SAN FRANCISCO, Jan. 3, 2013 (GLOBE NEWSWIRE) -- One of the top New Year's Resolutions for Americans is to save more, spend less and pay down debt. To help kick start 2013, SaveUp is launching the No Spend Challenge to ensure that people achieve their financial goals, eliminate post-holiday debt and break the bad habit of overspending.
SaveUp is the first free nationwide rewards program that encourages consumers to practice good financial habits while having fun. Americans who bank at any US financial institution can get rewarded with the opportunity to win exciting prizes like vacations, cars, and cash, every time they save money, reduce debt or increase their financial knowledge.
During the month of January, SaveUp's No Spend Challenge is providing a new, concrete approach to overcoming post-holiday debt and financial woes. It's a "financial detox" for one's wallet that is designed as a game. By playing the No Spend Challenge, Americans have a chance to win $10,000 in cash prizes. Participating is simple:
- Sign up with SaveUp (www.saveup.com) and register any active credit card(s)
- Every day that they DO NOT spend on the card(s) is one entry towards $10,000 in cash prizes
"Breaking a habit can take just 30 days of consistent good behavior and SaveUp is aiming to make saving money fun in the New Year," says Priya Haji, CEO and Co-founder of SaveUp. "We have based SaveUp rewards on behavioral science which has proven that the chance to win big prizes can motivate behavior."
There are many benefits to SaveUp's No Spend Challenge including:
- Saving real dollars: With an average of over $7,000 in credit card debt, American households can save big by starting small. An average household would save about $440 and 6 years of debt payments, if it paid down $1,000 NOW in credit card debt (based on compound interest and $20 minimum monthly payments).
- Developing healthy financial habits: By participating in the challenge, Americans become more conscious of their spending behavior. It encourages planning, more mindful purchases and allows them to focus on what is needed.
- It's FUN: With SaveUp, Americans get rewarded for saving. Our No Spend Challenge rewards participants with real prizes for doing the right thing and spending less.
With SaveUp, consumers learn ways to structure debt and achieve their financial goals faster. Since launching one year ago, SaveUp's success includes:
- SaveUp users made $177M in debt payments and deposited $217M to savings.
- Over 60% of SaveUp users engage with their finances on a weekly basis.
- In 2012 SaveUp users won over $100,000 in prizes and 2013 will be even bigger.
Founded in 2011, San Francisco-based SaveUp created the first free nationwide rewards program that encourages Americans to save money, pay down their debts and make positive changes to their financial behaviors. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting or life-changing prizes for performing positive financial actions. The company is funded by BlueRun Ventures and True Ventures. To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at www.saveup.com.
The SaveUp logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=16452