We are in the middle of our five week series and discussion on becoming debt FREE. You will read stories and get tips on how my family and others are overcoming debt and building wealth.
I encourage you to join in on the conversation by leaving feedback and asking questions. If you have a financial freedom story you’d like to share please do so in the comments.
As stated in my Instagram post about Goals & Vision Boards, one area focus for me this year is continuing to increase my savings account and also continuing to increase my credit score. If you are a spender like me then you know how difficult this can be. I love a good deal. Anyways, one of my friends introduced me to a really great option that helps do both.
It’s called Selflender. It’s a really neat idea, I wish I thought of it. It’s similar to a pledge loan. Selflender gives you a “loan” in the form of a bank held savings CD for $550, $1,100, or $2,200 and you pay the loan back over a 12 month period. There the best part…Your payments are reported to all 3 credit bureaus, hence increasing your credit score and once you have completed paying your 12 payments, you get the money deposited into your bank account at the end of the loan period.
Essentially they are forcing you to save money for a year and using that “savings” to build your credit at the same time. It’s kind of genius! It also comes with free credit monitoring.
I signed up 3 months ago for a loan of $2,200. I will get a check (I chose the check option) for $2,200 next year ,JUST in time for Christmas shopping AND reported a whole year of on-time loan payments to my credit report. ***Winning***
You can sign up here using my referral link.
Also, here is a quick video explaining how it works…
This is part 2 of our financial freedom series.
If your looking for more posts on saving money and becoming debt free, check out the rest of our Financial Freedom Series:
- 5 DEBT CAUSING HABITS TO BREAK
- INCREASE SAVINGS & CREDIT SCORE
- 5 BRILLIANT BOOKS THAT WILL HELP YOU BECOME DEBT FREE
What are some value savings tools you use?
