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Discussion Starter · #1 ·
Does anyone else do Upromise? I'm wondering if anyone has been able to save anything significant. I signed up for it ages ago, put all my grocery and credit cards in and we have $22, but we did move a year ago so none of the grocery cards were valid and I didn't have the credit card we've been using for most of our purchases. I know some folks try really hard to maximize their upromise savings, just wondering if anyone here did or whether its worth the effort.
 

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We have almost $80, I think. Not bad for only having it for a year and a half. I'm quite surprised, actually, seeing as that I buy mostly organic, TJ's, WF, etc. But I buy sposie overnight diapers, and we use Terminix (ants were eating my house!, but yes, the chemicals really freak me out), I shop at Bed Bath & Beyond on occasion. When we bought new tires for our cars, we bought them at TireRack.com and it gave us Upromise stuff too. I haven't paid a ton of attention, and I just buy stuff as I normally would, and I've done pretty well!

I'd say don't worry about it. When people ask "Is it worth it?" I say, "Worth what?" 'cause it doesn't cost anything and it really didn't take much time to get it set up.

Aven
 

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DH puts his business travel on a Upromise card. So it has paid off for us, to the tune of about $600 a year plus. We max it out around September.

And for those not familiar with Upromise, you get real money deposited into your 529 plan. And $600 a year (for a toddler!) will really add up over time.
If you do not have a kid yet, open a 529 for yourself (money can be used for a kid's education down the road)

You can also hit up all of your family members to sign up theire credit cards, phone service, etc for your upromise account. We have not really pursured this, butsome additional benefits could be gained.
 

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Just bumping because I was coming here to ask the same question. I just heard about this and am interested but cautious what "the catch" is. From what I can see it seems like it's just basic spend tracking like all my grocery card, pharmacy store care and credit card already do.
 

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We've saved over $300 in 3 years. The biggest thing for us is that some of the stores that offer cheap shipping and britax marathons are hooked to UPromise, so we got a lot of money back when we had to buy 4 carseats...
 

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Discussion Starter · #6 ·
Quote:

Originally Posted by dharmama View Post
Just bumping because I was coming here to ask the same question. I just heard about this and am interested but cautious what "the catch" is. From what I can see it seems like it's just basic spend tracking like all my grocery card, pharmacy store care and credit card already do.
Well, the catch meaning how they make their money is its basically advertising and motivation to buy specific brands. General Mills gives you $0.02 cents for buying a box of cereal, so you buy only general mills cereals. I'm sure they pay a bunch to UPromise for the priviledge as well. It's far better than a coupon because its generally significantly less money than you'd save with a coupon. However, that said, if you don't let it influence your product and store purchases then I don't see much of a catch really.

I installed the product toolbar because I do buy things online and I realized I was missing out on the discounts because I would forget to see if they offered a upromise savings, the toolbar will just log it automatically when you go to the store, you don' tneed to remember, which is nice.
 

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I agree. There is no reason not to do it, it's pretty much free money. After the initial time investment to register all of your cards, I just shop as I normally would. I think we have around $80 after about a year.
 

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well, the thing i have a hard time getting over are the fees and costs associated with a 529 account. How are they paid? Do you pay them once a year, is it taken out of the 529...we have an account but have yet to put it into a 529 because i as worried about the fees.
 

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I think the key is to get friends and family on board. DS's team has about 15 members and their earnings add up. We're only at about $100 a year, but not bad for doing nothing but buying what we'd buy anyway. (We rarely buy a certain product just because it's in the program, but I always smile when it works out that way.)
 

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Quote:

Originally Posted by mightymoo View Post
However, that said, if you don't let it influence your product and store purchases then I don't see much of a catch really.
I agree. We have the Upromise credit card too. DH uses it for business travel, plus our own expenses. We have it linked to a 529 plan as well.

I just logged in:

Member since 2/2006
$228.19

As someone else said: Not bad for doing nothing!!!
 

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Discussion Starter · #11 ·
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Originally Posted by midstreammama View Post
well, the thing i have a hard time getting over are the fees and costs associated with a 529 account. How are they paid? Do you pay them once a year, is it taken out of the 529...we have an account but have yet to put it into a 529 because i as worried about the fees.
I haven't opened the 529 account yet, just don't have enough to bother. So I guess I haven't thought about that side of it!
 

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Quote:
i have a hard time getting over are the fees and costs associated with a 529 account. How are they paid? Do you pay them once a year, is it taken out of the 529
The annual account fee is $20 according to my 529 statements. The extra I'm saving from Upomise more than covers that.
 

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my dh said something about how any money you have saved specifically for your child's education will mean less financial aid for college. anybody know if this is true? this is his reason for not doing upromise.
 

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honestly, i don't think that's a reason to not save up for college. if your dc gets a scholarship, you get the $ back. the caveat is that it depends upon the state in which you set up the 529. make sure you check the fees and the regulations for each state. you do not have to live/work/go to school in the state that you set it up in, the only upside for some of the states is that if you live in that state you might be eligible for some state tax writeoffs. we live in ca but signed up for the ny 529, we did it all online in a few minutes. we linked our upromise account to it, so those funds are automatically transferred every quarter. we have some family that signed up under us, including my parents who drive a lot (gas) and own a little shop (branded products), and although it's not a lot, my mom always says "dust makes mountains". it's free money. and with compounded interest, i figure it will cover her books for one semester.

dh and i feel VERY strongly about helping to pay for dd's education. my parents didn't help me at all, and i'm still paying for undergrad and grad school and i'm in my mid 30's. and i got several scholarships to boot.
 

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Quote:

Originally Posted by eldadeedlit View Post
my dh said something about how any money you have saved specifically for your child's education will mean less financial aid for college. anybody know if this is true? this is his reason for not doing upromise.
See, that's just silly in my mind. Suppose you accrue a significant amount of Upromise by the time your kid is ready for college. The colleges might give you less scholarship than they otherwise would have, but I can't see them dropping it by more than your Upromise savings. (So sure, you might get some less scholarship, but you'll still end up ahead because of the Upromise.)

The college try to not penalize people who save for college. They base scholarships more on income level than on savings. If you've had good earnings and still no savings, then you'll have some trouble paying for college.

By the way, you can use Upromise for more than just College. Bartending school, beauty school, almost any trade school works as well.

Here's an idea. Put the Upromise in your own name, put the 529 in your own name. When you have saved enough, take an art class or whatever you're into. Why not, right?

Aven
 

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Not sure if you're aware of this, but you don't have to put the money into a 529 account. You can just request that they cut you a check. This is what I do -- then I just put that money into a savings account earmarked for DS (though you could do whatever you want with the money).
 

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Discussion Starter · #20 ·
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Originally Posted by New Mama View Post
Not sure if you're aware of this, but you don't have to put the money into a 529 account. You can just request that they cut you a check. This is what I do -- then I just put that money into a savings account earmarked for DS (though you could do whatever you want with the money).
Really? What's to stop you from taking the money and running? Nothing?
 
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