Global investment firm T. Rowe Price, is bringing comfort to Los Angeles-area parents tomorrow with a “College Savings Chill Out” tea carton at the 3rd Street Promenade in Santa Monica, serving complimentary iced herbal teas and free copies of their new children’s book for parents, Everybody Freaks Out. LA is the second stop on this multi-city tour promoting the book and campaign.
Available for purchase on Amazon.com, Everybody Freaks Outis aimed at parents but written and illustrated in the style of a children’s book. It’sa lighthearted, illustratedstory about two fictitious parentsand others who are able to move past their college savings panic. All proceeds from sales of the book are benefitting Junior Achievement USA®, a national, non-profit organization focused on promoting financial literacy.
According to the findings of T. Rowe Price’s 2013 Parents, Kids & Money Survey, 70% of kids and 66% of parents agreed that the best way to prepare for a strong financial future is with a good education; however, only 41% of parents regularly saving for college. In fact, more parents (46%) save regularly for vacation than for college.
To help you not “freak out” over the costs of college, here are
Six Steps for StartingFrom CollegeSavingsChillout.com
1) Have a plan and do what you can. Parents do not have to save for the entire cost of college. Instead, perhaps they plan to save for two years of school or just one. Every bit of savings will help, even if it’s only enough to cover a portion of children’s expenses. Instead of making the total number an enemy, make a personal goal the hero.
2) Just get started.Parents should start by saving an amount that’s manageable. Doing it now may help parents save money and frustration in the future by needing to borrow less.
3) Don’t try to do this alone.Get others involved.When friends and family ask for gift ideas, parents should suggest that people give to their kids’ college savings plan. As kids get older, they too can contribute to the plan by saving money earned from babysitting or other work.
4) Make a 529 plan work for you. These college savings plans offer the flexibility to pay for qualified private or public colleges, universities, and graduate schools, as well as vocational and trade schools anywhere in the country. Parents can also use the money in the account for any of their kids or themselves by changing the beneficiary.
5) Take care of life’s necessities.Give a little to each.Parents should start by setting their priorities and then funding them accordingly. If the goal is a four-year private education, go for a slightly less expensive car or home and direct those savings into a 529 for college and an IRA for retirement. Your savings plan can always be adjusted along the way.
6) Let T. Rowe Price help. Parents can call 1-855-529-CHILL to learn more about saving for college or visit www.collegesavingschillout.com.
To learn more about the book, visit: CollegeSavingsChillout.com.
WHO: T. Rowe Price and their book Everybody Freaks Out! But It’s Going To Be Okay.
WHAT: Free Calming Iced Teas and Book Giveaway
WHERE: 3rd Street Promenade in Santa Monica, between Broadway and Wilshire Blvd.
WHEN: July 22, 2014, 12-6pm
FYI: I didn’t receive anything for this post, not a free book or even a cup of tea, I’m just helping out a friend.