Thank you to Upromise by Sallie Mae for sponsoring this post! As always, all opinions are my own.
Many of y’all know that a few weeks ago, I was in Charlotte, N.C. for FinCon hearing about all the latest and greatest in the world of personal finance. Some of y’all even know that my blogging buddy Kim of Thrifty Little Mom traveled the four hour drive with me to Charlotte. What you probably don’t know is that Kim and I are kind of lame. Because where you might talk about things like celebrities and the latest political drama, Kim and I discussed the new things that we’ve been using for our budgets.
Seriously. We discussed what tools we used for budgeting, how we manage our household finances with our husbands, and even discussed a new savings account that I had no idea existed.
Kim told me about the new Upromise GoalSaver account from Sallie Mae and how you can use it in connection with the account you already have linked with them. (Read my How to Save for Your Child’s College Education here for more details on how to link your account.) Upromise GoalSaver is a free, 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. (Don’t know what a 529 is? You can read this article here for more info.)
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 accounts. I love that I’m able to do this for each one of my children and that it’s organized in a way that makes my Type A brain happy.
The GoalSaver account offers a 10% match on your Upromise earnings (earned through cashback through the purchases you make with your linked card – I have our debit card link so no need to go into debt!) and they have where you can set up an automatic savings plan.
In case if you are not familiar with Upromise by Sallie Mae, it is a free to join service that allows families to earn cash back for college through every day purchases. You earn your cashback just like you would using any other cashback website – you simply go to Upromise.com or install the RewardU toolbar and search for the website that you plan to shop at. Once you’ve found the site, click on the link and you’ll be taken to that store’s website where you can make your purchases earning whatever percentage of cashback is being offered at that time.
To date, Upromise members have earned more than $900,000,000 and counting, helping families contribute to college tuition, expenses and loans. Members can allocate their cash back earnings in several ways to help plan, save and pay for college. Upromise members can:
Transfer earnings to a Upromise GoalSaver account, eligible 529 plans or high-yield savings accounts.
Apply earnings to eligible student loan repayment.
Request a check for cash for books and other expenses.
Split up earnings across multiple beneficiaries.
The hardest part of saving money is getting started and developing the habit overtime. 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.
Features of Upromise GoalSaver:
Set your goal, save toward it, 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
Tuition, textbooks, an emergency fund or future down payment: Upromise GoalSaver allows you to save for all of them in one account
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.
What is your favorite way to save to save for your child’s (or yours) college education?
STANDARD DISCLOSURE: In order for me to support my blogging activities, I may receive monetary compensation or other types of remuneration for my endorsement, recommendation, testimonial and/or link to any products or services from this blog. Affiliate links will have an asterisk (*) next to them. {Read my full disclosure policy here.}
We’ve had a 529 for our daughter since soon after she was born. She’s lucky that several extended family members give her money for her 529 every year for her birthday and Christmas. We’re lucky, because they write the checks out to my husband and me, so we can write out checks to the 529 ourselves, and claim it on our taxes. 🙂
I have to sign up for UPromise. Every extra dollar counts!
That’s awesome Amy!
HECS plays a large role in our savings plan for our kids. In Australia, the government covers the cost of your tuition, and then you pay them back at a fixed, low interest rate only when your income reaches a certain point. Yes, it is debt; but in our opinion it’s acceptable debt because you don’t have to pay it back until you’re relatively established in a career, and the interest rate is low. If you never reach the income threshold for repaying HECS, you never have to repay it. Tuition is also (thankfully) capped and regulated by the government – that keeps prices down for students. We hope our kids will also be eligible for Austudy (where the government pays you a small living stipend while you’re studying) but we’re also saving money to help with their books, fees, and living expenses.