A 529 college savings account is a special kind of investment account that allows you to save for your child’s post-secondary education expenses. Because of its tax benefits, it is one of the best ways available for parents to put money away for their kids’ college education. The money can be used for a variety of expenses related to college, including basic living expenses on campus.
But in order to take full advantage of your 529 plan, be careful not to make several common mistakes. The first of which, is stopping your contributions when your child starts going to school. You can continue to make contributions while they’re in school to make sure the money lasts for the full four years, or beyond. For more, read the full article here.