We all know college is expensive. In 2019, the average sticker price of an in-state public college education was $10,116, while private colleges average a whopping $36,801. With the ever-increasing price of sending kids to college, more parents than ever feel the need to find ways to save for their children's college expenses.

529 college savings plans' popularity and growth have continued to rise since their creation under the Small Business Protection Act of 1996, but studies still show that most Americans still don't know what a 529 savings plan is. We break down the basic pros and cons of 529 plans, giving you a better understanding of how they work and if they may be the right college savings vehicle for your kids.

What Is a 529 College Savings Plan?

529 plans are tax-advantaged investment accounts that are state or state agency run to save for college expenses.

There are no income, age, or contribution limits to 529 savings plans. You don't have to worry if the account beneficiary doesn't go to college right away; they can use it whenever! Additionally, the beneficiary of the plan can be changed to another family member. This means that, as the account owner, you can transfer it to another family member, including yourself! Parents can feel better about staying in control of the money, too. Unlike UGMA (Uniform Gift to Minors Act) and UTMA (Uniform Transfer to Minors Act) accounts, the custodian of a 529 savings plan always stays the owner; it will never switch over to the control of the beneficiary. This means parents can rest assured that their child can't withdraw the money to purchase the Mustang they've been eyeing!

The most obvious disadvantage to 529 plans is that you are limited to withdrawing the money only for college expenses. If withdrawn for any other reason, you may be subject to income tax along with penalty expenses on the earning portions of the account. Luckily, the list of qualified college expenses is vast, including the most recent addition to the list: student loan payments.Since 529 plans are run by states and institutional agencies, a big concern is whether or not the plan that is opened will transfer easily if the beneficiary ends up going to college out of state. In most 529 plans, your choice of college is not affected by the state in which it was opened.


Tax Benefits

Most states offer a full or partial tax deduction for 529 contributions. Some states even allow a tax credit for the contributions. Account owners can also feel better knowing that the earnings grow tax-free and will never be taxed as long as the money is used for qualified expenses.

Investments

Most plans are low maintenance and have automatic investment management options, which means less work and worry on your end. Many 529 plans use target-date funds, which change based on the beneficiary's age and become more conservative the closer they get to college age. These types of funds can be great for the account owner, who wants to be able to "set it and forget it." but it can also be troublesome for those more involved with managing their own investments. Account owners can only make investment changes twice a year in 529 accounts (there is a loophole for this if you switch the beneficiary; then the investment change limit is reset)

529 Plans' Effect on Financial Aid

There is much debate over how a 529 plan can affect a college applicant's ability to receive financial aid. A lot of factors go into the decision-making on FASFA (free application for federal student aid) forms, so it's important to look into each individual case. Since student assets are assessed at higher rates than parents', in most cases it is best to keep the account in the parent's name. However, 529 accounts owned by a grandparent will be counted on the FASFA application as the student's assets, so it will be assessed at a higher percentage.

In my personal opinion, as a former personal banker and mother of two, 529 plans are the best way to save for college, as long as you start early– it doesn't make much sense to open one if your child will be attending college in just a few short years. The best advice I can give people is to act early, set clear goals for the future, and meet with a financial professional to discuss your exact situation.

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Over the past month, both Haiti and Afghanistan have been pummeled by tragic disasters that left devastation in their wake.

In Haiti, a 7.2 magnitude earthquake erupted, leading over to 2,189 deaths and counting. A few hours later, in Afghanistan, Kabul fell to the Taliban just after U.S. troops had pulled out after 20 years of war.

In many ways, these disasters are both chillingly connected to US interference. The United States invaded Haiti in 1915, ostensibly promising to restore order after a presidential assassination but really intending to preserve the route to the Panama Canal and to defend US creditors, among other reasons.

But the US forces soon realized that they were not able to control the country alone, and so formed an army of Haitian enlistees, powered by US air power and intended to quell Haitian insurrection against US controls. Then, in 1934, the US pulled out on its own, disappointed with how slow progress was going. Haiti's institutions were never really able to rebuild themselves, leaving them immensely vulnerable to natural disasters.

Something similar happened in Afghanistan, where the US sent troops and supported an insurgent Afghan army – only to pull out, abandoning the country they left in ruins, with many Afghans supporting the Taliban.

In both cases, defense contractors benefited by far the most from the conflict, making billions in profits while civilians faced fallout and devastation. While the conflicts and circumstances are extremely different and while the US is obviously not solely to blame for either crisis, it's hard not to see the US-based roots of these disasters.

