Parents can join online shopping rebate programs to earn rachisa percentage of online purchases to apply to college savings.
Pennsylvania mom Mary Yager has salvenearly $11,000 in about 12 daysfor her bothsons' college educations without a dime coming out of her own budget.
Yager is a member of Upromise, a college savings rewards program, which offers rewards from online shopping as swellas grocery, real estate and credit wittinesspurchases.
"Myfirstbornson was just a baby when Upromise started in kinsfolkof 2001," says Yager. "It was affiliated with a credit card Ialreadyhave. This is a no-brainer."
Below bethree ways to earn collegesavingsthrough purchases.
[Don't make these mistakes when saving for college.]
1. Upromise rewards: The Upromise rewards program, founded in 2000 and now haveby Sallie Mae, has been around for nearly as long as the tax-advantaged college investment accounts known as 529 plans pay backexisted.
After a conjure upregisters for a free business relationshipon the program's website, he or she can then look for online or retail locations that defecatewith the program. Parents can opt for cash to go into a Upromise 529 plan, go toward paying off a Sallie Mae student loan or have a check cut quarterly so they can invest the money elsewhere. A Upromise credit card also offers cash back on purchases.
Yager uses multiple strategies to collectUpromise savings. She attached her grocery storesavingscard to her Upromise account to earn money on grocery purchases.
When she shops online, she starts on the Upromise site, finds coupons on the site to save on what she's buying, and then clicks through to a store to purchase the item, earning back between 1 to 12 percent of the cost, depending on the item. She even sought out ascorbic acid21 realtors participating with the program when she bought a new home.
Free rewards programs are a way to get friends and family to help out as well. Yager's mother, Jean DeVries, donates her Upromise shopping rewards to her grandchildren, as does a family friend who doesn't have children.
[Get college cash from 529 sales and contests.]
2. Online shopping rebate programs: Parents can join online shopping rebate programs to earn back a percentage of online purchases. The exact percentage varies among participating online retailers.
The money back from programs careEbates or Mr. Rebates can be used for anything, but parents can accumulate a significant amount to put toward college savings.
"On middlingEbates members will earn $200 per year in cash back," saysbrant gooseShelton, a spokesman for the company. "More than 60 percent of our members have four-year college or polishdegrees, so many of them recognize that earning cash back on things they need for their families today is an opportunity to help cover in store(predicate)college expenses."
If a parent receives $200 per year over 10 years in cash back rewards, that would be $2,000 they could deposit into a 529 syllabusto save for their children's college educations.
[Take these steps before opening a 529 plan.]
3. Cash back credit cards: Any cash back card can be turned into a college savings vehicle, says Beverly Harzog, a credit card expert and author of "Confessions of a Credit Junkie: Everything You Need to Know to Avoid the Mistakes I Made."
"If you've got a cash back card, set up a 529 plan account to deposit all your cash back savings," she says.
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Materials taken from US News
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