3 Smart Money Moves: Turn Preschool Expenses Into Kindergarten Savings
Dear parents of rising kindergartners: Congratulations, you survived the expensive daycare years!
Your little one will soon tick off a major life milestone, and there’s a tangible financial upside when leaving daycare for a public elementary school—more money in the family budget.
What will you do with this newfound money? One option is to continue to put it toward education so wherever they go, and whatever they do, you have a plan to pay for it. (After all, any money you save today is money they won’t have to borrow later!)
Here are 3 ways to smartly shift some of your daycare dollars:
- Create an Elementary School Budget. Direct some of your cost savings to current expenses. Public school might be free, but it’s smart to set aside money for school supplies, clothing and field trips. And as your child grows older, the cost of technology, study aids and educational opportunities grows along with them. Budgeting early on pays off in the long run.
- Lock in Future Postsecondary Costs. Use some of your new financial cushion to open a Florida 529 Prepaid Plan, locking in your child’s future tuition and most fees at today’s prices. Prepaid Plan payments are not subject to stock market fluctuations, and they’re fully refundable and guaranteed by the State of Florida. Prepaid Plans can also be used at in-state, out-of-state, public, private, trade, and technical schools across the country.
- Save Smarter. Funnel some of your savings from exiting daycare into a tax-free Florida 529 Savings Plan. It’s flexible, allowing you to save what you want when you want or even set up automatic payments for as little as $25 a month. When the time comes, your child can use this money to pay for a traditional four-year college or university experience, as well as certain apprenticeship programs and professional certifications. The Florida 529 Savings Plan will also cover housing and meal plans, books and supplies, and computers and equipment.
As summer begins and the new school year approaches, Florida Prepaid wants to give you a head start on your child’s education fund. For each new Florida 529 Savings Plan opened before June 23, 2024, you can earn a $50 account contribution. Invest in their dreams today for a brighter tomorrow! Visit Florida Prepaid now to get started. View promotion rules.
