A 529 plan is a tax-free investment plan that takes advantage of compounding interest and harnesses the power of the stock market to grow money over time to pay for education-related costs.
“I added funds sparingly in the past, but in order to stay on track, I’m making college savings a higher priority in 2022,” Schwahn says. “I’m setting up automatic monthly contributions from my bank account as an easy solution.”
Reboot travel without breaking the bank
For a few writers, finding money in their budget to travel is a top priority. Writer Sean Pyles wants to stay on track with savings goals even as he travels more.
“During the pandemic, I got used to saving a good amount of my income, and I’m wary of giving that up,” Pyles says. He’ll focus on finding “opportunities to trim costs during my travels and leveraging credit card points for cash back and hotel stays.”
Writer and spokesperson Kim Palmer has similar aspirations but wants to bring her kids along, too. “Between the budgetary demands of having three kids and the pandemic, we haven’t ventured much beyond our part of the country in the last two years, but I’d really like to think of a 2022 vacation as an investment in our future family memories,” Palmer says.
