ANNOUNCING THE NYC KIDS RISE SAVINGS MATCH: BOOST YOUR SAVINGS IN FIRST GRADE!

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Announcing the Savings Match - NYC Kids RISE
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NYC Kids RISE
Savings Match

ANNOUNCING the NYC Kids RISE Savings Match:

Double Your Savings in First Grade!

For the next $100 your family saves, we’ll save $100 too.

Saving for college and career training is an important piece of a family’s overall financial plan—but it’s not the only part. The amount of money that makes sense to save for college is different for every family.

The good news is that no amount is too large or too small when you start saving early and make a plan to save regularly.

PLUS, for the next $100 your family saves, we’ll save $100 too!

Starting on October 9, 2018, and ending on the last day of third grade, NYC Kids RISE will match the money that first grade families deposit into their own college savings account dollar-for-dollar, up to a maximum of $100, to help families reach their next $200 saved.

Ready to Start Saving Regularly?

Keep reading for some tips on how to get started.

You can also join us at a Save for College Program event in your neighborhood!

Questions? Click on the button below for answers

to some frequently asked questions.

TIPS FOR SAVING REGULARLY

When it comes to saving for college and career training, saving early and saving regularly is key.

Before you can start earning the Savings Match, you must first complete
the 3 Building Blocks. Click here for instructions on how to finish.

Once you’re done with the 3 Building Blocks, here are a few tips for making a plan to save regularly–and sticking to it:

Do you already have a monthly budget for your expenses? Start here

Do you want support with creating a monthly budget and savings plan? Start here

1. Set a savings goal and plan in line with your overall budget and financial health
Think about what you can save every week or every month, based on your monthly budget and other savings priorities.
Remember, starting now with small, regular deposits allows you to take advantage of one huge factor you have on your side: time.
2. Choose the best way to make regular deposits
Automatic transfer from a bank account

Transfer a set amount of money directly from your bank account into your college savings account each month, each week, or each pay period.

  • If you have an NY 529 Direct Plan Account, log back into your account here to set up your automatic transfer.
  • If you have an Amalgamated Save for College Bank Account, contact Amalgamated at 800-662-0860 or visit a bank branch.
Payroll deduction

Ask your employer if you can have a set amount automatically taken out of each paycheck and deposited directly into your college savings account.

Make a deposit online or using a mobile app

Deposit directly from your bank account into your college savings account online.

  • If you have an NY 529 Direct Plan Account, log back into your account here to make a deposit.
  • If you have an Amalgamated Save for College Bank Account, click here and select “Login” to set up a deposit. Or click here for information about the mobile app.
Cash or money order by mail

Write a check or money order, and mail it to your college savings account each month, each week, or each pay period.

  • If you have an NY 529 Direct Plan Account, click here for more information about sending in a check by mail, or contact NY 529 at 877-NYSAVES (877-697-2837). You cannot contribute to your NY 529 account via money order.
  • If you have an Amalgamated Save for College Bank Account, you can mail a check or money order to an Amalgamated Bank branch. Click here to find an Amalgamated branch near you.
Cash or check deposit in person

If you have an Amalgamated Save for College Bank Account, you can drop off cash to deposit into your account.

  • Click here to find an Amalgamated branch near you.
  • For more information, contact Amalgamated Bank at 800-662-0860 or visit a bank branch.
3. Ask family and friends to deposit for special occasions like birthdays or holidays using
Ugift®
  • If you have an NY 529 Direct Plan Account, family and friends can contribute to your account using a tool called Ugift®.
    1. Log back into your account here to get your unique Ugift® code and instructions for how friends and family can use it to make contributions.
Check
  • If you have an NY 529 Direct Plan Account, click here for more information about friends and family sending in a check by mail, or contact NY 529 at 877-NYSAVES (877-697-2837).
  • If you have an Amalgamated Save for College Bank Account, family and friends can deposit into that account by dropping off a check at an Amalgamated Bank branch or sending it in the mail.
    1. Click here to find an Amalgamated branch near you
    2. For more information, contact Amalgamated Bank at 800-662-0860 or visit a bank branch.
4. Schedule a FREE appointment with a financial counselor
For one-on-one support with creating a budget, making a plan to save, and sticking to it, sign up for free and confidential financial counseling at an NYC Financial Empowerment Center.
There are more than 20 Financial Empowerment Centers across the city. The three locations closest to School District 30 are:
  • Urban Upbound (38-85 13th Street, Long Island City, NY 11101)
  • The Financial Clinic at Make the Road NY (92-10 Roosevelt Avenue, Jackson Heights, NY 11372)
  • Neighborhood Trust Financial Partners at Neighborhood Housing Services, Northern Queens (60-20 Woodside Avenue, 2nd Floor, Woodside, NY 11377)

To schedule an appointment, call 311 or visit nyc.gov/dca.

 

 

Those are some of our tips for saving.

Tell us your best savings tips using the form below,
and we’ll share them (anonymously) with other families!


Frequently Asked Questions:

How does the Savings Match work?

For every dollar your family deposits into your connected college savings
account up to the next $100, NYC Kids RISE will deposit a dollar into your child’s NYC Scholarship Account.

As long as you have connected a college savings account to your child’s NYC Scholarship Account (Building Block #2), NYC Kids RISE can track your family’s deposits and automatically match them.

When can I start earning the Savings Match?

This Savings Match opportunity starts when your participating child is in first grade and ends on the last day of third grade. This year, the Savings Match opportunity started on October 9, 2018, for all participating first grade families.

You must complete the 3 Building Blocks to be eligible for the Savings Match.

How will I know if my child’s account has received the Savings Match?

To see the deposits NYC Kids RISE has made into your child’s NYC Scholarship Account, log back into your Savings Tracker here and scroll down to the section called “Your College Savings Accounts.”

In addition, NYC Kids RISE will send a monthly email with information about your family’s progress toward claiming the full Savings Match and reaching your savings goals. This monthly email will go to every adult who has registered on the Savings Tracker to view your child’s NYC Scholarship Account.

How much should I start saving regularly into my child’s college savings account?

Every family’s situation is different. College savings are one important piece of a family’s overall financial health. Deciding how much to save for college or career training depends on your individual financial circumstances, including your income, assets, debt, regular expenses, public benefits, and credit. NYC Kids RISE encourages every family to start contributing at whatever amount makes sense for them. Getting started while your child is young can make a big difference, regardless of the amount.

For free, one-on-one support with fitting savings into your overall financial picture, consider visiting one of the NYC Financial Empowerment Centers located throughout the city. At the Financial Empowerment Centers, you can meet one-on-one with a professional financial counselor who can help you tackle debt, improve your credit, create a budget, open a bank account, save and plan for your future, and more. You can also get information about saving for your child’s college education and making a plan to start saving.

To schedule an appointment at a Financial Empowerment Center near you, call 311 or visit nyc.gov/dca.

Where can I get more information?

Click here for more Questions & Answers. If you can’t find an answer to your question there, call us at 833-543-7473 or email info@nyckidsrise.org.

The NYC Kids RISE Save for College Program is a scholarship and savings program administered by NYC Kids RISE, Inc., a nonprofit, in partnership with the NYC Department of Education and the City of New York. NYC Kids RISE is neither affiliated with, nor an authorized distributor of, New York’s 529 College Savings Program and does not solicit investments or provide investment advice. The City of New York and the NYC Department of Education offer no endorsement or recommendation about, and do not control, own or are affiliated with the NY 529 Program Manager and any particular college savings or other investment vehicle, including ones which families may learn about through the Save for College Program.

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