Saving for College and Other Priorities: Insights from a Parent
As parents, we often find ourselves juggling multiple financial goals, from saving for our children's education to providing them with vehicles and ensuring our own long-term financial security. In this article, we will explore the insights and experiences of a parent who has successfully navigated these competing priorities.
In this episode, Becky Eason interviews Kerrie Beene, a parent who has successfully saved for her children's education while managing other financial priorities. Kerrie shares her experience of opening a 529 savings account for her children when they were young and consistently contributing to it over the years. She also discusses how she encouraged family members to contribute to the 529 as gifts for birthdays and holidays. Kerrie's daughter was able to graduate from college a year early, saving on tuition and room and board expenses. Kerrie also talks about how her children's different interests and circumstances have influenced their financial goals, such as saving for a vehicle. She emphasizes the importance of starting to save early and automating contributions to make it easier.
Key Takeaways
- Starting early and automating savings can make a significant difference in achieving financial goals for your children.
- Encouraging family members to contribute to a 529 plan can provide a boost to college savings.
- Taking advantage of opportunities for dual enrollment and summer classes can help students graduate early and save on tuition.
- Balancing the financial support for different children can be challenging, but it's important to consider each child's unique needs and circumstances.
Notable Quotes:
- "If you can start saving money when they're young, just knowing who knows what your kid may like or what the future holds, you just never know." - Kerrie Beene
- "Teaching your kids, if they do work, to maybe save a little and then from the parent perspective, saving what you can and automating it so you don't have to be thinking about it all the time." - Kerrie Beene
About the Guest(s):
- Kerrie Beene is a parent of two children, one in college and one in high school. She has firsthand experience in saving for her children's education and managing competing financial priorities.
- Becky Eason is a financial planner at Rooted Planning Group. With a background in finance and a passion for helping clients navigate their financial goals, Becky brings a wealth of knowledge and expertise to her role. She has experience working with clients at various stages of life, from early career professionals to those in retirement. Becky understands the challenges of balancing competing goals and priorities and is dedicated to helping her clients create a financial plan that aligns with their unique circumstances and aspirations.
RESOURCES:
Listen to the full episode to gain valuable insights on how to navigate competing goals and priorities in your financial journey. Stay tuned for more episodes of the Money Roots podcast for expert advice and guidance on personal finance.
