This post has been sponsored by Upromise by Sallie Mae. As always, opinions are 100% my own!
Are you in college? Do you have a kid in college? It can get pricey! I have mentioned Upromise by Sallie Mae before and even if your kids are years away from college, it is worth checking out.
Upromise allows you to start earning through your everyday purchases.
Upromise members can earn up to 5% cash back just by shopping with Upromise partners —including more than 850+ online stores, 10,000+ restaurants and 20,000+ grocery and drugstores. Popular online retail partners include Macys.com, Staples.com, Nordstrom.com, Dell.com and more. It is easy to set up too!
Just head over to Upromise now and sign up for your account.
To get you started, here are 6 Saving for College Tips:
1 – Start Early, Save Often: It’s never too early—or too late—to start saving. Committing to putting even the smallest amount of money each paycheck or each month will add up considerably over time. In addition, the earlier you start to save, the more compound interest you’ll accrue. So let your money do the work for you and start putting aside a nest egg as soon as possible.
The Upromise GoalSaver is the perfect tool for this. What is Upromise Goal Saver? It is a no fee, NO minimum balance savings account. It’s a great starter savings account for College. September is National College Savings month and what better way to celebrate than getting a jumpstart on saving with Upromise GoalSaver. Upromise GoalSaver is saving made simple that also rewards you!
2 – Out of Sight, Out of Mind: One of the easiest ways to save money is to do it automatically, without even thinking about it! If you have direct deposit, allocate a small portion of your paycheck to go into a savings account—if you don’t, just commit to saving a small portion every time you cash your check. Soon, you won’t miss the money, and every time you check your account balance, you’ll be delighted to see how much you’ve saved!
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 Upromise GoalSaver and fund it through automatic deposits monthly or biweekly.
3 – Don’t Leave Money on the Table: Buckling down on your discretionary spending is a great way to start for saving for college, but also be aware of how and where you spend. Take advantage of discount retailers and shopping rewards programs, like Upromise. It’s free to join and can earn you up to 5% cash back towards college while making your everyday purchases, including online shopping at participating retailers like Forever21.com, AE.com, Sephora.com and more.
4 – There’s an App for That: Download apps that help you manage your finances, and you’ll always have an accountant at your fingertips. Mobile banking allows you to stay up-to-date on your accounts and there are budgeting apps that track your spending
5 – The Gift of College: Saving for college may seem overwhelming for you and your parents, so why not get your family and friends involved? In lieu of gifts for your birthday, holidays or graduation party, ask for a donation to your college fund—it’s the gift that keeps on giving!
6 – Borrow Responsibly: If you borrow, borrow responsibly. Understand and research how much you’ll owe after school and the terms of your loan. Make sure you’ll be comfortable with the future payments. As you build credit, look for free ways to remain updated on your FICO score and understand your credit health. Sallie Mae, for example, provides customers free access to their FICO scores quarterly.
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