Childfreelife’s Weblog











{August 1, 2008}   Tiny chunk: Making a U-promise to yourself

I never even thought to use services like u-promise.  It is all about getting money from advertisers to save money for a child’s college education right?  Wrong!  An adult who has already gone to college, or plans to go to college can set up a u-promise account for themselves.  A favorite past-time of the childfree, going out to eat is one of the better ways to accumulate donations into your u-promise account.  Another past-time of some child-free, is buying things used on e-bay, also earns you points on u-promise.  One thing that sucks about u-promise is most merchants only contribute for online purchases–however, my idea for that is to go to your local store try things on, and then later if you still really want it when you get home and still are going to buy it, buy it online and get the 1-3% contribution.

Though the details aren’t always the easiest to find, you can use the u-promise money you earn to pay off your student loans or put yourself into school.  You have to send a notarized form to get your money mailed to you, and you can withdraw each quarter, and put that money into your bank account to start earning interest.

Find a friend or coworker who does free notarizing, or check to see if your bank will guarantee your signature.  It shouldn’t cost money to get money (okay the stamp doesn’t count).

The way I understand it, the majority of college savings plans that are tax deferred or even tax free, are made only to give to a child under a certain age.  Since those plans don’t apply to us, I would take my u-promise withdrawals and put the money into an IRA, then I can take art classes at the senior centers of the future!

Of course, the real way to save money is to not spend it.  If you are paying down student loans, going back to school, or saving for fun learning experiences in retirement–don’t just spend money on crap just because it gets you a small contribution from a vendor–put the money you decide not to spend right into savings towards those goals.

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