Summary
An aunt saved money for her niece's college education by putting away a small amount each month into a special savings account known as a 529 plan. Over six years, she has saved about $1,300, with plans to increase savings in the future. The story has inspired others to consider similar savings strategies for education.
Key Facts
- An aunt opened a 529 college savings plan for her niece on the child's first birthday.
- She began by saving $15 a month and later increased it to $20 a month.
- After six years, the account balance reached approximately $1,300.
- A 529 plan is a savings account with tax advantages for education expenses.
- Unused 529 funds can be transferred to a Roth retirement account.
- The aunt plans to keep increasing her contributions over the years.
- The story received over 4,000 likes and shares online, inspiring others to save for their children's education.
- A 529 plan can be used for college, trade school, and certain K-12 expenses.
