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Valentine's Day Gifts - New York's 529 College Savings Program

February 3rd, 2014 at 05:40 pm

Today I'm mailing off Valentine's Day gifts to my niece & nephew. They are getting $1 cards, a second-hand book in very good condition to share, and small contributions to their New York 529 College Savings plans. Every year I send a small token gift for them to open, but the main gift is the college fund contributions. I do the same for Christmas and for their birthdays.

My sister used to have Coverdell accounts for them, but last year switched to NY's 529 plan. I think it was a great decision because the investment options are all with Vanguard (I'm a fan). Also, now instead of sending a check to my sister that she has to deposit and then mail money in to the investment company, I can now make contributions directly to the 529s. I print out a coupon and mail it in with a check to UGift. I can also print out a little gift certificate that I mail to my niece & nephew. I never had any concerns sending to the money to my sister, but for anyone who wants to know that the money will go to the intended recipients for college it's a nice assurance. Also, it makes things easier on my sister who is busy with her job & children.

That is the only spending I'll be doing for Valentine's Day.

My husband usually buys a nice box of chocolate for me after they go on clearance after Valentine's Day.

6 Responses to “Valentine's Day Gifts - New York's 529 College Savings Program”

  1. snafu Says:

    Lovely idea to offer kiddies something to open but long term help fund their college education.

  2. FrugalTexan75 Says:

    That is a great idea. I hope if I have a child someday, I'll be able to talk my relatives into doing something similar - rather than having them pile the gifts on. (Biggest danger would be my mom - no grandchildren - so would want to SPOIL rotten.)

    The only spending I'm doing for Valentine's is I had a custom song made for NE on fiverr. It turned out pretty nice - hope he likes it. Smile

  3. scfr Says:

    As soon as her first child was born, my sister let all of the relatives know that she would appreciate contributions to college in lieu of gifts for her children. Sister graduated with heavy student loan debt and is hoping to help her children get a better start financially post-college than she did. Unfortunately, I think I'm the only one who has honored her request. My first contribution was the birth gifts, and I've contributed at every birthday, Christmas, and Valentine's Day since! Sister & I talked and both agreed that a small "token" gift to open was important so that the children did not see saving as some type of punishment, or think that I was taking the easy way out by just writing a check.

    I don't think my mom has contributed even a penny to the college fund. These are her only grandchildren and I think she gets a bit of a "high" out of shopping for toys & clothes and telling the store clerks about her grandkids.

  4. FrugalTexan75 Says:

    My brother and I had an aunt that started a fund for both of us when we were born, and then gave the money to us when we graduated from high-school. I'm not sure what the money was in, but it was about $1100. I was able to use the money towards my first car - not sure what my brother did with his. It was SO appreciated.

  5. scfr Says:

    Thanks for sharing FrugalTexan ... My hope is that some day down the road my niece & nephew will appreciate the advance planning their mom & aunt (me) have done. My niece actually seems very appreciative already; she seemed to grasp the importance of saving at a very young age. My nephew, however, is the type who would prefer the latest and greatest big trend toy.

  6. NYsaver Says:

    I believe that a college contribution is a pretty good idea. They may not be really happy with the idea now, but I'm pretty sure they'd be thankful when the time comes. And for now, you have the books Smile

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