Education Planning Services
Your Child's College Dreams Shouldn't Become Your Financial Nightmare
The average Texas family will need $284,000 for a 4-year degree by 2030. Are you prepared?
The Hard Truth About College Costs
While you’ve been working hard to provide for your family, college costs have been skyrocketing:
- 1,200% increase since 1980 (inflation was only 280%)
- Rice University tuition: $54,960/year (and rising 4-6% annually)
- University of Texas: $11,752/year in-state, $40,032 out-of-state
- 73% of Houston parents worry they’re starting too late
Every month you delay planning costs your family an additional $847 in future savings needed.
529 College Savings Plans
Investing in a 529 college savings plan is one of the most effective and tax-efficient ways to contribute to higher education. Contributions grow tax-deferred, and when the funds are used for qualified education expenses, withdrawals are completely tax-free. We analyze the benefits of these plans, tailoring them to align with your family’s long-term financial goals.
UTMA College Savings Accounts
Uniform Transfers to Minors Act (UTMA) accounts are valuable tools for educational savings. These accounts allow you to transfer assets to your child while maintaining control until they reach the age of majority. Our team helps you set up and utilize these accounts in ways that maximize their potential to support future expenses.
College Savings Calculator
Understanding exactly how much to set aside is crucial for financial success. That’s why we use a college savings calculator to project realistic scenarios and create personalized, realistic savings goals for your family. This ensures that every step of the plan is clear and intentional.
Are You Making These Costly College Planning Mistakes?
These five mistakes cost Houston families an average of $89,000 in missed opportunities
-
Waiting until high school to start saving
(costs 3x more)
-
Only using basic savings accounts
(losing $50,000+ to inflation)
-
Not understanding financial aid impact
(could disqualify your child)
-
Ignoring tax advantages
(missing $15,000+ in annual savings)
-
No backup plan for scholarships or career changes
(funds locked in wrong accounts)
Managing Surplus Education Funds
What if your child receives a scholarship or doesn’t use all the funds saved for college? We’ll walk you through strategies for reallocating surplus funds to other family members or even applying them towards your children’s financial goals such as retirement savings.
Next Generation Financial Education
We believe that investing in education goes beyond funding tuition. Our “Next Generation Financial Education Series” is designed to teach your children or loved ones how to become thoughtful stewards of their financial resources as they grow up. This educational initiative equips families with tools and knowledge to make informed financial decisions, creating a lifetime of financial literacy.
Why Choose Saxon Financial Group?
Tailored Solutions for Unique Needs
No two families or individuals have the same financial goals or circumstances. Whether you’re juggling business demands, navigating life changes, or simply trying to better prepare for your child’s future, we craft personalized strategies that reflect your specific needs.
Expert Guidance You Can Trust
Education planning involves more than just setting aside money for the future. From tax implications to determining ownership structures and contribution limits, our team of trusted professionals has the knowledge to guide you through the complexities of the process, making your experience straightforward and stress-free.
Building a Better Future Together
Planning for higher education isn’t just about dollars and cents; it’s about fostering opportunities and potential. By partnering with Saxon Financial Group, you’re investing in the dreams and futures of your loved ones, all while securing peace of mind for yourself.
Secure Your Child’s Future Today
Start building the foundation for your loved one’s education. Contact us at Saxon Financial Group today to schedule a consultation with one of our experienced advisors. Together, we’ll turn the dream of education into a practical, sustainable reality.
Frequently Asked Questions About Saving for College
When should I start saving for college?
The best time to start is as early as possible – ideally when your child is born or in elementary school. Starting early gives you the power of compound growth over time. However, it’s never too late to start! Even if your child is in high school, strategic planning can still save you thousands of dollars. The key is to begin today rather than waiting another year.
What is a 529 college savings plan?
A 529 plan is a tax-advantaged savings account specifically designed for education expenses. Named after Section 529 of the Internal Revenue Code, these plans allow your money to grow tax-free, and withdrawals for qualified education expenses are also tax-free. Texas offers its own 529 plan, and you can also invest in other states’ plans.
How does a 529 college savings plan work?
You contribute money to the account, which is then invested in mutual funds or other investment options. Your money grows tax-free over time. When your child is ready for college, you can withdraw the money tax-free as long as it’s used for qualified education expenses like tuition, fees, room and board, books, and supplies. You maintain control of the account and can change beneficiaries if needed.
How do I start saving for college?
Start by setting a realistic savings goal based on your child’s age and your target schools. Then choose the right savings vehicle – typically a 529 plan for most families. Set up automatic monthly contributions to make saving effortless. Most importantly, develop a comprehensive strategy that considers your family’s complete financial picture, including retirement planning and other goals.
What is strategic planning in education?
Strategic education planning goes beyond just saving money. It’s a comprehensive approach that includes choosing the right savings accounts, optimizing for financial aid, planning for tax advantages, preparing for multiple scenarios (scholarships, career changes, multiple children), and integrating college planning with your overall financial goals. It’s about making every dollar work as efficiently as possible.
Besides saving for college, what are the other major benefits that 529 plans offer?
- Flexibility: Can be used for K-12 tuition (up to $10,000/year), trade schools, and graduate programs
- Transferability: Change beneficiaries between family members without penalties
- Estate planning benefits: Contributions reduce your taxable estate
- High contribution limits: Most plans allow $300,000+ in total contributions
- Professional management: Investment options managed by financial professionals
- State tax benefits: Many states offer tax deductions for contributions
Contact us
What can we do for you?
Contact us to schedule a consultation and learn how our portfolio management services can help you reach your financial goals.
Tell us how we can help you today
By providing a telephone number and submitting the form, you consent to be contacted via SMS from Saxon Interests Inc. Message frequency may vary. Message & data rates may apply. Reply STOP to opt out of further messaging. Reply HELP for more information.