Skip to main content
College Savings

Boost your #savingspledge, quick!

FL78289.TIFHappy Summer!

About 10 weeks ago, I shared with you my #savingspledge to cut out some excess spending in order to achieve a good savings cushion for my wedding budget. I encouraged you, our MEFA readers, to do the same, with the goal for you to maximize the amount you could put away for this year’s U.Plan Prepaid Tuition Program contribution. Did you take the #savingspledge? How did you do?

If you’re reading this and thinking – “uh oh, I missed the boat!” or “Well, I tried, but I lost track after the first week,” I have some great news. The deadline to contribute to the U.Plan for 2016 has been extended! You now have until Friday, July 15th to prepay tuition for your child(ren).

Do you have a goal in mind of what you’d like to contribute this year? Would you like to contribute a little more, but not sure exactly how to come up with that little “extra” to get you there? I’ve got the strategy that is perfect for you. It’s called a “spending fast.”

You read that right. Spending fast – as in, you’re not spending any money. Zip. Zilch. Nada.

A spending fast is a great strategy for anyone who is looking to quickly boost your savings. And, for the purposes of making your savings contribution to the U.Plan, it could help you lock in a larger portion of tuition NOW for your children’s future. Thinking of boosting that contribution up from $600 to $1,000? With the spending fast, you could achieve that, or even more.

By going on a spending fast, I’m not encouraging you to actually fast (stop eating.) And I'm most certainly not saying “Don’t pay your bills!” What I’m suggesting is that, instead, you get creative with what you already have:

  • Look in your pantry, freezer, and refrigerator, and evaluate if you have elements to make meals. If you need a few items, that’s OK, but these two weeks are not the two weeks you should be exploring new recipes with lots of new items. Try to plan around what you already have, and only pick up the essentials to get you through the next two weeks.

  • Check for needed household items at the outset of the fast. Be sure you have toilet paper, toothpaste, laundry detergent, etc. I don’t know about you, but for me, needing to run out for even one item can easily turn into a $50 trip to Target.

  • If you have any bills that will be due during the fast, pay them up front.

Build guidelines for yourself – and stick to them. For two weeks, if you really want to make an impact, just avoid spending altogether, and see where you end up. You may be surprised with yourself!

As a reminder, the deadline to contribute to the U.Plan Prepaid Tuition Program has been extended to July 15th, so you have until that date to save as much money as you can.

Need some enrollment materials? Provide us your email address and we’ll send you a Purchase Request Form immediately. Just be sure to send us your Purchase Request Form and personal check so that we receive them by the 15th in order to lock in tuition for 2016.

Share FacebookTwitterLinkedinEmail