Save $: College

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Save $: College

Back when my oldest was first born I learned about a college savings programs that saved money for your child’s (or grandchild) college.  You just signed up your credit cards and when you purchased from a supporting store, they give 2-10% of the purchase to your child’s college fund!  Grandparents and family members can also sign up to contribute to your child’s account!

We are talking about big name stores/brands like Old Navy, Dell, Home Depot, and Walgreens. You can even earn 2.5% from many local restaurants.   There are also extra earning you can get by taking a minute and going to their website first (before you place the order), search for the store name, and click on the link for that reward/discount. 

Later, they made it even easier to save, by offering a no fee credit card.  Whenever you use the card your child’s account earns at the lest 1% back, and if you use it at one of the featured stores or restaurants they get even more. (Note: Never spend more than you can afford to pay off each month!)

The money earned can then be transferred into a 529 Plan(s) for your child(ren) where it can earn even more, tax free! See: What is a 529 Plan. If the child you save for ends up not going into higher education, the money can be transferred to another child (or even yourself) in the family. Note:  I recommend only opening the 529 Plan when you have at least $500 in the account, as their are small fees involved (it can’t all be free).

A 529 can be used on qualified higher-education expenses. These include room and board, books, supplies, tuition, and other costs at any accredited trade/vocational school, college, or graduate school.

Every little bit helps, open a UPromise account today!  We have managed to save/earn over $3000 so far!

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