We understand that saving for education after high school can be overwhelming. That’s why FAME has pulled together tips to get you started. Every dollar you have saved to pay for higher education is a dollar you won’t have to borrow and pay back with interest.
Pay Yourself First
When you pay yourself first, by putting money into your own savings or investment accounts before you do any other spending, you are making your long-term financial well-being a priority. Think of it as taking care of your future self! Consider the following to help you get started:
- Save, every month or pay period, even if it’s just a little so you develop a “savings habit.”
- Consider having a savings account that is not tied to your debit card
- Make savings automatic by setting up direct deposit into a savings account.
- Explore savings apps! They can be very helpful.
Identify Spending Leaks
Break (or change) your costly habits.
Sometimes when we spend more money than we mean to without giving it much thought. It’s just a couple of dollars after all. No big deal! But those small spending leaks can really add up. What are your spending leaks? See how much you can save just by making your own coffee instead of visiting the coffee shop!
Identify your spending leaks and divert some of that found money to a savings account.
Annual Financial “Check Ups”
Just like it’s a good idea to have a physical health check-up each year, it’s also important to have an annual financial health check-up. Start by reviewing all of your bills. Is there a way you can get a better deal on important services or cancel services you are no longer using? Review the following:
- Cell phone plans
- Car insurance
- Credit card interest rates
- Bank fees
- Gym memberships
- Auto-renewal products or services (anything from beauty producst to vitamins and online subscriptions)
Discover “Found” Money
- Clean out those closets and garages and sell unwanted items. Online market places make selling items easier than ever!
- Think about what you are really good at doing or your special talents. Is there a way to leverage your skills and earn money through a side business?
- Check out State of Maine unclaimed property database. It is easy! Do a quick search to see if any of the property belongs to you.
Other Ways to Save
If you’d like to compare college savings options, visit SavingforCollege.com.