Getting In Is Only Half The Battle


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I’m the father of two little ones and have been squirreling away money since they were born to pay for college.

Unfortunately, no matter how much I sock away every calculator I find says that it won’t be nearly enough.

The two programs that I have personal knowledge of are the Upromise program and the Fidelity 529 Account Rewards Credit Card.

Upromise returns a portion of the transaction for certain purchases. The Fidelity Rewards card returns 2% of your purchases.

I’ve saved more than $2,500 with Upromise since I started using it in 2001, although about 1/2 of that was due to buying a house. But that’s 2.5k in my kid’s college fund that wouldn’t have been there otherwise.

UPromise College Dream Sweepstakes

I’ve been finding a lot of information that is duplicated out there, so I’ll be doing my best to make sure that I don’t repeat myself on here. As this blog grows it might be a good idea to check some of the archives and maybe try the search function. And if there’s any topic that you don’t see covered shoot me an email and I’ll do my best to dig something up.

I’ve been finding a lot of articles out there that to put it simply, kinda suck. If an article doesn’t really add anything new to the discussion I’m not going to bother posting a link to it. I’m surprised at how many articles I’ve found that are literally 3 or 4 paragraphs. I’m not talking about something that links to something else, I’m talking about big headline…3 or 4 paragraphs…end of story. If I link to something stupid like that please call me out on it.

  1. G Said,

    I have a little in Upromise too, it’s OK but I’m thinking about putting it all in a straight-up savings account.

  2. administrator Said,

    Well you could do that, but it doesn’t exactly work like that. Money saved for UPromise gets allocated for a 529 account. 529 accounts accrue interest without being taxable and are meant to be spent on educational expenses. If you withdraw it early, even to put it in a savings account you’ll end up getting whacked with a tax bill.

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