Ask Terry Questions Monetary Gift for Grandchild

Monetary Gift for Grandchild

By Terry Savage on March 15, 2024 | College Savings / Student Loans

Good Morning 🙂
I would like to give a monetary gift to my grandchild for her birthdays every year until maybe the age of 18 or so. Don’t have a lot of money to invest. Maybe $500 a year. What would you suggest.
Thank you, Kim

Terry Says

You should open a 529 College Savings Plan. Read this:

If — as many of my readers — you live in Illinois, you should use the state’s 529 plan, because you get a tax deduction on your Illinois state taxes for your contributions. If not, use the link in the article to find your state’s plan.

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