Wednesday, July 30, 2008

Easy college savings


Probably most of you have come across this already, but I have a very frugal friend I was chatting with the other day who had never heard of this, so figured I'd share it, just in case...

Upromise.com is a program that helps you to save money for college by giving you rewards for buying certain products or from certain merchants. You link your shopping cards (like your CVS Rewards card) and/or credit cards to your account with them, and they credit your account for you when you buy the listed stuff. Now I've been doing this for a few years, and I haven't made millions, but I have made a little money for each child by doing absolutely nothing. I don't take the time to research what products they give money for, and I don't buy through their site (for which you do get extra rewards), but I just let the program keep track of me and put the nickels and dimes into my accounts.

Oh, you can also invite family members or friends to link to your kids' accounts (think grandma :)) to have the funds add up even quicker.

Additionally, you can set up a 529 Educational Savings Account for your child with the money you get from this program, through them, which has some great tax advantages.

Truly, a program worth the few minutes of set up time. Check it out :)

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