Sunday, July 08, 2007

Do You Upromise?

Upromise - Join Now 125x125

The day after Sam was born, I was suddenly more interested in saving for college than the day before. There's a lot of different sub-topics I'd like to discuss in this area:
  • Does saving for college hurt your chances for free money for college?
  • How much do we need to save?
  • What percentage of education should be the child's burden?
  • 529 plans vs. Coverdell Education Savings Accounts vs. regular investments
  • Which 529 plan to use?
For today, I'd like to focus on one very unique way to save money for college called Upromise. Upromise, in a nutshell, is a way to earn college savings as a percentage of the things you already buy. Money earned is then periodically swept into your child's 529 college savings plan which earns money tax free until needed for college.

What I like about Upromise is that the money you earn is on top of any other savings you might be getting. Say for example you buy gas and pay with a cash-back credit card (see my previous entry on recommended credit cards here: http://casadwyer.blogspot.com/2006_05_01_archive.html). The money added to your Upromise account is in addition to the 5% cash-back you get on your credit card. Great deal, right?

So far, Sam has saved $1,099 for college through Upromise. To be fair $937 of that was from a single mortgage transaction. The easiest way to earn money through Upromise is by registering your credit card(s) with Upromise so that all the purchases you make trigger contributions for eligible products. It doesn't really add up very quickly unless you do your shopping through Upromise (like the mortgage transaction or other online shopping) which involves launching your transaction by first stopping in at the Upromise web site and then clicking through and shopping as you normally would.

Here's your call to action:
  • If you have little ones of your own, sign up for Upromise and start saving.
  • If you don't have little ones of your own and are willing to take the time to sign up, do so and select your favorite future genius as a beneficiary.
I recently became a Upromise affiliate.  Sign up through the button below and I'll get a referral bonus:

Upromise - Join Now 125x125

Whether or not one of our little guys is your favorite future genius, we'd be happy to walk you through the process if you're willing to take the time. Just drop one of us an E-mail if you have questions. Thanks!

1 comment:

aunt sarah said...

i've switched my account so that 50% goes to Sam and 50% to Will. luckily, any "purchase" that i make at local capitol hill bars sends between 1-3% of my total purchase toward their future educations. don't ever say that aunt sarah's drinking didn't do good for her family ...

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