Tag Archives: Kids and Money

04/16/12

Saving for college just got even better!

So, I am a big fan of Upromise.  I’ve written about it before (click here to read about the program and how it helps parents save for college).

 

Since I found out about the program a few months ago, I have earned over $70 for Max’s college fund.  All by buying things online and through the Upromise website, that I would be buying anyway.

 

As an example: we are doing construction on our home and I used the program to purchase all our building supplies at Lowes.com.  Lowes contributed 5% of my purchase amount to Max’s 529 plan.  It’s ridiculously easy!  Free money.

 

In April, Upromise made it even easier to utilize their program by having all participating stores offer 5% contribution on all purchases, every day.  (Contribution rates used to vary from store to store and could be as small as 1%).  With 5% now being the minimum percentage contributed, it’s even easier to accumulate savings.

 

Some stores offer even more than 5%, and sometimes stores will run “specials” in which they temporarily increase their contribution rate. 

 

You can also use the program to pay down college loans with SallieMae (not just save for college) though we decided to use the program for Max.

 

It’s free money, people!!  You can sign up easily at their website and find more information, including their FAQs about how the program works. 

 

 

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02/22/12

Upromise: A great way to save for college

This week, we opened up a 529 plan for Max’s college.  In lieu of gifts, we collected money from friends and family at his first birthday party.  We are also contributing monthly from our bank account—very easy to set up!

 

Being a financial planner, I thought I knew all there was to know about 529 plans.  BUT, I learned about something very exciting while doing a little research this week. 

 

I discovered the Upromise program, and I love it!  Basically, it is a company (sponsored by our dear friends at Sallie Mae) that helps parents, family, and friends save for college every time they shop online, or use the Upromise card at accepted retailers.

 

We already have a card we love and use for rewards (the Wells Fargo card that pays back 1% of what we spend directly to the principal on our mortgage).  So, I did not sign up for another credit card through the Upromise program.  But the credit card is only one aspect of the savings program.  The other aspect is easy to participate in!

 

Here’s how it works. 

- You link your 529 account to your Upromise account. (Easy!)

- When you shop online, visit www.Upromise.com first.  From there, select the store you’d like to shop at.   A new window will appear with the store’s website.  Shop from there, and a certain percentage of what you spend will be earned for your 529 savings account.

 

It is basically a rewards program in which companies like Wal-mart, Babies R Us, Target (along with many, many others) reward you for shopping through the Upromise program.

 

I did it for the first time yesterday, and it was very smooth and easy.  We needed a new car seat, and I finally found the one I wanted from Wal-Mart.  So I went to the Upromise website, logged in, then clicked on Wal-Mart.   A new window opened, I went through the process of purchasing what I needed, and 5% of the total cost will be contributed to Max’s 529 account.

 

It was that easy! Upromise is the smart way to save for college!

 

You can also invite friends and family to participate.  For example, my mom signed up with max’s number.  So if she purchases anything online through the program, a portion of HER purchased will also go to Max’s fund…. you see how this works………

 

The financial planner in me is so excited!! This is a great and easy opportunity to earn FREE money for college for anyone that shops online, anyway.

 

I was very impressed with the stores they have agreements with.  Not limited at all!  Stores such as Target, Wal-mart, Apple, Dell, Gap, The Children’s Place, Lowes, etc. etc.

 

As I mentioned, there is also a credit card they offer for additional bonuses.  We opted out of that.  But if you are looking for a good rewards program credit card, this sounds like a good idea.

 

For more information, visit their website by clicking on the banner below:


Join Upromise!

02/14/12

College Fund for 1st Birthday Party

For Max’s first birthday party, we asked our guests for no gifts!  After all, he’s only one year old, and is fortunate to have plenty of toys, clothes, books, and gadgets that any kid can hope for.

Instead, we told friends and family that if they wanted to do something, they could bring lose change or dollar bills to contribute to his college fund.  (With all of daddy’s student loans, we better get started early!!)

 

I wrote this poem and included it as an insert in the guests’ invitations.  I also printed it on a photo and placed it near a bucket for the change at his party.  Some friends brought change and others gave money.  He also got a few checks (our friends and family were tooooo generous!!)

 

I plan to do this for future parties as well.  It’s a great way to teach our children about money—-that they don’t always need more “stuff” and that things like college and saving for your future are so important and necessary.


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10/22/11

5 Ideas for Kids to Learn about Money

5 Ideas to Help your Kids Learn about Money

 

1.  Play Games: Monopoly is a classic board game for a reason.  Lessons in real estate, opportunity costs, and cash management transfer well to real world economics.  For young family members, consider Monopoly Junior.

 

2.  Take Field Trips:  Allow your child to accompany you to the bank.  Instead of going through the drive through, go inside and let your child help you fill out the deposit slip.  Explain the basics behind a checking account, credit and debit cards, and mortgages and loans.

 

3:  Talk the Talk:  Many parents think it’s taboo to discuss finances in front of their kids.  On the contrary, an open discussion about family finances allows your child an opportunity to learn important financial topics from the best teachers available—mom and dad.

 

4:  Save Up:  As a family, save lose change and dollar bills toward an agreed upon family goal—such as a trip to the circus, vacation, or even a pizza party.  Let your kids be part of the end reward to feel the satisfaction of accumulating funds for a goal.

 

5:  Start a Business:  Lemonade stands, bake sales, babysitting or lawn care…find your child’s talents and encourage them to start a mini-business.