Free Money w/ Keep the Change…Almost!
1st let me say that my husband works for Bank of America, but I promise that my opinion about this program is completely unbiased.
Bank of America offers a program called Keep the Change which has to be the easiest way EVER to save money. It basically functions as your electronic penny jar. I remember reading awhile ago, when people were using cash,that change is to be saved and not used to purchase items. It stated that at the end of the day, all leftover change should be placed in a jar and used in emergency situations or for things like birthday and Christmas shopping. Times have changed and most people use a debit/check card for purchases. Some even use credit cards. I don’t have anything against using credit cards as long as the purchases fit into your monthly budget and you are able to pay off the balance to avoid interest charges. Bank of America has taken that ‘save your change’ concept and modernized it.
Here is what Bank of America has to say:
Save automatically with every Check Card purchase you make. Saving is a whole lot simpler when you don’t have to think about it. That’s the idea behind Keep the Change. When you enroll, each time you buy something with your Bank of America Check Card, we’ll round up your purchase to the nearest dollar amount and transfer the difference from your checking account to your savings account. You get to keep the change – so every cup of coffee, tank of gas, or bag of groceries adds up to more savings for you. What could be easier?
We’ll even match your savings1
We’ll match your Keep the Change savings for the first 3 months, to the penny. After that, we’ll continue matching 5% a year. The maximum total match is $250 per year.
I am enrolled in this program, I love it, and have saved over $200 since January. My husband and I take advantage of this program when buying gas and tipping by going over the amount by $.01 instead of rounding to the nearest dollar. Meaning, we always fill up the tank so the total amount is $40.01 or give a tip to make our restaurant bill $33.01. That way, BOA will transfer $1.98 into our account. It does not sound like much, but a little bit here and there adds up.
I have been soooo tempted to spend the money, but I plan on using it for Christmas shopping. I will not spend the money until they have matched my savings for the year. I plan to use this money for Christmas shopping, but it can also be used towards building an emergency fund, paying off debt, or spending money on a vacation. I don’t think this should be your only means of saving money, but it is definitely another thought-less avenue for doing so.
I did read at www.wisebread.com a few minor cons about this program:
- If you overdraw your account for a day, you won’t get matched for that day. Only Bank of America checkcards count, so you won’t get it with a regular co-branded Visa.
- You have to report the promotional matching funds to the IRS (form 1099).
- They don’t start matching right away. According to the CSR, they will match your funds at the end of your anniversary
- You don’t get great interest rates on savings.
- You only make a good deal of money on this if you spend on tons of little items.
The enrollment in this program is not automatic. If you already have a Bank of America account, it is worth the 15 minutes you will spend at the branch or you can enroll online.
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Christmas Shopping in June was a Big Money Saver
Yes, Christmas shopping in June. I have a rather large family who has not quite mastered the Christmas money saver called a ‘grab bag’ which means I have to buy gifts for a ton of people. As a result, every year I am faced with the challenge of giving gifts that LOOK like they are worth more than I really spent. Most people accomplish this task by searching the Black Friday ads and hitting the stores at 4am with thousands of other people looking for the same big ticket items, but not this time. I have the mother of deals; Bath and Body Works is having their Semi- Annual sale; the Signature line and Aromatherapy line is buy 2, get 2 on shower gel and body lotion. Plus, I received a coupon to get $10 off a $40 purchase. So, I pulled out my Christmas list from last year to see who would be getting BBW gifts this year. Six female recipients qualified to receive this gift. I could have bought gifts for men also, even though BBW is more of a girly store, but the men on my list are not really body wash kinda men, they prefer bar soap. I realize I am giving several people the same gift, but I no longer have a problem with that because it has happened to me on several occasions. I don’t mind and honestly, it is too hard to think of a different gift to buy for everybody. I did, however, pick out a fragrance that I felt best matched each person.
So how much did I save? I bought six gifts that included one shower gel and one body lotion for a grand total of $57. That is less than $10 per gift with a savings of 55% off the regular price. Not only did this deal save me money, but it also reduced the time that I will have to spend shopping on Black Friday.
I know, I know, what about the men? Answer… grill tool sets. I saw a set at Meijer for about $15. The plan is to wait until the end of the season when they will surely be more than 50% off. But remember the trick is to make it LOOK like it worth more than you really spent. So, what I might do is use the money that I saved by waiting until the end of the season and having them engraved. What man does not like to see his names carved into something, right?
There you have it, Christmas in June. Stay tuned, I might stumble across great deals for the children. They are the ones who send us to the poor house.