Tuesday, June 12, 2012

How to Get Paid to Reduce Your Debt and Build Your Savings

While browsing through my weekly The Krazy Koupon Lady emails, I came across a link to a really cool website, SaveUP.com, which helps Americans earn rewards when they make payments on bills such as credit cards, or when they put money into a savings plan.

How SaveUP Works

As you know, you can take advantage of most reward programs only if you spend money. But with SaveUP.com, you get rewarded in the form of credits each time you make payments on certain debts or put money into your savings plan, IRA or 401K. The site's tagline says it best: "Get Rewarded for Your Savings, Not Your Spending." SaveUP.com also has a fun, interactive component where you can earn credits when you take part in daily challenges.

Types of Accounts You Can Register with SaveUP

You can register credit cards from more than 18,000 financial institutions, student loans and checking accounts. You can also register your savings account, IRAs and 401Ks so you earn credits when you pay yourself!

Amount of Credits You Can Earn

SaveUP gives you a savings incentive right off the bat by giving you 200 credits just for registering any financial account. You'll earn an extra 1 credit for every $1 reduction on a car, mortgage, or student loan, and 1 credit for every $1 increase in your savings account, 401K or IRA. You can also earn 1 credit for each $1 increase in your checking account balance and 1 credit for every $2 you pay on your credit card. By the way, there are no limits to the amount of credits you can earn.

What You Get with Your Credits

You can use your credits towards daily chances to win vacations, cars, gift cards, electronics, tech products like iPads, and other items. You'll even get the opportunity to win cash rewards up to a $2,000,000 jackpot.

How to Join SaveUP

To start earning SaveUP credits, just sign up on the website by entering your name, email and a password. You can also sign up through your Facebook account. Once you've signed up, you can begin registering the accounts you want to make payments towards. The site securely connects to almost every financial institution in the country that offers online banking, which allows your account balances to be monitored so you can receive your credits. But don't worry that a SaveUP employee is sitting down soaking up all the details of your financial accounts. The site stresses that they do not have access to your accounts or store your financial information.

How Much Does SaveUP Cost?

SaveUP is completely free, and the company pledges to never charge you a penny. They make their money by partnering with sponsors and financial institutions. I found this a really interesting twist because we usually have the idea of banks and advertisers taking money from consumers rather than helping them to save!

All in all, it looks like a win-win situation for everyone. Just don't expect SaveUP to send you reminders to pay down your debt so you can earn credits; that's up to you. Still, it's not likely you'll have trouble remembering because SaveUP's features offer plenty of incentives for you to pay off your debt and really pad that nest egg.

This has been a guest post by Andrea from Ontario, Canada
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