12 Painless Ways to Beef Up Your Child’s College Savings Account
48% of American families are saving for college and 59% have some degree of apprehension about being able to save enough. The good news is that when you’re saving for something big like your child’s education, you don’t need a huge chunk of change to help those savings grow. How early and how often you save will boost your interest earnings overtime, and these ideas can help you find painless ways to do just that.
- Automatic Savings
It’s called “paying yourself first” and it works. By setting up a recurring automatic transfer to your savings account, you’ll always make sure you save each month. And since the transfer happens automatically, you probably won’t even miss the money.
- Skip the Take Out
Instead of buying lunch out at work every day, bring lunch from home. If you spend $12 a day on average you could save up to $240 a month for college.
- Save the Discounts
If you’re clipping coupons, calculate the money you’ve saved and put the difference in your college savings account. You can also earn cash back on purchases with programs like Upromise!
- Keep a Change Jar
It may be an oldie, but it works. Toss your change in a jar every night. When the jar is full, add it to your college savings account.
- Get a Better Savings Account
Boosting your savings may be as simple as shopping around. Look for accounts that offer high interest rates, rewards or making saving easier–like the Upromise GoalSaver account. The GoalSaver account lets you create different sub accounts for each goal so you can easily track your progress and rewards your good habits with annual matches and other rewards.
- Raise Your Deductibles
Raising the deductible on your home, renters or auto insurance will lower your monthly premium, freeing up more money to add to your savings. Just make sure you’re not raising those deductibles higher than you can afford if you ever need to file a claim.
- Cut the Cable
The average cable bill could reach $123 per month by the end of 2015. Cutting down your channels or even switching from cable to a streaming service like Netflix could save you $115 per month- that’s $115 toward college – you won’t even miss it.
- Be Smart About Extras
When you’re expecting a windfall—like your tax return or bonus from work—make a promise to save a portion of it. It’s tempting to make a big purchase or go on a spree, but you’ll thank yourself later if you can save at least a piece of it.
- Turn Off the Lights
Something as easy as turning off the lights when you leave a room can quickly add up. Save the earth and save your wallet.
- Go Generic
Figure out which brands you buy regularly and try the store brand next time. Generic brands are much cheaper, and you may realize you prefer it over the big name brands.
- Plan Your Meals
Plan all your meals for the week before grocery shopping. Not only will it save you from impulse buying, but less food will go to waste once you’re home.
- Inflate Your Tires
By regularly checking and inflating your tires as needed you’ll get better gas mileage and save some cash.
The information contained herein is provided for education and informational purposes only, is general in nature and does not take into account your personal situation. This information is not intended to be and does not constitute financial or investment advice. You should not make any decision – financial, investments or otherwise – based on any of the information presented herein without undertaking independent due diligence and consultation with a competent professional advisor.
Earn cash back
on the things you already do and buy.
Earn even more
with the Upromise MasterCard®.
Ace your college savings plan
with cash back earnings and regular contributions.