Today, in Haiti and Afghanistan, civilians are facing unimaginable tragedy.

Here are charities offering support in Afghanistan:

1. The International Rescue Committee is looking to raise $10 million to deliver aid directly to Afghanistan

2. CARE is matching donations for an Afghanistan relief fund. They are providing food, shelter, and water to families in need; a donation of $89.50 covers 1 family's emergency needs for a month.

3. Women for Women International is matching donations up to 500,000 for Afghan women, who will be facing unimaginable horrors under Taliban control.


4. AfghanAid offers support for people living in remote regions of Afghanistan.

5. VitalVoices supports female leaders and changemakers and survivors of gender-based violence around the world.

Here are charities offering support in Haiti:

1. Partners in Health has been working with Haiti for a long time, and they work with the Department of Health rather than around them, which is extremely important in a charity.

2. Health Equity International helps run Saint Boniface Hospital, a hospital in Haiti close to the earthquake's epicenter.

3. SOIL is an organization based Haiti, "a local organization with a track record of supporting after natural disasters." They are distributing hygiene kits and provisions on the ground to hospitals and to victims of the earthquake.

4. Hope for Haiti has been working in emergency response in Haiti for three decades, and their team is comprised of people who live and work in Haiti. They focus on supporting children and people in need across Haiti.

via Tiffany & Co.

When the new Tiffany's campaign was unveiled, reactions were mixed.

Tiffany's, the iconic jewelry brand which does not (despite what some might be misled to believe) in fact serve breakfast, featured Jay Z, Beyoncé, and a rare Basquiat painting in their recent campaign.

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Road trips can be a lot of fun — but they can also drain your wallet quickly if you aren't careful.

From high gas costs and park admission fares to lodging and the price of eating out every night, the expenses can add up quickly. But at the same time, it's very possible to do road trips cheaply and efficiently. Without the headache of worrying about how much money you're leaking, you can enjoy the open road a whole lot more. Here's how to save money on a road trip.

1. Prepare Your Budget, Route, and Packing List in Advance

If you want to save money on a road trip, be sure you're ready to go. Try to count up all your expenses before you hit the road and create a budget. It's also a good idea to plan your route in advance so you don't end up taking unnecessary, gas-guzzling detours. And finally, be sure to pack in advance so you don't find yourself having to buy tons of things you forgot along the way.

2. Book Cheap Accommodations — Or Try Camping

All those motel rooms can add up surprisingly quick, but camping is often cheap or free, and it's a great way to get intimate with the place you're visiting. You can check the Bureau of Land Management's website for free campsites. Freecampsite.com also provides great information on If you don't have a tent or don't want to camp every night, try booking cheap Airbnbs or booking hotels in advance, making sure to compare prices.

Camping camping road tripConde Nast Traveler

If you're planning on sleeping in your car, a few tips: WalMart allows all-night parking, as do many 24-hour gyms. (Buying a membership to Planet Fitness or something like it also gives you a great place to stop, shower, and recharge while on the road).

3. Bring Food From Home

Don't go on a road trip expecting to subsist on fast food alone. You'll wind up feeling like shit, and it'll drain your pocketbook stunningly quickly. Instead, be sure to bring food from home. Consider buying a gas stove and a coffee pot for easy on-the-go meals, and make sure you bring substantial snacks to satiate midday or late night cravings so you can avoid getting those late night Mickey D's expeditions.

Try bringing your own cooler, filling it with easy stuff for breakfast and lunch — some bread and peanut butter and jelly will go a long way. Bring your own utensils, plates, and napkins, and avoid buying bottled water by packing some big water jugs and a reusable water bottle. Alternatively, try staying at hotels or Airbnbs with kitchens so you can cook there.

4. Avoid Tolls

Apps like Google Maps and Waze point out toll locations, so be sure to avoid those to save those pennies. (If it takes you too far off route, you might have to bite the bullet and drive across that expensive bridge).

You can also save on parking fees by using sites like Parkopedia.

Road Trip Road TripThe Orange Backpack


5. Save on Gas

Gas can get pricy incredibly fast, so be sure that you're stopping at cheap gas stations. Free apps like GasBuddy help you find the most affordable gas prices in the area. Also, try going the speed limit on the highways — anything faster will burn through your tank. Be sure that you don't wait till you arrive at touristy locations or big cities to fill up.

6. Get a National Park Pass

All those parks can get really expensive really fast. If you're planning on visiting three or more parks, it's a great idea to get an America the Beautiful National Parks Pass. For $80 you can get into every National Park for one year.