Savings Programs | Money Management | Exodus Lending - Exodus Lending

Savings Programs

By Kaitlyn Szabo November 8, 2022

Whether in a shoebox or a designated account, there are many places to stash your personal savings. The problem might be finding the extra cash, and the motivation, to set money aside in the first place. And with the high cost of living right now, we could all use a reminder that saving even a little bit adds up over time. With that in mind, here are a few programs that encourage small savings that we wanted to share with you. 

MN WINcentive Savings: Save with credit unions for chances to win.

Sometimes all we need is a chance to win money to save some money! In 2016, Minnesota Credit Union Network began offering the WINcentive® Savings program that offers prize drawing entries for every $25 you save (up to 4 entries per month). That means if you save $100 in a month, your name goes in 4 times to a prize pool. Prize drawings occur monthly, quarterly, and annually – so the more you save, the more chances you have to win prizes ranging from $100 to $5,000. There are also prizes available statewide or at participating credit unions in Minnesota

SaverLife: Link your savings account and engage to earn points.

What if you could increase your savings while also improving your financial knowledge? Fortunately, some programs reward you for activities like reading articles and using budgeting tools. For example, SaverLife is a national nonprofit organization that uses donations to give cash rewards and prizes to help people build a rainy day fund. All you need to do is link an existing savings account to start earning points by engaging in a variety of activities like learning, budgeting, and saving. (If you don’t want to link your account, you can still access their educational materials on their Money 101 page.) 

America Saves: Make a pledge, set a goal, and receive reminders to stay on track.

If motivation is your major saving barrier, we recommend you check out this next resource. America Saves is a campaign managed by the national nonprofit Consumer Federation of America designed to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Go to their website, take the “America Saves Pledge,” and set a savings goal. You will receive short emails and text reminders to stay on track toward that named goal, along with resources and tools to support you. America Saves also has excellent resources, including podcasts, checklists, worksheets, and success stories.

We hope these above resources will support you on your journey to start, maintain, or rebuild savings. You can also check out some of our previous blog posts on savings, including “How to Save $500 in a Year”, “Sinking Funds,” and “Emergency Funds & Savings Bonds.”

Money Management E-Newsletter: September 2022