Boy… it’s been 3 and 1/2 years since I last thought about these guys… And 5 years since I first signed UP to Upromise! Yikes. Want to know my grand total earned with them so far? Are you sure you’ll be able to handle the awesomeness? Haha… A whopping $12.71! Woohoo! I’m gonna get a nice edumacation for my son! ;)
Though to be fair, I really don’t pay attention to the whole thing much either. Which is pretty important if you want to be successful in something, eh? Even when I was half-assing it all those years ago I was at LEAST making $7 bucks! ;) I haven’t even doubled that in the past 3+years, haha… And from logging into my account for the first time since then, I def. know why: All my cards have expired! D’oh.
For those who don’t know what the heck “Upromise” is, here’s a short run down off their website:
“Upromise creates a college savings service that harnesses the purchasing power of parents, extended family, family, and students to make it easier to pay for college. Members direct their spending to Upromise partners—including more than 800 online stores, 10,000+ restaurants, grocery and drugstore items—and earn money for college.”
In other words, you get “free” money every time you shop at any participating Upromise partner or you buy one of their associated products which you’ve probably seen at your local grocery store (it’s all linked through your credit cards and coupon cards, and you get a % of each item purchased. Like 8% at restaurants and 5% when online shopping, etc…). Then you can xfer all your earnings into your 529 account or other avenues Sallie Mae allows you to as they’re the ones who run the program (UPDATE: Just found out they also send you checks too! So you can use as you wish, which is kinda cool for all non-collegey people ;)). In theory, you could link all of your family’s/friends’ cards as well to your account so whenever THEY shop around town too, you’ll get even more pennies! All funneling into the one main account you’ve set up with Upromise.
A cool business idea for sure. Get everyone to save for college by promoting your site to all their friends and family! ;) If only we had a similar deal here at Budgets Are Sexy, haha…
“Tell all your friends about this blog and I’ll give you a penny for each one that signs up to my newsletter! It’ll help pay down your debt!”
Haha… that would be awesome, actually :) For me.
On a serious note though, I do give Upromise credit for going out and trying to do some GOOD in this world of ours. And I’m sure there ARE people who are just rocking the hell out of that program and really banking some serious money. Maybe even one of you guys reading this right now? Can anyone beat my Earth shattering $12.71? :) And now that I have a need myself for saving up for college later, perhaps I’ll start getting more involved in working the system as well. I can get down with some free money for hardly doing anything! Every $12 could buy 1/4th a textbook! :)
(Btw, they also have a World MasterCard which gives you a TON more extra towards each qualified purchase and 1% on EVERYTHING in general. But I haven’t looked into it enough to see if it would beat other cash-back type reward cards out there… The cool thing about it though is that it would FORCE you to save all that money towards college! Which some people might need…)
Regardless, I’m gonna go spend and extra 5 minutes here and re-link all my “new” cards to my account and see if we can’t get any more money flowing in here for Baby $’s college expenses… Even if it only nets me another $12 bucks, that’s like getting paid $144 an hour! ;) A better return than 5 minutes on Facebook, that’s for sure.
PS: I’ve been a naughty little daddy and STILL haven’t decided on a college savings account for the baby :( I swear it’s on my list though, I just know it’ll take a lot more time to research and chat with USAA on what’s best. Even us personal finance bloggers procrastinate on important stuff! ;)
(Photo credit: NazarethCollege)
Featured savings tip
You already know that banks pay $$$ for the privilege of holding your money…it’s called interest. But maybe you didn’t know this: that so-called interest can be as little as .01%. If your cash savings aren’t sitting in a high interest savings account that earns you at least 1%, you’re basically saying “no” to free $$$!
Now, obviously the 1% interest you get with a high interest savings account like the one at Discover bank won’t make you rich, but that extra 1% compounded over 30 years can grow into a *big* pile of cash. And if you wanna hit lofty $$$ goals, you should be looking for every edge possible.
Here’s another way to look at it: if you leave $50,000 in a regular savings account, that’s almost $500 you’re just throwing away, each and every year you don't setup a high yield savings account! Will you do 5-10 minutes of work right now to earn an extra $500/year for years to come?
If you said “heck yes”, then you can setup your high interest savings account here to start earning 1% on your cash savings.