Back-to-school season is upon us, and this is when families and students prepare for the exciting year ahead. With this comes many expenses. Whether it's paying for new school supplies, clothing, technology, and even tuition, these costs can quickly add up.
What if there were ways families could seamlessly earn rewards that they could put towards their back-to-school expenses? With the cost of goods rising, families are looking for ways to ease the burden with tools to help them achieve their goals. One method that is gaining popularity is card linking. Easy everyday transactions can become a point for saving extra money.
In this article, we will dive into how families can leverage card-linking to earn rewards like cashback, which can help offset the costs, and roundups to fuel their savings goals.
The cost of school is on the rise.
It's no secret that families are feeling the impact of rising prices. According to the College Board, the average tuition and fees for the 2023-2024 academic year were approximately $10,560. Beyond tuition, additional expenses such as room and board, books, and supplies push the total cost of education to unprecedented levels. On average, families are expected to spend around $890 on back-to-school shopping in 2024.
Many families are adjusting their spending to adapt to the rising costs. This includes choosing less expensive brands and not purchasing all items on school supply lists due to high costs. Finally, families are turning to coupons and discounts to help them navigate through their back-to-school shopping.
The role of card-linking in educational expenses
Card-linking is an innovative technology that connects a consumer's credit card to cashback offers and even rounding. With a simple card enrollment, families can start earning rewards quickly. Rewards from Card-linking can be directly tied to your back-to-school budget, college fund, and even paying down student debt. The best part is that there is no need for additional cards.
Earning cashback from offers is a great way to help offset the costs of higher prices. Imagine earning $10 cashback from a store you enjoy shopping at. This can be great for getting new notebooks, crayons, pencils, etc. With so many offers, earning cashback has never been easier and more effective.
With rounding, saving becomes effortless and is a great tool to complement any goal. Rounding up everyday transactions provides consistent contributions towards future schooling expenses. It may not seem like a lot, but the power lies in the cumulative effect. Here is why card-linking is a powerful tool:
- Ease of Use: Once set up, card-linking is an automatic process. Families don't need to think about transferring funds or making additional contributions; the savings happen seamlessly with everyday purchases.
- Supplemental Savings: Card-linking is an excellent way to complement existing savings methods. It provides an additional stream of savings without requiring a change of habits.
- Leveraging Everyday Spending: By using linked cards for regular expenses, families can turn their everyday spending into a powerful savings tool. Even routine purchases can contribute to significant savings over time.
Real-world example
Consider a family who wants to set up a college fund for their newborn. With car-drinking, they can tie their roundups and cashback directly to a registered savings account. Let's say, on average, families roundup $30 per month; over 18 years, that is $6480 in total savings! This amount can be even more when accounting for additional cashback earned and potential investment growth.
Conclusion
As the cost of education continues to rise, families seek innovative ways to save and reduce the burden. Card-linking offers a simple, effective way to supplement traditional savings methods, turning everyday purchases into meaningful contributions toward education costs. By exploring and utilizing card-linking, families can take a proactive step in securing their children's educational future, easing the financial burden, and making the dream of higher education more attainable.
Olive's card-linking platform allows businesses and platforms to integrate card-linking programs for their users to enjoy. Want to see Olive's platform in action?