Back-to-school financial planning; planning for the future
DELMARVA – While the school year is well underway, finances remain most likely at the top of many families’ minds. That’s why our friends at Heritage Financial Consultants are providing tips to help navigate. In the third and final part of our back-to-school financial series. We’re talking about the future, specifically planning for finances surrounding education.
Families with little ones may already be thinking about college, trade schools, and their overall future. However, with the changing economic times, it can seem daunting to think about taking from current finances to save for it.
Brent Fuchs, a Financial Planner Professional and partner at Heritage Financial Consultants headquartered in Hunt Valley, Md., with his home office in Preston, Md., is also an Investment Advisor Representative of Lincoln Financial Advisors, (Member SIPC) tells us, starting an education plan now, such as the 529 plan is essential. “Start with your state and the 529 plan that’s available through that state but also I always think getting advice from your financial professional is always beneficial there,” says When it comes to investing in an educational savings plan.” Fuchs adds, “It’s extremely important to know your options out there so that you’re getting the best bang for your buck especially when things are so tight right now with the way inflation is hitting all of our pocketbooks.”
By investing in certain financial education plans, it allows for tax-free growth of investments. The savings will help offset costs in the future related to education, tuition, room and board, and books. We’re told each family can work together to plan for the future. “Then you have that conversation with your children. Talk about the scholarships available, the grants available, and what they can be doing to better position themselves when they’re going to college to be able to receive those types of awards.”
Fuchs also recommends budgeting to see where you can best save money; Start early, and save often.
You check out more financial tips when it comes to back-to-school finances by checking out the links below.
Student Loans & Debt Management
Investors should consider the investment objectives, risks, charges, and expenses associated with 529 plans before investing. More information about 529 plans is available in the issuer’s official statement, which should be read carefully before investing. Also, before investing, consider whether the investor’s or designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program. As with other investments, there are generally fees and expenses associated with participation in a 529 savings plan. There is also the risk that the investments may lose money or not perform well enough to cover college costs as anticipated. Brent Fuchs is a registered representative of Lincoln Financial Advisors Corp. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance is offered through Lincoln affiliates and other fine companies. Heritage Financial Consultants is not an affiliate of Lincoln Financial Advisors.
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