Saving for education can be overwhelming, but FAME has some tips to get you started. Remember, every dollar you have in a NextGen account is a dollar you don’t have to borrow.

Pay Yourself First

When you put money into savings or investment accounts before other spending, you are making your long-term financial well-being a priority – you are taking care of your future self.

  • Save every month, even if it’s just a little, so that you develop a savings habit.
  • Have a savings account which is not accessible by your debit card.
  • Make it automatic by setting up direct deposit into a savings account.
  • Explore savings apps – they can help you save a little here and there, which can really add up.

Identify Spending Leaks

Break (or change) your costly habits.

“It’s just a couple of dollars…no big deal.” Sometimes we spend more than we mean to without giving it much thought. But small spending leaks can really add up. What are yours? How much you can save by making your own coffee instead of visiting the coffee shop? How many streaming services do you have, and can you cut one or two?

Identify 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 regularly monitor our financial health. Start by reviewing your bills. Can you get a better deal on important expenses or cancel/reduce some services? Review the following:  

  • Cell phone plans: how much data do you need?
  • Cable: there are so many ways to trim the extras.
  • Streaming subscriptions: $6.99/month doesn’t seem like much, but how many $6.99/month bills do you have/need?
  • Car insurance: evaluate deductibles and coverages.
  • Credit card interest rates: if you are in good standing, ask for a lower rate.
  • Bank fees: free banking services are widely available.
  • Gym memberships: what about some equipment at home and free online videos?
  • Auto-renewal for products or services (anything from beauty products to vitamins and online subscriptions): consider stopping auto renewal for non-essential items and give yourself the chance to reevaluate the expense.
Go to FAME Education Financial Wellness

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

Visit SavingforCollege.com to learn about more ways to save for education.