SaverLife Savings Program (Guaranteed $60 Reward)
A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn
–The Richest Man in Babylon by George Clason
SaverLife Savings Program, formerly Earn savings program, is a non-profit organization that help families save and invest to build wealth. The program lasts six months and for every month you save $20, a $10 reward is set aside for you to redeem when the program ends. To see if you qualify for this program, please click here. I sent an inquiry regarding income qualifications and tax implications to the program’s support team and you can see the answer to my question in the picture below.
Income Requirement Update (1/24/19)
Earlier today I received an e-mail from Shana Beal, who is the Director of Communications for the program, informing me that the income qualification to participate in the for the program has been removed!
Tax Implications
According to TurboTax Support, the $60 reward you receive is taxable. Please report it on line 21 of your 1040.
Fun Fact
*If you are curious about what the median income is for your area, please click here!*
I enrolled in the program six months ago and redeemed my reward this morning! Last month I took some money from my savings account and forgot to transfer it back so I did not get the full $60 reward. The $50 reward I earned will be used toward the purchase of one of my holiday gifts.
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Author: Jerry
Jerry is a Business Insider Contributing Writer who is obsessed with personal finance. He believes you can improve your financial situation by applying principles taught by the financial independence community to your financial life.
If you are having trouble saving, he recommends that you join the SaverLife Savings program where you can get a $60 reward after six months (no income requirement). All you have to do is put a minimum of $20 a month into a savings account. Easy, right?
For a fun read, check out his article 10 Signs You’re a Personal Finance Addict to see if you are a personal finance nerd.
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