This post is sponsored by Reel.
Do you have your eyes set on a handbag you have wanted for ages or baby essentials like a high-end stroller or car seat?
Years ago, banks and credit unions used to allow you to create cash accounts specifically for things like an annual summer vacation or holiday gifts. You could set the amount you wanted to go into your account every week or every other week and you could take the money out whenever you wanted. It was a better alternative to using credit cards that charge high-interest rates or just saving bundles of cash that were too easy to spend. While some banks still offer this service it is few and far between. Banking needs have changed where many are choosing online banks and even payroll cards. That type of relationship banking has slowly eroded.
And, if you do a lot of online shopping you have undoubtedly seen these new buy now, pay later credit options. Buy Now Pay Later does not only encourage spending but adds more unnecessary debt into your life, not to mention hefty late fees.
Now, there is a start-up, Reel, that allows you to save for the items you want like travel and beauty products, and earn 1% back in Reel rewards. Unlike Buy Now Pay Later companies, Reel is changing the shopping game by giving shopping an alternative that's debt-free, while also rewarding members for saving. Additionally, once you have saved enough for your product Reel will order it and send it to you. It couldn’t be easier than that.
First, you sign up for a Reel account and you will be taken to a dashboard where you can see your achievements, reward coins, and also your wallet balance. When you join you will receive 500 coins ($5) automatically. You can visit the marketplace where you will find millions of products you would like to save for and buy. Or, if you don’t see the product in the marketplace you can add it.
You then need to create a savings strategy from the amount you choose to pay per day or week and when you want your product either by holidays, your birthday, or months from now.
Then you’ll need to connect your bank account or debit card to your account and your savings start. And as soon as you have saved enough for the item you want, Reel will order and send it your way.
If you would like to save for big-ticket items like luxury goods, a car down payment, your wedding, or even a house down payment you can do that as well and Reel helps you realize your goals whether immediate or long-term.
Finally, for every dollar you spend you will earn reward coins to use on your next purchase. And, if you invite your friends you can earn up to 15,000 coins which have a value of $150. Very cool!