What if, by saving just $20 a month, you could earn $60? Sounds interesting? SaverLife is a 6 month program that helps you build your savings. It’s completely free, and just by starting your saving habit, you can earn $60 for 10 minutes of work!
What’s SaverLife? What’s EARN?
EARN is an American nonprofit that strives to empower low-to-moderate-income Americans take charge of their financial lives and utilize financial technology to save money. They acknowledge how important it is for low-to-moderate-income households to establish regular saving habits and build financial cushions for themselves.
They created SaverLife to help facilitate the “saving habit” by providing financial incentive for saving. It’s easy and free to sign up, and after hooking up your savings account, and setting up your $20/mo automatic transfer, you’re all set to go!
For every month you save at least $20 (tracked by deposit into the savings account), you earn $10. After 6 months, you can earn maximum of $60 for saving $20 a month.
This means that once this program/challenge is over, you’ll have $120 of your own money and $60 of SaverLife deposit saved. Won’t it be cool to have up to $180 more than you may otherwise have for the beginning of 2019?
Is SaverLife safe?
SaverLife uses 256-bit TLS encryption, and never stores your bank credentials. When you link your bank account to SaverLife, it only has read-only access. You can read more about their security at their FAQ.
Where does SaverLife get their money for this?
SaverLife is funded by foundations, corporations, and independent donors.
Do I actually get the money?
Yes! I wanted to make sure this wasn’t some sort of elaborate scheme to get your financial information, so I spent 6 months doing this program.
When do I get the money from SaverLife?
So this was a point of confusion for me as I was going through it. Turns out they send a lump sum to your account once you’ve completed the 6 month program. Basically, right around the time you’ve forgotten all about having signed up, you’ll get a surprise $60 deposit to cushion your account!
How do I get my reward?
You’re ready to cash out your reward once you get the e-mail above after 6 months. Once you fill out a short survey, SaverLife sends the deposit into the savings account attached to SaverLife.
What if I take money out of my savings account during the 6 months?
So I made this mistake without realizing it. I transferred $5000 out of my savings account to put into a Roth IRA in the winter. To SaverLife, it registered as me taking money out to spend.
If you take money out, make sure you replace the money AND put in $20 extra by the due date. (They send reminder e-mails when your due date is approaching.) I didn’t realize this until the month had passed, which is why my e-mail says I earned $50.
Sounds great! How do I sign up?
It’s very simple to get started.
- Go to SaverLife’s website HERE, and create an account.
- Link your bank account to the SaverLife account.
- Set up an automatic deposit for $20 into your savings account every month. (You can do this manually, but it’s better to automate it so you don’t forget.)
And you’re all set! For less than 10 minutes of your time, you’re going to earn $60!
Chance to win an Amazon Gift Card every time you make a deposit!
Every week you make a deposit into the savings account attached to SaverLife, you have a chance to win $5, $10, or $25 Amazon Gift Card. I won a $5 gift card for one of my deposits. If you don’t shop at Amazon, you can always sell it for a bit of cash by reselling it on a gift card portal like Raise.
Think this is a worthy endeavor? Donate!
You can make a donation to SaverLife to sponsor families and communities to help EARN continue their work! You can donate yourself, or create a fundraiser to spread awareness and crowdsource the donation.
Check out their Donation page here: EARN Fundraising Page
Ever heard of SaverLife?
Have you ever heard of SaverLife? Have you tried it? I don’t remember where I found out about it, but after 6 months of giving it a go, I’m glad to be able to report back to you and say that it’s legit! Let me know what you think!