Sallie Mae recently launched Upromise GoalSaver, a free online savings account that makes saving for education simple, just in time for National College Savings Month. It also provides tools to help you stay on track and helps get you motivated.
Upromise by Sallie Mae can help you get a head start on the savings process for college—without drastically changing spending habits. Upromise believes that everyone should have the chance to go to college and pursue their dreams and one such way to help is to make sure the savings process is as easy as possible. Once you start the savings process, you are on the way, it is just getting started that can be the hard part. The hard part isn’t saving for college, it’s getting started. Upromise GoalSaver is a simple, straightforward and free online savings account that allows families to save for college, and other goals, all in one place.
Upromise GoalSaver is a no-fee, no minimum balance, FDIC-insured savings account that allows families to save for college, a nest egg, an emergency fund or all of the above. Not only can you start saving now, but Upromise GoalSaver also rewards you. In addition to a competitive interest rate, GoalSaver offers cash bonuses for simply creating automatic deposits plus a 10% match on Upromise cash back rewards.
Tips and info on ways to save for college and while in college!
Since I also work at a Community College, I know how expensive college can be, but with the right tools, savings and smart use of finances, you can make it affordable! It all starts with saving and it is never too early to start! We started saving when our kids were infants. Earlier you start then you have a larger fund to provide towards that college education. Begin putting away money each month, the amount is not as important as the act of beginning. The sooner you start, the more time your money will have to grow.
If your child has not had a job, encourage them to get a job, whether it be babysitting or a waitress/waiter job. Have them help to contribute to the savings! Any money made is good money. Once at school, have them apply for student employment. Have them keep half of what they earn and place the other half in their Upromise GoalSaver account!
Adjust Your Spending! You don't have to cut back on the essentials or eliminate entertainment from your budget just because you're saving for college. It is important to re-evaluate your spending habits thoroughly. You'll probably find several areas in which it's possible to cut back, and those will be your sources of extra money. I know one way I cut back was on coffee. I would stop and buy a cup on my way to work every day. Now I brew a pot and bring a cup with me in my portable mug. Now I am just spending $6 a month on a package of coffee instead of $60 a month! That $54 does not sound like much, but over time that could help pay for a few college credits!
Don't stop the savings once school starts, there will always be other expenses! Not only do you need to plan on tuition charges, but textbooks as well for each term. New textbooks from campus bookstores can be very expensive. There are ways to save money on books. Look of used books at your campus bookstore as well as online. If you are ordering online, be sure to order in plenty of time to get your materials before the start of class. Some textbooks can be found in electronic form and usually more affordable than the hard copy! You can also rent text books from your campus bookstore and other online bookstore agencies. Don't forget, some of your friends might have taken a course in the past, you might be able to borrow from someone.
Tuition, textbooks, an emergency fund or future down payment: Upromise GoalSaver allows you to save for all of them in one account. Through the GoalSaver account, families can set and track multiple goals through a single view – one per child, for example – without having to open separate account. Just set your goal, save toward it, and see your progress: Account holders can set up multiple goals (like one per child for example) and begin to immediately save and track their progress. GoalSaver has easy to read dashboards that help you visualize your progress to motivate you to continue saving.
Make saving a habit: The old adage is, “Set it and forget it” and GoalSaver rewards account holders for doing just that. Upromise motivates savers by offering a cash bonus to their account when they set up an automatic savings plan or recurring direct deposit. Simply set up an account at UpromiseGoalSaver.com and fund it through automatic deposits monthly or biweekly. Your choice. So start saving for your child's future today!
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