Sunday, July 6, 2008

Send your kid to college with your grocery spending

So we finally signed Finn up for a 529 college savings plan. It was time consuming to choose the right one. I did find some info that I thought would be of interest to a larger group.

When you shop for things like groceries and at CVS, you can get contributions made to your 529 account via the Upromise program. You can even get your family members to sign up and their purchases will count too. You might have seen their logo, a U inside a box on some of the groceries you've been buying. That was my intro to their program.

There are 4 different credit card programs that will link to your 529 account and deposit 1 or 1.5% of all your purchases. Those are Fidelity American Express (must be linked to a Fidelity 529), Citibank Upromise card, Baby Mint, and Future trust. Most of these will also give you considerably more than 1% on certain purchases or from certain retailers. They are all annual fee free cards.

If you're thinking about a private college, check out the sage scholars program. These schools match your deposits like a prepaid tuition plan.

1 comment:

Jeff Frese said...

Another great way to increase college savings is by having a Freshman Fund account. Freshman Fund is like a registry for college savings. Parents go to the site, attach their 529, create a public profile and email friends and family a link where they can contribute directly into the child's 529 account in lieu of or in addition to the usual birthday/holiday gifts. Great for parents and great for gift givers and it's environmentally friendly gifting.