Saturday, January 15, 2011

Day 15: Save for College with Upromise

Upromise - Join Now 125x125

College is expensive. Tuition prices are rising every year making the cost of education a huge financial commitment -- trust me after 4 years of undergrad and 3 years of law school I should know! Starting to save for college early is so important. One of the easiest ways to start saving is to join Upromise. It is free to join and you designate a beneficiary of the money you save (it does not have to be your child, more than one person can be named and you can allocate the earnings, and it can be changed).

Upromise helps you save money for college by giving you a return on the things you already buy. This might be gas, eating out, specially marked products, online shopping, etc. They keep track of your earnings by having you register your loyalty cards and credit cards so that when you buy participating products or shop at participating locations, they can credit your account accordingly. They even offer coupons that will add value to your Upromise account when redeemed at the store for products you would have to buy anyway.

You can also invite your friends and family to help you save. You send them an invitation and they register through the link and set up their account with their respective information. The earnings will then be pooled and distributed among the beneficiaries as you've indicated. You can also invest the money in a college savings program.

These earnings probably won't pay for the cost of tuition, but they might pay for books and maybe a little more depending on how early you start and how much you take advantage of the program. I started the account for my cousins about a year ago, and we have almost $200 just from things we already buy without using any of the extra coupons or their online links. Now, just think if you add in your family members and friends who go through the Upromise links for their Christmas and birthday shopping and update their store cards. You could get a significant return without spending an extra cent!

Disclosure: This post may contain affiliate links. Please read my disclosure policy for more information.

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