Education Savings Plan App

This is the 12th exercise in a series designed to walk you through an entire financial plan.  The exercise is embedded in an Excel spreadsheet you can download and save for personal use.  You can read the backdrop for the exercise HERE, or just jump right in with the instructions given below:

If you’re starting from scratch, the following application steps will provide a great starting point; if you’re re-evaluating, this will be a great opportunity to hone your approach.

Create your family education policy.  If you are one of two parents, put your minds together.  If you’re a single parent or one of many students without a benefactor in your educational quest, your policy is just as important.  It may be helpful to pull out your Personal Money Story exercise, which likely includes some good or bad experiences you’ve had surrounding the cost of your own education.  Then, review your Personal Principles and Goals before articulating your educational savings goals.  Utilize the Family Education Policy worksheet to concrete your family’s plan, and then, at the appropriate time, share it with your children.

From that policy should spring your Education Savings Plan.  Use the calculator we provide to help you determine what your monthly savings should be and how much of that should be going into a 529.

Click HERE to access the Education Savings Plan app!

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I’m a speaker, author, wealth advisor and Director of Advisor Development for Buckingham and the BAM Alliance. Connect with me on Twitter, LinkedIn and Google+.

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