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The www.FedPrimeRate.com Personal Finance Blog and Magazine

Sunday, February 10, 2013

Have Fun While Paying Down Debt and Save Money

Need some extra motivation to save money and pay down your debt?  SaveUp.com may be the site for you.

SavdeUp.com gives its members the opportunity to win cash and prizes for doing the right thing with your money, i.e. paying down all types of debt (credit card, mortgage, auto, etc.) and increasing your savings. 

The site is completely free; it makes money by collecting fees from partners.

How it works: you connect your accounts to SaveUp via a secure process.  Then, as you save money and pay down debt, you earn credits.  These credits can then be used to participate in the site's rewards program, i.e.

Here's a sampling of prizes won at SaveUp.com:

  • A credit card payment
  • A mortgage payment
  • An Apple iPad 2
  • A gift card to Chipotle, Starbucks,Banana Republic, Best Buy, Target, T.J. Maxx, NFLShop.com, Southwest Airlines, Amazon.com, Wal-mart, Etsy, Costco, etc.
  • 1 Year of Netflix
  • Cash towards an IRA or Roth IRA
  • Financial Planning Consultation.
  • Ninja Pro blender
  • An oil change
  • An energy bill payment
  • Valentine's Day fund prize
  • Cash towards a travel fund
  • Holiday savings prize
  • Cash (my favorite!)

Have I tried SaveUp.com?  No.

I'm very paranoid about sharing my banking details with any site, even with all the state-of-the-art security features sites like SaveUp have in place.

In the news, I'm constantly hearing and reading stories of sites getting hacked, and huge batches of credit card numbers getting stolen (example.) 

Back in 2011, my Facebook account was hacked.  My Google account was compromised soon after.  Needless to say, I don't use Facebook anymore (I'm perfectly happy sticking with Google Plus.)

So, if you're comfortable sharing your sensitive details with SaveUP,  give the site a try, and let us know what you think in the comments section below.

If you like SaveUp.com, you may also like PayOff.com.

Comments are always welcome.

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