How Savings Clubs Can Supplement a College Fund
Upromise and BabyMint are two college savings clubs that offer a way to use your everyday purchases to save money for college. If you spend money at the companies that are affiliated with the program, these companies will deposit a percentage of the purchase price into a college fund for you. You can accumulate rebates in a 529 college fund through these programs and this money will grow tax free. Some programs also allow you to receive the funds in cash.
You cannot expect these programs to completely pay for your child’s education as the amount you save up will depend on how much you spend, how long before college starts and what type of returns you receive on your college fund. You should view these plans as a way to tuck away some money for your child’s college education and not as a sole means of funding a college education.
Some of these clubs also offer credit cards which let you get rebates on your purchases. Check the rebate percentage on the card and be sure to check the interest rates and fees as well before selecting a club.
A college degree is very important in today’s world in terms of career opportunity and growth. College funds are a great option that many parents and their students are taking advantage of.
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