Save Money for College Every Day
One of the biggest expenses most parents will have is paying for their child's college education. Tuition, Room & Board and other costs at a typical four-year private college can easily exceed $30,000 per year, and costs will only increase. In fact, college costs regularly increase 8% or more per year, far outpacing inflation (for more on this see this site. )
Start Early
Many parents start saving for college before their kids are even born, but often it's not enough. While there is no magic bullet in paying for college, there is a service that allows you to save a little bit for your child's education every day. A company called Upromise has relationships with many companies that allow you to save a percentage of what you spend for your child's college education. For example, say you buy three cases of Coke at your local grocery store, costing $15. When you check out and swipe your store's savings club card, you'll save 1%, or $0.15, which will go into your Upromise account. And there are literally hundreds of other ways to save! From daily expenses like diapers and gas, to big ticket items like electronics and even mortgages, Upromise will help you pay for your child's tuition. With so many offline and online companies participating, over the years these savings can really add up! In fact, as you can see here, saving just $4 a day can add up to over $56,000 by the time your child is ready for college!
Help a Friend or Relative
Even if you're a grandparent, aunt, uncle, or friend of someone with children, you can still sign up for an account and have the savings go to whatever child you choose. Imagine paying for a large part of college just by doing your regular shopping. Its as easy as signing up for a Upromise account. For more info check out UPromise.com.