October a good time to plan finances
Families encouraged to set goals for the future
Holiday festivities soon will be here and before that busy season arrives, I encourage families to reflect on their financial goals to finish 2021 strong and look ahead to 2022.
Financial Planning Month, designated annually in October, is a time for families to take stock of the progress they’ve made and be intentional about planning for the future.
In a recent survey conducted by the Oklahoma 529 College Savings Plan (OCSP), 90% of Oklahoma parents said they expect their children to attend some form of college after high school. According to the survey, it’s important parents and grandparents know about OCSP. Since its inception, the program has been a valuable tool for Oklahoma families to use for higher education expenses.
Since students will take different educational paths, OCSP offers options to pay for various types of instruction. From college degrees to technical training, funds in an OCSP account can be used to pay for tuition, books, technology, room and board, and more.
The study also found a majority of Oklahoma parents (57%) believe college is in their child’s future before they even step foot inside a classroom as a young child. That early aspiration can be met with an actionable plan that includes opening an OCSP account with as little as $25 and consistently making monthly contributions. It’s easy to set up and affordable to maintain, so open an account today.
OCSP account contributions also can help families with financial planning through its tax advantages. OCSP is the only direct-sold plan with an Oklahoma state income tax deduction. Limitations apply. Additionally, there are federal tax benefits. Investment earnings grow tax-deferred and the money, when used for qualified education expenses, is tax-free.
Right now, OCSP has a special offer for babies born in 2021. The Smart Steps promotion gives new parents and grandparents a $50 match through Dec. 31, 2021, by registering at www.ok4saving.org/newborn for the special code to use when opening an account.