Everyone should have the chance to go to college and pursue their dreams—but saving the money to help your children pay the high costs of higher education can feel daunting. 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 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. For families who haven’t started saving, Upromise GoalSaver is a turnkey solution to jump-starting a college savings plan that fits perfectly with their existing savings philosophy. It is not a 529, nor an ESA—it’s a completely free program that allows families to save for college, a nest egg, an emergency fund or all of the above. 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.
Upromise by Sallie Mae is a free to join service that allows families to earn cash back for college through every day 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. In addition to saving up to 5% when shopping online, users can earn an additional 5% when shopping online with the Upromise MasterCard, totaling up to 10% savings. Members can: transfer earnings to eligible 529 plans or high-yield savings accounts; apply earnings to eligible student loan repayment;and split up earnings across multiple beneficiaries.
The month of September is being celebrated as “Bonus College Savings Month” by Upromise. During September, cash back amounts are being increased from 5 up to 10 percent of online purchases at more than 100 retailers, with five selected retailers offering 20 percent cash back for Upromise MasterCard holders during a selected week. Partners for this program are: Macy’s, Sears, Dell, The Body Shop and Living Social. To see the full list of participating partners, check out shop.Upromise.com
More Saving for College Tips:
- 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.
- 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.
- 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.
- As your child enters high school, learn about opportunities to help them prep for ACT/SAT tests. If they are successful in these tests, they are more likely to receive outside funding to help with expenses. Learn about FAFSA and how much your child could qualify in financial aid. Keep a calendar of deadlines so that you don’t miss any important dates. Don’t forget to research local scholarship options. You may be surprised at how many options you find for help locally for your kids college funding.
Disclaimer: I have teamed up with Upromise in support of this campaign. We received compensation for participation in this campaign. However, all thoughts and opinions are my own.