The Savvy Saver Society

529 Plan vs. UTMA: Which Saves More for College Before FY 2024-25 Closes? As the fiscal year 2024-25 approaches its end, parents, guardians, and grandparents are faced with an important decision: how to save for a child’s college education most effectively. Choosing the right savings plan can make a significant difference in the long run, particularly concerning tax implications and financial aid eligibility. In this article, we will explore the features, benefits, and drawbacks of 529 Plans and UTMA accounts to help you determine which option aligns best with your financial goals. Why Choosing the Right College Savings Plan Matters The urgency to decide on a college savings plan stems from the impending fiscal year deadline. Proper planning can lead to substantial tax advantages and ultimately maximize the amount saved for your child’s education. This guide will cover: Understanding 529 Plans and UTMA accounts Tax benefits and contribution limits Real-life scenarios demonstrating fina...

Managing money doesn’t have to be overwhelming, especially when you’re juggling rent, Netflix subscriptions, and that emergency fund you’ve been meaning to start. If you’re a millennial, Gen Z’er, working professional, or young family earning between $40K and $120K, the 50/30/20 budgeting rule might just be the simple, flexible solution you’ve been searching for. Even better? We’ve got a free budgeting spreadsheet to help you put this plan into action today.  Ready to take control of your finances, reduce stress, and start building savings?  Let’s dive in! Why the 50/30/20 Rule Works for Everyone The 50/30/20 budgeting rule is a straightforward way to divide your after-tax income into three categories: “ needs ”, “ wants ”, and “ savings or debt repayment ”. Introduced by Senator Elizabeth Warren in her book “All Your Worth” , this method has gained popularity because it’s easy to understand and works for almost any income level—whether you’re making $3,000 a month or $10,...