Tips, advice, and the latest news from the savings world.
By Katie Bryan, America Saves Communications Manager
When it comes to saving money, you have two options – cut expenses or increase your dispensable income. For most Americans, our largest expenses such as housing and transportation are fixed and cannot easily be reduced. So what do you do when you’ve cut all the expenses you can?
Get rid of things you no longer need:
- Take a look in your closets, attic, or storage space. Chances are you’ve accumulated some items you no longer need. Sell unwanted items like DVDs, video games, or comic books to specialty stores which generally give you a better deal.
- For collector’s items or items of higher value, list online through auction websites.
- Hold a garage or yard sale to get rid of your remaining items or things of lower value. If you don’t have much to sell, consider hosting a joint or neighborhood sale to increase traffic.
By Sean Naron, Consumer Federation of America Advocacy Associate
Recently, America Saves reached out via Facebook and Twitter to find out some common questions people had about saving more successfully. With schools finally back in session and the official start of fall right around the corner, many concerned parents have asked about college savings plans, specifically, the benefits of what is commonly known as a 529 savings plan.
What is a 529 plan?
Originally designed to be the collegiate equivalent of a 401(k), a 529 qualified tuition program (QTP) is a state administered tax-advantaged investment plan designed to allow families to prepare for the cost of college over a period of time.