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College Savings Tip: Set Up An Automatic Savings Plan

By Erik Folgate

I recommend the ING Direct Orange Savings account for college students. It earns 3.0% interest, and you can set up an automatic savings plan.

My biggest problem in college was that I had no cash cushion when something went wrong. When my car broke down, it went on a credit card. When I needed a security deposit for an apartment, cash advance on a credit card. My parents helped me a little bit with finances, but not with big expenses. And I suspect that many of you are in the same situation. In order to keep yourself from using your credit card as an emergency fund, set up an online savings account to automatically take out $25 dollars a week for your emergency fund. Then, when the worst happens, you’ll be prepared for it.

The ING Orange savings account has no fees, no minimums, and you can open it up today.

Erik Folgate
Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

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  • http://madsaver.com Mac

    Yes, great advice. Not only for college students, but everyone. $25 shouldn’t be noticed, so sneak that out of your checking acct & into the ing direct savings account. Anything you can save for emergencies will help down the road.

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