Effortlessly Maximizing College Savings Plans

Effortlessly Maximizing College Savings Plans


Hello Rookies!

As if there was not enough to save for - college savings can easily sneak up on you unprepared.  In earlier articles the 529 plan was introduced.  The tax free growth and tax deduction status given to the 529 makes it an excellent vehicle to grow your college egg.  However, not every one can always afford to contribute to their 529 on a regular basis. 




A great method to help maximize your savings is enrolling into the totally free Upromise program. It is a program designed to help you maximize your child's (or anyone else's) college savings without really having to save at all.  Upromise allows you to shop guilt free while saving for your child's future at the same time. As a Upromise member, you can save for yourself, your children, grandchildren, family, and friends.  Anyone really. 



Ways to help maximize your college savings with Upromise:



Linked Credit Card:

 You spend money on a daily basis anyway - why not have your daily spending work to provide cash for more than just your retailer.  The Upromise Mastercard makes saving for college easy by rewarding you for everyday purchases in the form of college savings. As a card member, you can earn 1.25% cash back on every purchase which is used for college rewards!

If your Upromise account is directly linked to an eligible 529 College Savings Plan, you’ll receive a 15% bonus on your total cash back earned with the Upromise Mastercard - and of course no annual fee.

Online Shopping:

By using a Upromise account you can gain access to retailer links that recognize you as an Upromise member.  Participating stores include retailers such as: Walmart, Under Armour, HP. Office Depot, Ebags, Banana Republic, Macys and many more.  This is an easy way to shop online and still be able to maximize your total savings.  Imagine you use a 2% cash back credit card and use a 5% cash back link off your Upromise account.  If you spent $100 at Walmart using your Upromise account and a 2% cash back credit card you could have $2 cash back to yourself and another $5 towards your college saving fund!

Dining:

Upromise states 10,000 restaurants nationwide participate in the Upromise rewards program.  That is a lot of chances to stash away savings every time you eat out.  You earn when making a qualified dine at a participating restaurant and paying with a credit or debit card that has been linked to your Upromise account. As a Upromise member, you are eligible to earn 2.5% on your total bill, including tax and tip!

Only Downer....

 Upromise no longer provides the ability to transfer earned dollars directly to a student loan.  So unfortunately it can not be used to pay for existing education debt.

How You Get Earned Cash Rewards

Earned dollars can be directly deposited into a 529 College Savings Plan or checking / savings account.  Link your account to your Upromise account making it super easy to collect your rewards and advance them to your 529  (highly recommended)!


Other Articles You May Enjoy:


College Savings Made Easy In A 529 Account

 

529 Education Savings Account: UPDATE

 

Student Loan Blues

 

 



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