529 Plan

All these numbered plans. Like... why couldn't they have just named it College Savings Plan 101? Or Bob's Zillion Dollars of Debt?

Anyway, they did name this tax-advantaged savings plan…and it basically allows parents who qualify to take contributions made into that 529 plan as tax deductions, so that it makes it easier for you to make it through Toga Night Tuesdays.

Want to go to college? With living costs, tuition, books, and everything else, it's going to cost you about as much as a fancy sports car or a nice condo. We could say the cheesy thing about how a college education will take you further than a BMW. And, hey, maybe it's true, but you're still going to have to cough up the dough.

If your parents or granny want to save up cash for you, they can use a 529 Savings Plan. It's a tax-advantaged college savings plan for the middle classes. If you meet all sorts of standards, the taxes you pay on college savings are deferred, letting you save up more. Just one thing: you're going to have to start with a 529 Savings Plan early on if you want to sock away enough for college. If you start saving first semester of your senior year of high school, you’ll probably only be able to afford half of one textbook. Which is fine. Nobody really knows what happened before 1776 anyway.