Mamas and MEFA: Saving for College

sponsoredpostgraphicLast week, we went to our first Highland Street Foundation Free Fun Friday event at the Worcester Ecotarium. We also checked out the U.Fund Dreams Tour Tent. It’s a tour that I posted about last week, where my kids had a blast pretending to be musicians, astronauts and veterinarians!

U.Fund Dreams Tour

At the U.Fund Dreams Tour, we learned more about college savings opportunities. I also learned a little about my kids and what they want to be when they grow up. The U. Fund Dreams Tent had a green screen and props where kids could choose from about 8 options like being a rock star, a doctor, a veterinarian, an astronaut, an air traffic controller, a marine specialist, and more.

It appears that my son wants to be involved in things that go fast. He often says he wants to be a race car driver when he grows up, but on this day, it was a jet fighter. In the U.Fund Dreams Tour Tent, it was a toss up between planes that stay within our atmosphere and those that don’t. You can see it was the latter…

I wasn’t surprised that my daughter gravitated towards the doctor choices since she loves watching Doc McStuffins and playing with her pretend doctor’s kit at home.

They also had fun checking out the U.Fund Dreams Tour exhibits.

So they had fun with what they wanted to be that day, but today, tomorrow and the many days after that, I need to figure out how to pay for it and save for it!

The MEFA U.Fund® College Investing Plan account can help you grow your savings rather than you just putting money in a savings account alone. In fact, according to a MEFA U. Fund 529 Plan brochure I picked up at the event, putting $50 a month into the 529 plan managed by Fidelity Investments could grow 7% a year so that in 20 years you’ll could possibly have $26,000 to put towards college costs. Put in $300 a month and you could possibly have around $150,000.

With the average cost of college in 20 years expected to be about $252,000 and private college $379,000, every dollar saved is essential, and having an experienced financial institution attempting to grow each and every dollar, is a big benefit.

By putting your money into a 529 plan, you are not limited to in-state schools. The money in your 529 account can be used to pay for tuition, fees, room board, books and supplies. When you withdraw the money, you pay no federal or Massachusetts state income tax on the money you have earned in your account! (Just speak to a financial advisor to determine your specific financial picture!)

You just need $15 a month to start your U.Fund. You can make automatic contributions from your bank account, your Fidelity account, or direct deposit from your paycheck if offered by your employer. You can decide how to invest the funds. Let the experts at Fidelity do the work or you can choose your own investment portfolio.

We also use the Fidelity 529 rewards credit card to put the 2% “cash back” we receive from everyday purchases into our children’s 529 plan. It’s like extra money every time we shop!

So check out the 529 plan info (and all the fine print to confirm what is right for you and your personal financial portfolio) and savings tips, at fidelity.com/ufund or head to the Metrowest Fidelity offices in Burlington, Framingham and Shrewsbury to talk to someone directly!

What do your kids want to be when they grow up?
 
Disclosure Language: I’ve partnered with Fidelity & MEFA for this post in support of the U.Fund Dreams Tour. As always, all thoughts and opinions are my own.
  
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Metrowest Mamas does its best to make the event information listed as accurate as possible, but event and venue information is subject to change without notice, and Metrowest Mamas is not responsible for erroneous information or the reliance upon it. Always call your destinations ahead of time to confirm dates, times, locations and admission fees.
 

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