(Closed) Investing for your child future (even before TTC)

posted 8 years ago in Babies
Post # 3
Member
2702 posts
Sugar bee
  • Wedding: November 2011

@tksjewelry: Wow! I have never heard of the UPromise Plan. Thanks for the info! It goes to show how things add up!

Post # 4
Member
293 posts
Helper bee
  • Wedding: March 2011

I have not heard of it either, but I just signed up!  Thank you so much for the info!

Post # 6
Member
768 posts
Busy bee
  • Wedding: April 2010

wow! thanks! this is great! does any one else have information about the upromise plan?

Post # 7
Member
2090 posts
Buzzing bee
  • Wedding: August 2010

The UPromise plan can also be used to pay down your Sallie Mae serviced student loans.

Post # 8
Member
751 posts
Busy bee
  • Wedding: May 2010

You can use UPromise for yourself or children that are already born even if they aren’t yours (I have one for my niece), but I don’t think you can set up an account for a future child (someone correct me if I’m wrong).  UPromise makes quarterly transfers to an account – in most cases a 529 or other education oriented investment account.  You need a social security number for the beneficiary of the account (if not yourself) in order to set one up and you can’t get a ssn until you are born. 

The only work around I know would be to set one up in your own name because if you choose not to use the funds, they can be transferred to an immediate family member so I would think you could transfer it to your future children someday.

That said, UPromise is a great way to save money that you don’t even think about.  You just register any credit or debit cards you use, plus all of your store cards (totally regional, but like  a CVS Rewards card, Duane Reade Card, grocery store card, etc) and UPromise credits you for qualifying purchases.  Also be sure to shop through their site if you shop online, you get 1% of some airline purchases, a % at the Gap, etc…

 

 

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