By Amelia Fabiano
The Arizona Treasurer's Office announced an incentive for your fifth grader to earn money for their AZ529 Education Savings Plan.
All your child has to do is write up three paragraphs on what they want to be when they grow up.
Twenty winners in the state will win a check for $529 to go toward their AZ529 account.
An AZ529 account is a savings plan that can get single parents a $2,000 tax deduction per child, and married parents a $4,000 tax deduction per child. State Treasurer Kimberly Yee was at her old school, Tumbleweed Elementary School in Phoenix, to introduce the essay contest Friday.
"It's a perfect way for families to get a little break when they put money aside for their child's future education," Yee said.
Yee said fifth graders are at the perfect age to start thinking about their futures in this way and the realities of getting there. The contest opens up the conversation with their parents.
"If they haven’t started putting money aside, even $15 a month, $50 a month, this is the perfect time for them to start looking about saving and making sure those funds are available and growing so that when they’re out of high school, they’re ready to go," she said.
The contest opened up Monday and closes on October 2. To enter, click here.