Boost Your 529 College Savings

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I have recently talked about how to save money and invest tax-free for college using 529 plans. To help boost your savings by making ordinary everyday purchases, there are a few great programs.

Upromise

Upromise

One is called Upromise and what it will do is actually link your credit or debit card directly to their system. Therefore, when you purchase from a participating retailer you receive a percentage of the purchase deposited right to your 529 plan as a cashback reward.

BabyMint

 

BabyMint

Babymint is another service similar to Upromise that may allow you to double-dip on some offers. (Babymint.com is no longer active)

Fidelity

Fidelity

There is also a credit card offered by Fidelity that will reward you 2 % for all purchases made and deposit the rewards directly to your 529 plan. These all are quick to set up and will put your savings on autopilot using free money! I can’t ask for anything easier than that.

Assume you earn 2% cashback from $500 of purchases a month. That is a total of $10 earned each month for 18 years. $10 X 12 X 18 = $2160 in total savings.

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