Help save for college with normal everyday purchases

Help save for college with normal everyday purchases using Upromise®, by SallieMae.

To piggyback on the NYS 529 College Savings article I wrote in July for BBA followers, there is an additional tool available that will help either add money to your child’s 529 plan or help pay down your eligible student loan debt. It’s free to join and it’s called, Upromise®.

How it works

When you link a credit and/or debit card to your Upromise® account, the program takes a percentage of the purchases you commonly make through well-known retailers, and returns the money back to you in the form of:

1. A check
2. A deposit towards your child’s College Savings 529 Plan
3. Payment towards eligible student loan debt

For increased cash back, you can sign up for a Upromise® Mastercard. Like other credit cards, each month or quarter there are special promotions for various retailers that allow for larger cash back purchases.

My experience with Upromise®

My wife and I have linked our current debit and credit cards to our Upromise® account. The cash back we receive is then directly linked to our daughter’s NYS 529 College Savings Plan, which receives the deposits. Upromise® also has a feature which allows account holders to get the help of their friends and family. If a friend or family member creates a Upromise® account, a percentage of their purchases can be directed towards your child’s 529 plan. My daughter’s grandparents have both recently created accounts, so we are awaiting the first deposits!

College, as we all know, is an expensive endeavor. However, by saving early and often, along with helpful tools like Upromise®, we can all make a significant positive impact on our child’s education.

Please visit www.upromise.com for further details.

Happy Planning!

-Matt

Presented by: Matthew D. Bennage – Financial Advisor
6206 Slocum Rd, Ontario, NY 14519. (315) 333-5465