It's Your Money
Super Saver: Saving for college
RALEIGH (WTVD) -- A simple way to start saving for college without you putting away a dime.
Saving for your kids' college education can be daunting. But we found a way to start saving now by doing nothing more than registering your credit cards and shopping at certain stores.
Just by logging ontowww.upromise.com and registering his credit cards, Chuck Schmidt is saving for his three kids' college educations. Chuck says, "You open an account with them which doesn't cost you any money and you register your credit cards. You just make purchases whether it's gasoline, Best Buy."
That's right, it costs you nothing. Here's how it works, once you register your credit cards with Upromise, and you shop at the hundreds of Upromise retailers, a certain percentage of each purchase goes into your Upromise account. Chuck adds, "That money just goes into a 529 account, and it grows tax free until your kids are ready for college."
Chuck says he makes a point to shop mainly at places that credit his Upromise accounts like hotels, restaurants, major retailers, grocer's even on-line purchases on Upromise.com. He adds, "At the end of every quarter, they send you a statement or they tell you how many transactions you've actually earned."
So far Chuck has already accrued $3,600 in his Upromise account for his kid's college educations. He says, "10 to 12 years, I'm hoping it will at least cover one-and-a-half years of their education which didn't cost me anything." The percentage you earn off each purchase ranges from as little as 1 percent all the way up to 34 percent. Upromise is a savings Chuck says you can't pass up if paying for college is in your future! Chuck adds, "To me it's free money. You'd be a fool not to use it."
Besides registering your own credit cards, your extended family and friends can have their own Upromise accounts and attribute their rewards to your child's 529. To sign up for Upromise for free just go to http://www.upromise.com
And of course, we want to hear from you. If you're a Super Saver let me know about it so I can share it.
it's your money, diane wilson
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