If you’re like me, you’ve already done a lot of your holiday shopping, taking advantage of some great deals (and maybe picking up a few deeply discounted items for yourself!) but may need a fantastic holiday gift for your child.
I still have some holiday shopping to do, but honestly, I don’t want to just spend my remaining gift money on the latest technology or toys, which lose value (and usefulness) within a few years, or pile up around the house, getting forgotten.
Instead, I want to give meaningful gifts that last and will make a difference for someone, especially my own kids.
The Minnesota College Savings Plan
Did you know there’s an affordable gift that has the potential to increase in value with time? It’s the Minnesota College Savings Plan, Minnesota’s own state-sponsored, tax-advantaged 529 college savings plan. It’s a college savings account that’s open to any citizen or tax payer. You can open one for your own child or for a family member, or contribute to someone’s already existing plan.
Plus, many states offer a state income tax deduction or tax credit for contributions, so any Minnesota resident who gives money to a Minnesota College Savings Plan can save money on their taxes! [Read more…]