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State Treasurer: Consider Saving Instead of Spending on Holidays

Posted: Saturday, December 19th, 2009 at 6:42 am

press play to hear from State Treasurer Michael Fitzgerald

Iowa’s College Savings Program has a holiday gift suggestion: a 529 tax-exempt college savings plan. State Treasurer Michael Fitzgerald says it’s a good way to save instead of spend during what can be an expensive time of year. Fitzgerald says if a family saved the 600 dollars usually spent on gifts, they could have close to eight thousand dollars in ten years. He says many financial planners recommend opening 529 plans for each child. Fitzgerald says they can be opened for as little as 25 dollars.