Free Money for your 529 College Savings Plan
Earn money back every time you, a family member, or friend make a purchase
I stumbled onto UPromise several years ago. I’m not sure where I found out about them, but it allows me to put money into 529 plans for my kids. It works by donating a % of the credit or debit card purchase on accounts that you choose. When certain purchases are made on one of these cards, a percentage of the purchase is given back to you!
BIG: Have your family members and possible friends add their cards (independently) to receive more back.
It’s actually pretty cool and wished there were many more programs like this. It would be really nice if there was a way to receive multiple percentages back on one purchase. If you know of a way, post it here!
In order for it to work, there are really 2 big pieces, namely the 529 plan and the credit/debit cards. As mentioned before, the credit/debit card part is pretty simple. You go to your account and add the cards. BIG help, you can have family members contribute too. So, I sent referral emails to all of my family members. You may want to follow up with them too. A lot of them, especially the older one’s may not know it’s not spam. So, set them up too and multiply your savings.
Use the UPromise card for more money back
UPromise does have their own credit card. I would highly recommend this as you appear to get a lot more donated to your account. And, the amounts are deposited every month. In addition, if you’re a huge Mint fan, you can track the donations through Mint. Plus, you can also see your 529 Plan grow at the same time. Pretty cool if you tie it all in together.
Now, it comes to the 529 plans. I’m not an advisor so can’t really tell you the best plan, but I look for plans that have the lowest amount of maintenance or service fees. A lot of these plans are typically ETF’s. Since they follow the market, the percentage kept by the broker is less. Me, I typically look at companies like ETrade or TD Ameritrade. Both of these can be hooked into UPromise.
Best of luck! Get that free money!
And, for all of you Starbucks junkies, you can get 10% back too.