Have you noticed how expensive college is these days? In the words of my granddad “It ain’t cheap!”. It is also not easy to save in today’s market but I am obsessed with college savings for my kids. One of the first things we did for our children was set up 529 college savings accounts. In doing this for our first born, we stumbled across a program called Upromise.
Upromise is a free service that helps families earn extra money for education. It really is that easy and simple. You go to their website, sign up and create your account. This is an incredible extra savings tool. Money is earned by doing your everyday shopping. Hundreds of companies have partnered with Upromise to contribute a percentage of your purchases to your Upromise savings account. You can earn between 1% and 25% in savings while shopping in-store, online, eating out and traveling.
Your purchases are tracked by linking your current credit/debit cards and grocery/drug store cards to your account. Upromise tracks your purchases and credits your account, if a purchase is made through a participating merchant/product. Grandparents, aunts/uncles and other special friends can also link to your account. Grandparents and friends can split their savings between multiple children.
You link your account to an existing 529 plan or open a 529 through Upromise. The savings are deposited quarterly into your 529. Our 529’s are not linked through Upromise, but we are able to send a letter, with all the vital information, at the end of every year and they cut us a check with the amount in our account. We divide the savings between our children’s 529s.
Another easy way to save is by shopping through the Upromise site. You can link to all the major retailers through the site and when you purchase, your account is automatically credited. Some of the merchants that participate are Land’s End, LL Bean, EBay, Magazines.com, Nike, Boden, Exxon and many others. Area restuarants that participate are City Tavern, Villa Antonio, Township Grille, Carpe Diem, Hefs and Cold Stone Creamery and several others.
It is so very easy, all you have to do is sign up! In today’s economy, every penny counts. I think it is very Smarty to be able to save for your children’s education all while doing your normal shopping. Start saving today, sign up for Upromise!