring money from our savings to our checking account, Tracy and I keep track of what we put on our credit card – this is written down on a post-it note that is in our check register – and just transfer this entire amount over at the end of the month to pay-off our credit card in full.

I pointed out to Ava that the most important point is we know we have the money to pay for anything we purchase on our credit card.  People that buy things knowing they don’t actually have the money to pay for them usually end up in trouble.  Ava then showed me that she understood how important this was by saying the following, “Dad, those people that don’t pay off their credit cards each month can lose their house.”  Wow, pretty deep for a seven year-old.

Once again, this conversation was a reminder that our kids are listening more than we think and understand a lot more than we give them credit for.  Yes, Ava may have been stretching it a little bit by thinking that anyone who does not pay off their credit card each month will eventually lose their home; however, I was not about to correct her.  I would love for her to continue to think this way.  If she continues this line of thinking, she will hopefully never buy something that she does not have the money for because the fear of losing her home will come to mind.  I would much rather her be wrong in this assumption than buy things she cannot afford.  You see, if she does the former she may one day lose her home.  If she does the latter, the odds of that happening are slim to none!

Here are a few carnivals we recently participated in – Carnival of Financial Camaraderie, Household Budget Carnival, Carnival of Financial Camaraderie, Carnival of Personal Finance, Tax Carnival

So we began by dealing with the immediate need – balancing the checkbook which took the better part of a day.  Then we began talking with my grandmother about the finances and how could we best help.  She was very willing to talk with us as she really did not understand it all.  She showed us their paperwork and told us what she knew.  Thankfully, my family was able to read through everything and make sense of it, but if we had not understood it all, there was no harm in asking for help from a financial advisor or coach.  Sometimes a third party is helpful to bring new light and understanding to a situation that is close at hand to.

We also began an organizational system.  We got a folder for every piece of retirement investment.  There was one for each life insurance, one for each IRA, one for the house, etc.  We also put summary notes such as what this item was, how much was in the account, who was the beneficiary, and company contact info.  This helped us to know what we were looking at in a glance.  We would update that information each year and review it with my grandmother to be sure she understood as needed.

As time progressed, I took over the checkbook and bills for my grandmother.  Due to their continued health decline, they moved into independent, then assisted, and finally nursing care.  By the time they moved into assisted living, we had been gradually changing more and more bills over to my address in order to insure they were all being handled on time as my grandfather could easily misplace items with his Alzheimer’s.  So during this time, here are the key tips we learned…

1.  Be organized

2.  Learn about their finances as soon as they begin needing help while they can still explain a majority of the information you may need.

3.  Assist as needed.  Do not take over until needed.  This helps them to feel needed.  For as long as possible, I would sit down with my grandparents and write bills with them making them feel part of the process.

4.  Make sure that the person handling the finances is honest and reliable.  It is a lot to handle two household’s finances – yours and theirs.  It may even require a couple of people splitting up the responsibilities – such as one handling the investments and insurance, one doing the monthly bills, and another filing the taxes.

5. Keep a system of checks and balances.  I have sadly heard too many stories of family members trying to take from their parents!

6.  There are times when your parents/grandparents will be more open about their finances than other times.  Take advantage of those times to learn and understand as much as possible versus pushing when they are not ready to talk about them.  This helps both parties frustration level.

7.  Realize there may be a time when you have to step in and take over whether they like it or not.  Signs of this include past due notices, bounced checks, etc.  Be willing to have frank conversations even when it hurts, but always respect them as the parent!  The hardest part of this process for them is the fact they are losing their independence.

8.  Read a book on caring for the elderly and being a caregiver to your parents.  I’ve learned much from various books and realized that my family is not alone!

So what has your experience helping your elderly parents or grandparents with their finances?

My oldest daughter, Ava, was five at this time.  She had been asking for a Nintendo DS for months – that is all she really wanted from Santa.  Tracy and I have money set aside for Christmas and plan out what we are buying to the dollar.  That Christmas we had spent all of our Christmas budget but I was seriously considering going against my own words (so much for practicing what you preach) and dipping into our emergency fund to buy Ava this gift.  I know a Nintendo DS is not an emergency but I could come up with some great reasons why she “deserved” this.  I mean, she was doing so well in school, she cleaned up after herself, she was a great big sister, etc.  I could on and on and justify why she should get this.

Nintendo DS © by Shalf

Well, after some discussion with Tracy, I finally came to my senses and did not buy this gift.  Christmas morning came and all was well.  Ava did mention that she wished Santa had brought her a DS but that maybe she would get it for her birthday.  She did not seem like she would need counseling or have to appear on The Dr. Phil Show.  Two days later our heat went out.  It was unseasonably cold that year and heat was a definite need.   We had someone come and, luckily for us, it was a somewhat minor repair.  However, the interesting thing was the price for this repair was around the same price a Nintendo DS cost.  How ironic, huh?  This was a true emergency and we could have spent this money on a gaming system rather than something to keep us warm.

I wanted to share this story to show you how someone that handles money pretty well can get caught up in the Christmas Season and find ways to blow money that he should not be spending.  Madison Avenue spends billions of dollars to get us to part with our money so you have to have a plan – especially during this time of year.  Before going shopping, make a plan and know exactly how much you will spend on gifts.  Christmas morning can be a magical time but the cold and dreary January can become much more difficult to handle if you have credit card bills start coming in listing things that you bought but could not afford to.  I know it is easy to lose track of the real meaning of the season but I hope that you do not get caught up in the holiday spending frenzy and make the same mistake that I almost did.

