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Financial Fitness
Free Money for College
By Kendeyl Johansen
Many parents worry about skyrocketing college costs. Starting a college fund when our kids are babies sounds wonderful, but in reality, raising a family is expensive and not everyone can start saving right away. Luckily, if finances are tight (or even if they're not) there's a way to save for college right now without it costing you an extra cent.
The free online service Upromise lets thousands of companies, such as Kimberly-Clark, McDonalds, Toys "R" Us and AT&T, rebate part of your spending as college savings. You can save while shopping for diapers, purchasing a new car or even buying a new home. The savings are held in custody in a secure Upromise account and can be transferred to a federally tax-free 529 college savings plan run by Fidelity or Solomon Smith Barney.
It's simple to open a Upromise account, with no change in the way you shop and no membership card. You just enroll your credit cards and loyalty cards, and when you make purchases from a listed company, a contribution is added to your child's account. You can divide up savings among two or more children, and friends and relatives can contribute to your savings.
"Families can get the most use out of Upromise by inviting their family and friends to sign up," says Jim Doyle, Upromise spokesperson. "A grandparent that can't afford to write a check for tuition can help their grandchild by shopping for groceries and gas and linking savings to a grandchild's account."