UPromise Helps You Save for College
by Shari Schmidt
Submitted: Wednesday, October 03, 2007
Saving money for college is an obsession for parents. It’s a hot topic wherever parents gather. The problem is it’s hard to save money for something ten or more years away when you’re trying to pay the bills today. Whether you are filling up the gas tank, buying groceries, or shopping online, UPromise (www.upromise.com) can help turn your daily purchases into college funds.
We opened a UPromise account before our twins were born. It’s easy to log-on and enter the information. Before you start, though, be sure to have your wallet right next to you. You’ll need many different pieces of information to establish your account from a driver’s license number to credit card information to grocery store loyalty cards details. The more information you enter, the more money you can save. The way UPromise works is companies deposit a percentage of your purchase total into your account. You earn college money based on normal, daily purchases.
Perhaps the best part of UPromise is you can ask others to help you save. If you have family and friends who are not saving for their own children, you can send an invitation asking them to open an account. Your invitation automatically links their accounts to your account. The money they save transfers into your savings plan regularly.
It might not seem like much at first. When you check your account you might have a few pennies here and there from different purchases. This is why it is important to start as early as possible. When our daughters were born, we added their information to the account. We already had nearly $100 saved! By the time they go to college that money will have compounded nicely.
Don’t wait another day before researching UPromise. If started early, it can be a nice addition to your college savings plan.