If you're wondering how you'll ever save enough to pay for an expensive education,

like private secondary school or an out-of-state university, there's a secret weapon you should know.

It's called a 529 savings plan. These accounts were designed to encourage

investing for future education expenses, helping you cut taxes and perhaps reduce the need for student

loans. This podcast will review how 529 plans work, who can use them, and the tax benefits they offer. Plus, we'll review some brand

new rules that make 529s more flexible for students and families. Welcome back to episode 951 of

Money Girl. I really appreciate you being here and spending a little time with me. I'm Laura Adams,

an award-winning author, an on-camera spokesperson,

money speaker, and founder of the Money Stack. That's my substack newsletter. Subscribers

automatically receive my money success toolkit, which includes the exact templates I use to manage

my finances. So I would love for you to subscribe. You can learn more,

ask questions, and sign up for the money stack at laura d adams.com. Another way to reach me is to

leave a voice message with your question or comment by calling 302-364-0308. I'd love to feature your question on a Finance Friday,

which is our weekly Q&A bonus edition of the show. All right, let's talk about how a 529 plan

saves money. We're going to go through nine ways that it helps you save money and cut

education costs for yourself or students in your family. Number one is you can contribute

just about any amount. A 529 plan owner is typically a parent or a grandparent, and the beneficiary is a child, and a child has

no legal right to the funds in the account. So as the owner, you have control over the account.

However, if you're an adult, future student, you can open a 529 for yourself and name yourself as the beneficiary. You can also change the

beneficiary to another eligible family member at any time. So maybe if you open it for one child,

but that child ends up not needing the funds and you've got a different child, you can just

transfer the beneficiary.

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