This a program that offers you a percentage (up to 5%) of money you spend back, into an educational savings account. Their site (UPromise) offers a list of qualifying products and purchases.
You have to sign up on their site to set up an account. You then have to register either your credit and/or debit cards or any Shopper Loyalty Cards you have with participating retailers. UPromise then tracks your qualifying purchases, and offers you quarterly statements on your balance.
Their site offers more information on the rules of the program, such as who can use the money you save.
Sunday, January 20, 2008
UPromise
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2 comments:
Sandra,
Another arguably better approach is to use a service like www.savingswatch.com and earn more cashback for online purchases and simply earmark for college. The 529 aspect can create some constraints in a world where you may not want them.
Kristina
Kristina-
Savings Watch seems to be a site to be a part of, and keep an eye. I agree, finding any way to save money is great, and you can definitely set that money aside for college (or whatever you want). 529's do have a drawback, in that there are limits on what the funds can be used for, and where they can be used.
My point in discussing UPromise, was not to say everyone should use it, but that if you are buying these products anyway (and using the Shopper Loyalty Cards), you might as well be getting back as much as possible.
There is no reason (that I can see anyway) that you can't use both Savings Watch and Upromise at the same time. Your Upromise savings may be restricted in use, but you never know when they might come in handy. Plus you can assign them to other individuals, not just yourself.
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