Sports and activity information for the ALL STAR in your house

Web Search


Halloween Fun
Halloween GHOSTING
Arasapha Haunted Hayride and Bates Motel
Halloween Safety Tips for Pets
Halloween Tailgating
A Soldier's Halloween Treat Package
Halloween Games
Halloween Recipes
Fall Fun
Giving Plate
Thanksgiving Fun
Tips for Carving a Turkey
Thanksgiving Crafts and Decorating Tips
Thanksgiving Dinner Checklist
Mother's Day Gifts Kids Can Make
Mother's Day Coupon Book
Teacher Gift Ideas
Ideas for Teacher Appreciation Luncheon
Graduation Party Tips
Post Prom Party Tips
Kindergarten Graduation Ideas
Junior and Senior Prom Tips
Father's Day Gifts Kids Can Make
Father's Day Coupon Book
Presents for Grandparents
Summer Fun
4th of July Fun
Gift Basket Ideas
Chanukah (Hanukkah) Fun
Hanukkah Coupon Book
Christmas Fun
Christmas Games
Holiday Crafts
Priceless Presents
Christmas Books, Movies
Kid's Xmas Party Recipes
Holiday Songs
Selecting a Christmas Tree
Christmas Links
Twelve Days of Christmas Ghosting Game
Creating Holiday Traditions
Christmas Eve Surprise Box
New Year's Eve Tips
Super Bowl Party Ideas
Valentine Fun
Valentine Gift Basket Ideas
Valentine's Day Coupon Book
Valentine's Day Love Notes
Valentine's Day Crafts
Valentine's Day Recipes
Winter Fun Ideas
President's Day Activities
Mardi Gras Ideas
St. Patrick's Day Fun
Easter Games
Easter Recipes
Easter Scavenger Hunt
Fun & Creative Easter Basket Ideas

Sport Hall of Fame
Music Hall of Fame
Amusement Parks
Family Vacations
Family Day Trips
Parent  Weekends
Family  Weekends
Family Mystery Adventures
Family Camping
Caribbean Vacations: Money Saving Tips
Haunted Hotel Stories
Must See Halloween Destinations
USA Trip Ideas
Landmarks Kids Must See
Trip Ideas: Ancient Natural Wonders
Must See Family Museums
Famous Zoos
Pros/Cons: All-Inclusive vs. Traditional Hotels
All-Inclusive Resort Tips
Tropical Islands -- Things to Do
Passport Tips
Packing Checklist
Items Needed When Traveling with Kids
Easy Travel Tips
Sunglass Tips
Sunscreen Tips
Vacation Memory Page
Vacation Word Search

Kids Corner
Teach Kids About Strangers
Addition Helper Worksheets
Kids Craft: Boredom Bottle
100 Boredom Tips
Fun Thing for Sisters To Do
Kids Craft: Pen Pal Kit
Kids Craft: Snow Ruler
Kids Car Games
Kids and Pets
Kids & Allowance
Kids Organization and Responsibility
Kids Crafty Concoctions
Kids Craft: Miniature Treasure Hunt
Kids Craft: Miniature Garden
Patriotic Tee Shirts
Kids Websites
●Kids Craft- How to make an Olympic Torch
Scavenger Hunt Ideas
Smoothies for Kids
Summer Camps
Service Project Ideas
Sick Day Survival
Sports Team Tailgating
Sports/Activities Clipart
Sports/Activity Guide by Age
Sports Team Roster
Tips to Making Your Fundraiser Successful
Ideas for a Carnival Fundraiser
Easy Way to Organize Volunteer Schedules and Donation Lists
Kid's Winter Party Ideas
Party Planning Tips
Kid's Cooking Party
Sleepover Ideas
Kid's Beach Party Ideas
Kid's Craft - Beach Cover-up
Kid's Craft - Personalized Beach Towel
Flip Flop Wreath
Flip Flop Flower Pot
Kid's Craft - Beach Critter
Creating Birthday Party Traditions
Kid's party game - Toss N Talk
All About Dad Print-Out
Ideas for a Candy Buffet
Back to School Party Ideas
Rainy Day Survival Guide
Age Appropriate Chores for Kids

