Yet another item to add to the to-do list this time of year: Taxes. Just the word alone can make you want to grind your teeth. You’ll ask yourself when you’re going to do them 100 times before they actually get done. But you should also be asking yourself another question. If I get a refund, what should I use it for?
The tendency is to want to spend it on a vacation, toy or gadget or maybe a new wardrobe. Maybe you even decide to “do the smart thing” and save it. But what for? A rainy day? Retirement? Christmas fund?
Those are all great but there is one more you should add to the list and that is your child’s future. Higher education is a concern that can easily be placed on the back burner. However, before you know it, it will be here just like tax season. Even if just part of your refund goes there, a dollar saved now is one less dollar you may have to borrow in the future. A great way to save for higher education is with The Guaranteed Education Tuition (GET) plan.
As a prepaid tuition plan, GET guarantees that if you buy 100 units today, those units will always be worth one year of tuition and state-mandated fees at Washington’s most expensive public university, regardless of how much tuition changes. You don’t have to worry about the ups and downs of the stock market. You are assured that the money you save in GET will be there when your student is ready for college.
All earnings and withdrawals from GET plans are tax-free when used for qualified higher education expenses. Your student can use them to attend colleges, universities and technical schools anywhere in the country, and even abroad. GET enrollment runs until May 31st.