All About SaveUp
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All About SaveUp

Posted on Monday, October 10th, 2011 at 2:12 pm
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Do you want to be rewarded for making good financial decisions? Well, now you can be with SaveUp, an online reward program that rewards you for making smart financial decisions, such as saving money or paying down debt. After all, there’s nothing like a little incentive to get your finances on the right track!

How Does it Work?

Unlike most reward programs that encourage consumers to spend money, SaveUp does the opposite. The premise of SaveUp is to reward consumers for saving their money. So how does SaveUp reward consumers for their savvy financial moves?  They turn it into a game! Every time a member deposits at least $1 into their savings account, IRA or 401k accounts, or pays down a mortgage, car loan, or credit card balance they earn a credit. In turn, credits can be used to enter into a raffle. The raffles offer cash prizes, product prizes, travel destinations, and more. So, for every dollar you save or for every debt you pay down, you increase your chance of winning an awesome prize! Of course, you won’t win something every time you enter a raffle, but the site aims to encourage consumers to make good decisions with their money by offering the chance to win a prize for it. You are more likely to win smaller prizes, as there will be more competition for the big-ticket cash and travel prizes. The way I see it, you win either way!

Although the site is not fully open yet, when it is consumers from over 18,000 U.S. banks and credit unions will have the opportunity to sign up for free. By signing up, you can sync your financial accounts to the site (similar to Mint). Once your accounts are synced, the site will automatically register every time you deposit money or pay down a loan on the registered account. You can also earn credits by watching financial education videos on the site. It’s really that easy!

But, I Can’t View the Site Yet…

Don’t worry! Being a new venture, SaveUp is still in its beta stage. To be invited to the beta, all you need to do is leave your email address on the website homepage. The program has already received quite a bit of hype. The complete SaveUp website is expected to be open to the public sometime this Fall, so get ready to start saving!

What is it that you want to SaveUp for? Share your saving goals in the comment section!

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Good Tip: Saving money is important – especially if you have a lot of expenses like bills to pay, loans to pay off, and all the other things that drain your bank account. Figuring out a way to save money can feel tedious to some, and like a punishment to others. U.S. News suggests that you try one of these money saving challenges. The “No Eating Out for a Month” Challenge This one is self-explanatory. The goal is to avoid eating out for an entire month. This might be super easy for people who enjoy making meals at home. People who really enjoy dining out, or ordering food to be sent to their home, may struggle with this one. It’s worth a try because spending money on take-out is more expensive than buying groceries. The Pantry Challenge This one is a variation of the “No Eating Out for a Month” challenge. The goal is to use up all of your groceries before you buy more. It forces you to try and remember why you bought a food or beverage that you don’t know what to do with, and gives you the opportunity to find a way to use it. The one exemption to this challenge is the foods that have expired. Don’t eat them! Throw them in the trash. The “No Spend” Challenge Make a goal to avoid spending money during an entire weekend. The only exemption in this challenge is that you are allowed to pay bills. This challenge is interesting because it requires creativity. You must be creative and find workarounds for problems that you would typically solve by spending money. You may have a different outlook on spending after finishing this challenge.