I had a friend remark to me the other day, “I haven’t spent any money in 3 days. Not a coffee or anything.” He’s not the kind of person that strikes me as especially frugally minded and I fairly sure he doesn’t follow this blog. I didn’t want to take the conversation in that direction, but I wonder if he realized that “No Spending” is actually a thing that people do. Before I started a personal finance blog, I have to admit that he didn’t realize it was “a thing.”
SaveUp is looking to change that and make it a thing that everyone knows about. I applaud them for that – it’s one of the most noble goals and companies in Silicon Valley. With people making New Year’s Resolutions and kicking them off in a few days, now’s a good time to do that. Fixing finances figures to be at the top of many lists. SaveUp is giving people extra incentive with a No Spend Challenge. You register your credit cards and each day that you DO NOT spend on them is one entry towards $10,000 in cash prizes. If you are like me and use your credit card to pay bills to get rewards, you aren’t necessarily left out of the challenge. You can register multiple credit cards and most likely there will be at least one that has no spending on it, earning you an entry for the day.
I’ve reviewed SaveUp before and if nothing else people should sign up to play a $2 million lottery for free (it beats buying tickets). I get 8 free lottery entries every day. You can play for prizes other than the big jackpot, but after I didn’t win those small ones, I figured I might as well roll big.
It’s worth noting that the lottery/contest thing is how SaveUp’s business model works. They wouldn’t have enough money to give everyone saving money free iPods. In fact, I believe that many of the prizes are donated. However, people love contests, and if you can get rewarded for something that you should be doing anyway, why not get something out of it?
P.S. If you are already a SaveUp user, you may wonder how I get 8 free lottery entries a day. I “gamed” their system unintentionally by refinancing a mortgage. It looked to them like I paid off hundreds of thousands in debt which is worth a hundreds of thousands of points, enough to buy extra plays every day for a long time.