Wall Street Journal analysts report there is a $65 billion increase in holiday spending each year. But with a tough economy expected to drag into 2010, they’re suggesting saving instead of spending.
Idaho State Treasurer Ron Crane says the ‘IDeal’ College Savings Program, a 529 tax-exempt plan, fits that recommendation.
Crane says if Idaho families saved the $600 they usually spend on holiday gifts for college instead, they could have thousands of dollars in hand in just ten years.
Idaho State Treasurer Ron Crane comments
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Crane says an ‘IDeal’ account can be opened for as little as $25. Contributions are state tax-deductible up to $4,000, or $8,000 for those who file jointly.
Crane says the contributions are tax deductible too
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Crane says the tough economy also shines a light on the importance of a solid education beyond high school, with research showing college graduates earning at least $1 million more over their lifetimes than those who don’t attend college.