Nielsen did a recent survey among children between the ages of 6 and 12 asking what was on their list for Santa.  Unless you own stock in Apple, you might not like the findings.  Here is that list followed by the percentage of children that want each item:

Apple iPod Touch Unboxing © by DeclanTM

• iPad:  44%
• iPod Touch:  30%
• iPhone:  27%
• Computer:  25%
• Tablet Computer (non iPad):  25%
• Nintendo 3DS:  25%
• Kinect for Xbox 360:  23%
• Nintendo DS/DSi/DS Lite:  22%
• Television Set:  20%
• Smartphone (non iPhone):  19%
• Sony PlayStation 3/PS3 Slim:  17%
• Blu-Ray Player:  17%
• E-Reader:  17%
• Xbox 360:  16%
• Other Mobile Phone:  12%
• Nintendo Wi:  11%
• PlayStation Move:  10%
• PlayStation Portable:  10%

While it takes a minute for your mouth to close, here is a sampling of some of the prices of the above-listed items:

• iPad:  $499 (this is the price they start at)
• iPod Touch:  $189
• Nintendo 3DS:  $189
• Blu-Ray Player:  $68
• Nintendo Wi:  $179

I enjoy reading surveys but surely this would not correlate to what my 7 year-old would want for Christmas.  I mean, she has been raised by pretty frugal parents and we discuss money issues all the time with her.  In fact, she has a better understanding than many teenagers I know.

Shortly after Thanksgiving, we had Ava make her list for Santa Claus.  Well, once again I was wrong.  The number one item on her list was an iPod Touch!!!!!!!  Really?  What ever  happened to Barbie Dolls and Tinker Toys.  How about Lego’s or some clothes?  An iPod Touch for a seven-year old?  I am 36 and have a job and don’t even own one of these.  I was not this dramatic in my response to her but it really opened my eyes.  Like I mentioned, we are a pretty frugal family and discuss money related issues with our children on a consistent basis.  Even though this is true, Ava still wanted one of these more expensive gifts.

I know many people are still struggling this Christmas so we have to be very careful on how we are spending money.  It is very easy to get caught up in the holiday rush and buy things you cannot afford – especially when it comes to your children.  Most parents want their child(ren) to have a magical Christmas morning that they will remember forever.  The truth is, your son/daughter will probably not even remember what they got this year once next Christmas rolls around (go ahead and see if you can name every gift you got last Christmas – I know I can’t).  I would love for Ava to wake up and be so happy that she got what she wanted from Santa but we do not have that amount of money budgeted for Christmas this year.  Even though I could come up with reasons why she “deserves” an iPod Touch, I am not willing to dip into my emergency fund to buy it for her.  Even though she will not get this gift, I am sure she will not need to go on The Dr. Phil Show for counseling.  She may be disappointed but life will go on and she will still have a Merry Christmas.

What is on your child’s Christmas list and what do you think about this survey?

By starting to save regularly while your children are young, you’ll put yourself in an excellent position financially when it is time to send your kids off to the dorms. In this article we’ll discuss a few of the alternative ways you can be saving money for your children’s college education besides loans, financial aid, educations deductions and educational credits.

IRA’s

The first way we’ll go over is using your IRA for education expenses. Many people already know that if you try tapping into your IRA before turning a certain age the government will levy a tax of 10% for dipping into the account early. This is done to encourage IRA holders to keep on saving for retirement. What many people don’t realize, however, is that there is an exception when you use IRA for education expenses.

If your education costs qualify, you are allowed to take out money from your IRA without facing the 10% penalty. To qualify you need to be paying the higher education expenses for one of the following:

• 

  Hyer Hall, SMU © by euthman

  Yourself

• Spouse
• Your Children
• A Spouse’s Children
• Foster Children
• Adopted Children
• One of the Descendants of the aforementioned

The qualified higher education expenses also must be for an eligible academic institution as recognized by the Department of Education.

529 Plan’s

The second way of saving money for college is through the use of a 529 plan. A 529 plan basically is an educational savings plan that is operated by either an educational institution or state, that is designed to assist families in setting aside some money for later college expenditures. It gets its name after Section 529 in the Internal Revenue Code which created these kinds of educational savings plans back in 1996.

Coverdell Education Savings Accounts

Another way of saving money for college is through the use of a Coverdell Education Savings Account. These accounts are a custodial account or trust that was organized or created in the U.S. specifically with the purpose of being able to pay for the qualified educational expenses of the person designated as the beneficiary. These accounts can be opened at financial firms and service institutions. Earnings on these accounts grow tax free all the way until they are withdrawn to cover qualified expenses.  As for income limits, if your adjusted gross income comes in at less than $110,000 or $220,000 if filing jointly, you might be able to start an account to begin financing the educational expenses of whoever you deem the beneficiary.

As you can see there are lots of options to consider when planning for you children’s education. Be sure to carefully consider each of the options mentioned and decide which one works best for you and your family. Don’t be afraid to visit a tax professional for further advice.