Museums, zoos and minor league baseball teams across Tennessee are offering people numerous ways to save money this month. In turn, they and their partners in the Tennessee Treasury Department are hoping some of that money saved will be applied to college savings accounts.
May 29 is nationally recognized as 529 College Savings Day. The name is derived from the section number in the Internal Revenue Code that allows states to set up college savings investment programs that provide certain tax advantages.
In Tennessee, the Treasury Department offers the TNStars 529 College Savings Program. More information on the program is available by visiting the TNStars website – www.tnstars.com – or by calling toll-free to 1-855-3TN-STAR (1-855-386-7827).
“529 College Savings Day is a great and fun way to raise awareness about the importance of saving for children’s college expenses while the children are still young,” State Treasurer David H. Lillard, Jr. said. “Even people who save small amounts of money can find that those savings, when compounded with interest earned on investments, add up to significant amounts over time. I encourage people who haven’t started saving for college for their children, grandchildren, other relatives or loved ones to begin doing so today. And those who are already saving money should make room in their budgets for regular weekly or monthly contributions.”
People who open accounts with TNStars can choose from different investment options ranging from conservative to aggressive. One of those options is an age-based option in which investments are structured to be more aggressive when children are younger, then become more conservative as children approach college age. Taxes aren’t paid on investment earnings as long as that money is used for qualified higher education expenses.
Now through June 1, people who log onto the TNStars website can win prizes selected through random drawings. The prizes include:
· $529 for a TNStars college savings account;
· A family VIP suite for 10 at a Nashville Sounds baseball game, with an opportunity to throw out the first pitch;
· A special prize pack from the Memphis Redbirds baseball team;
· An annual membership and a $52.90 gift certificate for the gift shop at the Creative Discovery Museum in Chattanooga;
· An annual membership and a commemorative poster from the Adventure Science Center in Nashville;
· An annual membership and a $52.90 gift certificate from the Zoo Shop at the Knoxville Zoo; and
· A one-year family membership at the Nashville Zoo.
The participating organizations are also offering special ticket discounts on May 29. These include:
· Discounts of $5.29 off box seat ticket prices at the Memphis Redbirds and Nashville Sounds baseball games;
· Discounts of $5.29 off admission to the Creative Discovery Science Center in Chattanooga and 5.29 percent discounts off memberships and gift shop and café purchases;
· Discounts of $5.29 off admission and 5.29 percent off gift shop purchases at the Adventure Science Center in Nashville; and
· Discounts of $5.29 off children’s admission with regular price adult admission at the Knoxville Zoo.