The first action my husband took when we got Lilly's social security card was to set up a college savings plan. We opted for a 529, which is a tax-advantaged savings plan designed to encourage saving for future college costs. A 529 covers all "qualified higher education expenses," including: tuition, room/board, mandatory fees, and books/computers.
After opening Lilly's 529 plan with our bank, we were directed to Upromise. Upromise is a free program that allows you to earn money for college through your everyday spending. Gas station fill-ups, grocery store trips, and mall excursions each contribute to Lilly's individual 529. As a Upromise member you earn money through their participating retails (there are thousands), anywhere from 1-25% of your purchase will be contributed into your Upromise account. The money you earn can be used later for college.
What makes Upromise so great is that there is no cost to use it (yay) and you are literally earning money by doing nothing (other than signing up). Friends and family can also join to contribute to your fund.
Upromise also has great coupon deals on their website. It's constantly changing so check it out for yourself here.
To date we have earned $18.86. That may not seem like much, but hey, that should be able to buy her a box of pencils in 17 years!
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