24 May 2013

Break the Monotony with SaveUp

One of the tools I am using to help me save for FIRE is a website called SaveUp*. Much like Personal Capital (or Mint), SaveUp connects to your financial accounts and keeps track of any changes in the balances. I can already hear the chorus:

"Why do I need to give out my information again?!"

That's a valid question and one that I had as well. (Although I did start using it before I started using Personal Capital.) In light of the ever-increasing digital integration of life and the associated risk of identity theft, keeping your info under wraps is definitely important. Of course, there's never a truly safe option, but prudence is still a good thing to practice. To that end, SaveUp uses all the security features one would expect from a banking site.

Screenshot of some of the prizes available.
Although it connects to your financial accounts like other personal financial trackers do, SaveUp does not show you an itemized transaction report. Instead, signing in brings a home screen littered with prizes. You can play for those prizes with points you earn based on how much debt you pay off or money you save. The prizes range from pure feel-good trophies on the site to a drawing for a $2,000,000 jackpot. The vast majority are either gift cards of some sort or smaller (but still plenty grand) prizes ranging from $5000 to $50,000.

A few of the prizes are done via drawing, but the vast majority are conducted via instant win games. Each day, you're awarded 3 free plays (that are non-transferable between days). Want more plays? Save more money and/or pay down more debt. You can convert credits into plays for more chances each day, up to a maximum of 8 plays a day.

The plays are used in several games they have. In all honesty, it is gambling. However, it might be the one time where you can always at least break even. For example, if you send in an extra $100 on your credit card bill to get some extra credits, you might not win the $10k credit card payment prize that you use the credits to play for. But, you would at least have $100 less on your credit card that you may not have sent otherwise.

My typical winnings.
Now I've never won anything of actual value, which is probably why I usually end up forgetting to visit the site each day. At the same time, it is a site giving away free stuff and literally not charging anything. I've yet to figure out their precise business model, though I suspect it centers around the exposure gained by the companies who put their wares up as prizes.

In summary, I'd recommend you try SaveUp if you want a little extra motivation for saving or paying off debt. Though it seems like their algorithms make winning less likely than winning the lottery, it does add a little spice into the otherwise dreary task of paying down debt and saving money. At the end of the day, you'll likely benefit from it.

*Note: If you sign up by following that link, I'll get 10 free plays.

No comments:

Post a Comment