Drugs and Kids
High School Community Service Idea
College Care Package Ideas
Keep Safe on Campus
Parent Campus Safety Questions
Saving for College
Student/Parent College Planning Timeline
Ways to Find Out About Colleges
List of Things To Bring To College
Types of Financial Aid for College
Moving with Kids
Goodbye Box
Goodbye Poem/Craft
Child Care Tips
Child Obesity
Sibling Separation
Learn Study Skills
Tips on Test Anxiety
Tips for Kindergarten Parents
School Supply List
Tips for shopping for school supplies
Job Description of a Parent
Real Mother's Poem

Company Mission
Submit a Picture
Contact Us
Link to Us
What's New
Press Release

Importance of Saving for College

Although most parents are extremely committed to providing for their child's education, they are falling short on their goals.  In fact, most do not really understand what they need to do to save effectively or they are not saving at all.  As a result parents are scrambling to gather the necessary funds when their child starts school. 

Why Save for College?

Realize that saving for college is as important as saving for retirement.  Skyrocketing college cost make this endeavor a high ticket item.

Estimated cost of 4 years of college

  PUBLIC SCHOOL PRIVATE SCHOOL
2006 Approx $52,000 Approx $125,000
2024 Approx $126,000 Approx $300,000

How Do I Finance College?

First and foremost you should work with a financial advisor to determine your saving needs and the investment strategies required to meet these goals.  Saving for college may seem overwhelming but doing nothing or waiting to start investing are costly mistakes.  Certain available degree tracks are more expensive than others; not saving can be disastrous.

It is important for parents to realize that the balance of risk to reward in your account is extremely important.  Many times parents will take an extremely conservative approach to saving for college, it is important that the funds have the greatest potential for growth.  If your child is young when you start this savings process you can invest more in stock and then as they approach college age the investments become more conservative.

The reality is that saving for college saves parents money.  If in fact you have a smart investment strategy that includes tax-advantaged savings such as a 529 plan, time will work to your advantage and with compounded interest you will spend less to get more.  You must consider the situation where two or more children are in college at the same time.  You do not want to have to liquidate other investments that could have a serious tax effect on you to collect the cash required.

What Are 529 Savings Plans?

There are smart ways to save, for instance a 529 plan, will have advantages when it comes to your child's eligibility for financial aid. A 529 plan allows you to save money specifically for college with tax advantages and potential for growth.  With a 529 savings plan, the federal income tax on earnings is deferred and you have the ability to make tax-free withdrawals for qualified higher education expenses in the future.  The person who opens the account is the account holder however anyone can contribute to the account.  They simply designate a beneficiary for whose higher education funds will be used.  Money can be deposited in a lump sum or over time.

529 plans can allow parents or relatives to gift up to five times the annual gift tax exclusion in one year and still avoid federal gift tax. A one time gift can be deposited and prorated over five years without incurring federal gift tax.  There are rules and stipulations that you need to be addressed with your financial advisor prior to any deposits.  Just to give a simple example a grandfather wished to gift his grandson $40,000 for higher education.

2008 gift year $ 8,000
2009 gift year +1 $ 8,000
2010 gift year +2 $ 8,000
2011 gift year +3 $ 8,000
2012 gift year +4 $ 8,000
Totals 5 years $40,000

How Does Money Saved Hinder Financial Aid?

The fear that many people have is that if they have money saved for their child's education it will hinder their ability to receive a good financial aid package.  The truth is that greater assets will impact but the most critical factor that determines financial aid is the parent's and student's income.  Your expected family contribution is determined predominantly by parental income not parental assets.  Remember that financial aid is not only scholarships and grants but also student loans.  Education loans have to be paid back. 

I Think That My Child Will Get a Scholarship....

It is important to realize that counting on scholarships as a method of saving for college is not a sound strategy.  Although there are scholarships available that reward students for a variety of reasons including: musical talent, sports abilities, athletics, academic excellence and more does not necessarily translate into enough money for your child's education.  Most parents overestimate the amount of scholarship money their child will receive.  In fact, statistics show that less than 10% will receive a fully paid scholarship.

In Conclusion...

Remember that it is never too late to start saving.  Anything that can be invested in advance will offset the cost in the future so begin today by understanding your college needs and contacting a financial advisor.

For more information on financial planning from an advisor fill out the form below:

Name:

 

Address:   

City, St, Zip:

Telephone #:

 
Subject:  
Email:


Comments: 

or

Email us at info@allstaractivities.com.