July 31st, 2009
Spend money to earn money for college – Upromise
Saving up for a college fund is a luxury in today’s economy, so Upromise is turning the usual shopping trip, grocery run, and fill-up at the gas station into a daily opportunity to earn money for college. Upromise’s business model makes it easier for families to start saving for college early by making the most of what Americans do best— shop.
Upromise, going strong with 10 million members and nearly $500 million in member rewards, is one of the largest private sources of college funding contributions in the United States.
This is how the completely free program works: you start by creating an Upromise account and registering your credit, grocery, or loyalty cards. Then, you shop, shop, and shop as usual and make purchases at any of their participating 21,000 grocery and drug stores, 14,000 gas stations, 8,000 restaurants, thousands of retailers, and over 600 online shopping sites. A percentage of your purchase at these participating retailers and products goes directly into your Upromise account.
From your account, you can transfer savings over to a 529 college savings plan where you can decide where and how to invest the dollars your purchases earned you for your child’s education. You can use these rewards to save up for college, pay for an existing student loan, or you can opt for a check in the mail for college-related expenses.
If you’re not convinced yet of getting free money for college, Upromise’s $100,000 College Dream Sweepstakes should sweeten the deal. Upromise is giving away $10,000 to 10 lucky winners from now until August 21, 2009. To qualify, simply join Upromise and install Turbosaver, an online savings reminder tool.
Upromise is a simple and effective free rewards program to start earning savings for college early and easily. It takes no more effort than shopping as you usually do, unless you actively seek out Upromise merchants to accumulate savings faster. Either way, you earn savings in small, incremental ways that could add up to the cost of a textbook, part of your dorm rent, possibly even a year of tuition. Even friends and family can contribute to your Upromise savings the same way you do: simply have them register with Upromise, add their loyalty and credit cards, shop, shop, shop, and then direct their savings to go to your account.
The only downside is how slow it may take to accumulate savings. You aren’t likely to pay-off all the expenses of four years of tuition just by buying participating orange juice and butter products. The highest contribution percentage comes from shopping online with Upromise, providing members the opportunity to earn 1-25%. Participating restaurants also provide a significant savings opportunity with earning power of up to 8% of your total bill.
Upromise gets you cents and dollars to pad your college fund. The idea is not to save money for college by curbing spending habits, but how to make the most of the fact that if you are going to shop anyway, at least shop specific brands so you can earn some savings in return. Because free money for college, is still, free money for college.
Can’t state enough how important the sacrifices that go into wealth creation are.
Curious if anyone has caught this book yet? “The Richest Man in Town” by W Randall Jones. I’ve read half of it so far and let me tell you it is well worth it. Would like to hear what everyone else thought of it?
http://www.amazon.com/gp/product/0446537837