I am a saver by heart. I don’t like to spend unless I have to (sometimes it’s a want) but I do it smartly. I also seek to find the best deal and if I can’t, I wait to make that purchase. So naturally saving for my kid’s college education is something that is so important to me. Shockingly not enough parents are saving for their child’s education leaving them to fend for themselves when the time comes. Let’s change that! Today I am partnering with Upromise by Sallie Mae to bring you 10 Ways to Save For Your Child’s College Education.
10 Ways to Save For Your Child’s College Education
- Start early. It’s no secret that the earlier you start the more money you will have saved in the end. Starting when your child is born is best but it’s never too late to start.
- Host a yard sale. So many of us clutter our homes with items we think we will buy and use but never do. Host a yard sale and put all the money you make into your child’s college fund. Even have your kids take part and teach them what that money is going for.
- Ask for donations. I know many people don’t like to ask for donations but if your child is having a birthday ask for money instead of gifts. My thought is that money for college is a gift that last’s a lifetime unlike toys that last a few months (if that) and become obsolete. They are helping your child’s future become brighter.
- Save those pennies. Yes, a penny is a penny and not worth very much on its own but times that by all the pennies you can save over the next 16+ years, and those will add up to a pretty penny especially when they are placed into an account that will grow interest over time.
- Have your child save their own change. My son will go around and get change from his grandparents and he knows to place it into his piggy bank. Every few months we cash it out and he has well over $100 each time. That goes directly into his college savings account and that is priceless.
- Open a Savings Account. One great option is Upromise GoalSaver, a no-fee, no minimum balance savings account that serves as the perfect entryway for families who have not yet started saving for college, but aren’t financially ready for a 529. Through the GoalSaver program, families can set and track multiple goals through a single view – one per child, for example – without having to open separate accounts.
- Save money automatically. Having an automatic transfer going into your child’s savings account is the best way to ensure you are constantly saving simple because if it’s out of sight, it’s out of mind. This works great with automatic deposit, all you do is allocate a small portion of your paychecks to your child’s saving account.
- Budget for the expense. College savings is an expense and should be treated as such so budget for it. Some parents say they can’t afford to save but placing yourself on a budget tells your money where it goes. Make a special section just for college savings. Even $10 a month is better than nothing.
- Save with coupons to save for college. Coupons are a great way to cut back on expenses. The money you save on your purchases can then be put directly into your child’s college savings account. It’s just going the extra mile to save money one place and put it into savings elsewhere.
- Get back money on what you spend. Did you know that there are programs that will give you money back for purchases you regularly make? For example, Upromise is a free to join shopping rewards program that gives you cash back on purchases towards college saving (more on that below). You can then use that cash back to save for your child’s college. It’s a win-win.
How to get money back with Upromise:
As I mentioned above, Upromise is a free-to-join shopping rewards program. You simply shop through their website to make your purchases and earn cash back (up to 5%) to save towards college.
With Upromise you can:
- Open a Upromise GoalSaver Account, add your Upromise earnings, and earn interest on it all.
- Apply earnings to eligible student loan repayment or 529 plans.
- Split up earnings across multiple beneficiaries.
- Earn even more cash back with the Upromise Mastercard.
Plus get free college planning resources from Sallie Mae® like the