New Startup Promises Rewards for Saving Money

December 1, 2011
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It is common to be rewarded for spending money – especially with the vast amount credit cards with rewards programs that offer airline miles and points for ever dollar spent.  But what about the other side of the financial equation?  SaveUp is a new site dedicated to rewarding consumers who actually save money.

Check out our interview with SaveUp CEO and Co-Founder Priya Haji:

1.  What is SaveUp and how will it help consumers?

SaveUp is a new type of nationwide rewards program that helps Americans succeed financially by rewarding them for good financial behaviors, such as saving money and paying down their debt. You can earn rewards on any account where you are saving money or any debt you are paying down by adding it to SaveUp’s rewards program. It takes less than 2 minutes. Then with every dollar of savings or payments – you earn credits to play for all kinds of rewards. The largest reward is $2,000,000.00. There are other rewards like cars, vacations, and all kinds of smaller rewards like gift cards and electronics

By rewarding people with the chance to win valuable or life-changing prizes, we hope to help them stay motivated on their path to financial success.

Plus, adding a little fun to finance is always a good thing.  Imagine one deposit in your IRA or payment on your student loan could make you a millionaire?

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2.  What has it been like starting your own business?  What were some challenges and how did you overcome them?

I feel very fortunate to be an entrepreneur. I love starting things from the ground up, and doing it with a friend – Sammy Shreibati is my co-founder. SaveUp is actually my fourth social venture. Throughout my whole career, I’ve built organizations that create positive change. Since I was a little kid – I was always for the underdog, and found myself focused on the issues of justice and opportunity. It must have been the influence of my father and grandmother, who both taught me the importance of improving the world.

Challenges in creating a new idea are par for the course, overcoming them is part of the adventure. With SaveUp specifically, we are creating a new paradigm that rewards people for savings or debt reduction. Until now, in our consumption driven country, every rewards program is about getting you to spend. And getting people to wrap their minds around that new idea has been at times challenging – but that’s the thrill of starting your own business. To overcome these entrepreneurial challenges (and any other challenges for that matter), is to just trust yourself and go for it. The worst thing that can happen is that it will not work, and who knows you might create something even better than you imagined.

3.  There are plenty of online personal finance resources for consumers – how is your website different?

SaveUp is different because we are not personal finance budgeting and organizational tool. We are a rewards program for your positive financial behaviors. You can use SaveUp alongside your existing personal finance management system.

4.  What’s next?  What are your goals with SaveUp?

The next step is sharing SaveUp with more Americans.  Our hope is that SaveUp will help Americans to stay motivated to contribute to their emergency savings and 401k plans while paying off their credit cards and home loans.

We’re thrilled to reward someone and see them win a big prize like $50,000 or a trip for their family – just for doing what’s right for themselves!
SaveUp is a new type of nationwide rewards program that helps Americans succeed financially by rewarding them for good financial behaviors, such as saving money and paying down their debt. You can earn rewards on any account where you are saving money or any debt you are paying down by adding it to SaveUp’s rewards program. It takes less than 2 minutes.

Then with every dollar of savings or payments – you earn credits to play for all kinds of rewards. The largest reward is $2,000,000.00. There are other rewards like cars, vacations, and all kinds of smaller rewards like gift cards and electronics
By rewarding people with the chance to win valuable or life-changing prizes, we hope to help them stay motivated on their path to financial success.

Plus, adding a little fun to finance is always a good thing.  Imagine one deposit in your IRA or payment on your student loan could make you a millionaire?

Tags: credit card rewards programs, personal finance, rewards, rewards for saving money, saveup, saving money, startup

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