Hey everyone I'm Laura Adams and this is the Money Girl Podcast

where my mission is to help you live rich and love the journey.

If you're ready for more knowledge, resources, and motivation

to manage your money the best way possible,

you are in the right place.

If you're a long-time longtime listener you know we cover a wide variety of

personal and small business topics here and each episode is like a mini training.

My inspiration for shows comes from current events, issues I want you to brush up on, and your question. So please keep them coming. And if you're a new listener, I'm thrilled that you're now a part of the community and hope that you'll stick around by subscribing.

With so many students and families unsure about the future of in-person education, your expenses for school may be changing.

And whether elementary schools, high schools, colleges, graduate schools open up virtually or on campus in 2020, the cost of education

and related supplies is incredibly expensive.

So I'm going to talk today about a very special account called a 529 plan that families

with students of all ages can use to save money. I want to repeat that. Students of all ages can

benefit from this plan. I received an email from Jack who says, now that my son is in college I need practical tips for using

my 529 savings plan I'm wondering how much should I withdraw from it? What are the tax consequences? And if I need to save my

receipts, thanks for your help and great podcast. And Jack also question whether he should have a joint checking account and a joint or

co-signed credit card with his student.

And I'll address all of these questions through the show and at the end.

So Jack, I appreciate your question and I want to congratulate you on being such a prepared

parent.

There's a lot to consider when it comes to saving for college and helping a child create their

own strong financial foundation as they grow up.

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