University classes started for my son last week and today we went into his 529 College Savings Plan to transfer money to the college for his tuition. Surprise – after paying for his Fall Semester’s tuition, the account is now empty!
We started saving for his college tuition when he was just a baby, so this is a pretty big personal finance milestone. Other than our house, I can’t think of another ‘purchase’ that required so much saving and so much time!
He still has classes in the Spring Semester that we’re on the hook for. We had saved about 90% of what we thought we might need for his expenses, but always figured that we would pay a little bit out of pocket. Since we have only one child, we didn’t want to ‘oversave’ what was needed in the 529.
Regardless, it’s a fun milestone to fully close out the account that we’ve contributed to, tracked, and withdrawn from for so long!
At what stage of your kid(s) college savings journey are you?
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