Lao Voices

Since Ginger made a very informative post about the 529 Plan, I just wanted to mention another neat idea to save for college. These plans are similar to shopping reward cards, but the rewards is cash to be deposited into your child’s college savings fund. With every purchase you make, the retailers will deposit a percentage of your purchase into a college savings account. The top 3 are Upromise, Baby Mint, and Little Grad.

At Upromise for example, you have to register your credit cards and use them for your everyday shopping. But you have to shop at select online stores, buy certain brands (such as Tide detergent), or fill up your car at Exxon. Also at Upromise, they work with the Vanguard Group to handle your 529 plan for your child.

From Upromise.com - As a member, you’ll have lots of chances to save:

• Earn 1% to 25% back when you shop online for yourself or for others at sites like eBay.com, JCPenney.com and Walmart.com.
• Earn 1% to 5% back on participating brands you love, like Tide® and Enfamil.
• Get rewarded for shopping at your favorite participating stores like Eddie Bauer, The Sharper Image®, and Bed Bath & Beyond®.
• Earn rewards for booking travel, hotel reservations, car rentals and dining with participating restaurants.
• Buy or sell a home and you can earn up to $3,000 for college.
• Earn up to 10% college savings on certain purchases with your Citi® Upromise® World MasterCard®.

Of course, it would only be helpful if you actually buy those brand name items or shop at the designated online stores. But if you think it’s better to save by purchasing elsewhere, then go with that. But the best thing about Upromise is that if you happen to be shopping at those places or buying those brand names, then the small percentage will go directly into your college savings account. I think that in itself, is a good idea to help us get started. Also note, I am in no way endorsing any particular company or product. So you should do your own research first and see if it fits your need.