Saving for Goals with Rize

I recently signed up for Rize to give it a try and wanted to share a few details about it.  Basically, Rize helps you save towards goals by pulling money from your account and putting it into a separate account (with assigned goals so you can track progress).  This could be a specific goal ( a vacation, a laptop ) or a general one ( emergency fund ).

The benefits of Rize ( Visit https://rizemoney.com/ to read more )

Safe and Secure: Money in your Rize account is insured up to $250,000 and Rize uses 256-bit encryption end-to-end.
0.90% APY: Cash in your Rize account earns interest at 15x the national average.
Unlimited Goals: Save for 1 goal or for 100. Whatever you want to save for, you can do it with your Rize account.
Unlimited Transfers: Move money in and out of your Rize account anytime you want for free. Transfers typically take 2-3 business days.
No Minimums: It doesn’t matter if you save $5 each month or $5,000. Saving for the future you want, that’s what counts.
Pay What You Want: You choose what you pay to use Rize. 100% transparent with no hidden fees. We’re not kidding.

Disclosure: This post contains a referral link, which means that if you sign up using my link, I’ll receive compensation.  However, all opinions are my own.

Sign up using this link https://goo.gl/oRYNam to get $5.

When you sign up, it will walk you through a few steps - setting a goal, monthly saving amount and connecting your bank.  If you aren't sure you want to actually start moving money around yet, I would check the following settings:

1) Go into the goal you created, and edit it so the monthly commitment is $0.
2) Go into your settings > Profile Settings and under "Scheduled Savings" make sure it say "Recurring deposits are paused" if it doesn't go ahead and pause them
3) Turn off the "Savings Power Ups" until you have a chance to read about them
4) For the Monthly Rize Contribution, change it to $0.  This is ONLY while you get familiar with it, if you try Rize for a few months and it provides value then you should consider contributing to the service.

You can play around with the interface a bit more, and then start setting some actual goals.

Your $5 free will take a few weeks to show up, but it has to stay in your account for 90 days before you can withdraw.  Remember this is a savings account so really that $5 is just $5 towards one of your goals.

Referral bonus!

Update: After playing around with Rize and getting a better understanding of the service, I came up with how I can use it.  I was working on a monthly budget, but there were certain items that were quarterly, yearly, or twice a year.  For example my trash is about $54 every 3 months.  It is hard to budget for those type of expenses on a monthly basis, since two months there is no expensive then one month it goes up to $54.

If you take the $54 across 3 months that is $18 per month.  I am using Rize to pull $18 per month from my account, and set it aside against a specific goal for my trash bill.  I do the same thing for other items that aren't monthly.  This way on a monthly basis, a consistent amount is set aside for the items that happen quarterly, twice a year or yearly.  When I need to pay those bills, I can just move the money out of Rize.

If you take this approach, keep in mind the timing of your bills will impact how things work first time around.  For example, lets assume the trash was paid in August and is due again in November.  Since I am starting this now in October, I will have Oct/Nov ($36 total) set aside.  However, once that bill is paid the next time it is due I should have the full $54 available.  Check out the screen shots below.

$18 a month for trash company

Other quarterly, twice a year and yearly set asides

Disclosure: This post contains a referral link, which means that if you sign up using my link, I’ll receive compensation.  However, all opinions are my own.

Sign up using this link https://goo.gl/oRYNam to get $5.

If you want to see other freebies/offers, go here:
http://bigboystoys13.blogspot.com/2016/11/get-some-free-stuff-or-free-money.html