College Savings Tip: Set Up An Automatic Savings Plan

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.

  • 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.