In our family we are lucky enough to have engaged, generous, loving grandparents who will definitely take advantage of the Grandparent Card when it comes to "spoiling" the grandkids and we are eternally grateful for them. What we sometimes don't want, admittedly, is more toys at the holidays, because we have A LOT OF TOYS. Too many toys. Even for five kids, we have too many toys and I am constantly trying to weed them out. So this year, while I know there will still be toys given at the holidays, I have also simplified gift giving with one link from Ugift®. So what's Ugift®?
Ugift® is an automated online program that lets you share the 529 college savings plan gift contribution with grandparents and relatives. You can send notifications by email (or even print them), and by using a unique Ugift code that you provide them, gift givers can contribute to your account electronically or by mail. It's that simple. Using Ugift® I can have grandparents and relatives contribute to the 529 college savings accounts I have for the kids, which, let's face it, is going to be a much more important gift than a Hatchimal that is going to get lost in the mix come January.
Now I know what you're thinking, "I have about 8 billion things to do for the holidays, and setting up a college savings account is not one of them". I'm here to tell you, it takes like ten minutes, seriously. When I first set mine up almost a year ago (read more about that experience here), I was worried it would be complicated and would require a lot of maintenance and would be another thing to add to my already overloaded to-do list, but the truth is? I totally forgot about it, only I didn't really forget about it, because we chose the plan that automatically adds recurring contributions (also known as an automatic investment plan or AIP), which are set amounts moved from your checking or savings account on a regular basis.
There are no fees to open an account in New York's 529 College Savings Program Direct Plan, and there is no minimum contribution amount to get started. Once you have an account, you'll pay only $1.50 in fees per year for every $1,000 you invest in the Direct Plan (0.15% total annual asset-based fee).
So once you have it all set up, to use Ugift you just log on to your 529 plan account, select the appropriate account number, select Ugift and follow the instructions, and poof! The college savings wish list is done. Again, anyone can contribute, not just the account owner. And college savings is seriously a fantastic gift for a child of any age.
Want to find out more about New York's 529 College Savings Program Direct Plan? Click here to read my blog from when I first set mine up, and click here to read a ton more of FAQs and great tips on getting started.
Disclaimer: Compensation was provided by NY 529 Direct via Momtrends. The opinions expressed herein are those of the author and are not indicative of the opinions of NY 529 Direct or Momtrends.