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A college savings plan will help you pay for the rising cost of college for your children.
Here is the great thing; you can tailor your college savings plan to fit your budget and savings goals. The most widely used college savings plan are 529 College Savings Plans. The great thing about 529 college savings plan is every state has one and there are state income tax benefits when you use your state’s college savings plan. Also, you do not need a ton of money to start. For example, USAA’s 529 college savings plan is $250.00 to start with a $50.00 minimum monthly investment. Most other 529 college savings plan is equally as easy to start and maintain. Once you get started, it is best to establish an automatic payment plan. And if you get extra money to save you can submit a single contribution. Also, you can send cards to family and friends and they can give gifts to your children’s college fund. To find more information on your state’s 529 college savings plan simply do a search for “529 college savings plan [your state]”. Upromise offers a unique way to start saving for college or to bolster your current college savings plan. This is how it works. The first way Upromise helps you is by earning rewards for spending money at participating stores. By shopping at over 40,000 participating retail stores and services, you are rewarded certain percentages of your purchase towards college savings for your children. What’s great too is family and friends can join the Upromise program and apply their earnings to your children’s college savings. Upromise and their participating partners want to help make higher education affordable. This great college savings plan doesn’t stop with rewards. Upromise also offers assistance in setting up other college savings plans like a 529 and also helping you take out a loan for college if you need one. This college savings plan does three things; helps you earn money for college savings, helps establish a way to save and when it comes time to pay they will help you get extra money if you need it. But the best part of Upromise is it’s free to sign-up!
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