In the quest toward financial freedom, I have tried some pretty crazy things. Some worked out well and others…well, let’s just say there is a reason I didn’t write about them. This week, I clicked the twitter handle @tuitionbites because I thought the name was catchy. Little did I know, I would be introduced to a new(ish) concept that combines e-commerce and crowd-funding. The service from TuitonBites claims to help people pay off student loans by shaving years off of a student loan repayment term and saving thousands in interest over the life of the loan. The original tweet boasted about one person’s ability to get $100.00 per month paid to the principle of their loan… I was intrigued.
Starbucks = Big Bucks?
Is it too good to be true? Being the researcher that I am, I decided to sign up five days ago. My plan is to give it the good ole college try for about 6 months so I can report back to you, the readers of SMC, on whether I believe it is a smart financial move or a waste of time. Apparently, it works by sharing a personalized URL (>check out my storefront here) with friends and family and a portion of every order, 25-30% depending on the item, gets direct deposited into your student loan account. Buyers can even donate additional funds toward your student loan balance to help you reach your financial goals faster, so if you know a someone who may want to help you out (hello Uncle Moneybags), you might want to let them know asap since interest accrues daily. When I signed up a few days ago, the item of the month was chocolate cookies for $20.00. TWENTY DOLLARS for chocolate cookie…during Girl Scout season?!! I thought that the price was steep and I worried that every item sold on this site would have an inflated cost or would be a product that people wouldn’t really want to buy. Yesterday, however, I was so excited to see that this month’s item is a $25.00 eGift card from Starbucks for only $22.50, that’s 10% off to anyone who purchases from your store (insert angels singing here). Once received, you can print out the card to give to the cashier, use it right from your smart phone or transfer the balance to a registered Starbucks card. I see it like this, if it features affordable products that people like or want to try, something that saves money of things you regularly buy, and helps pay down massive student loan debt, then it could be a win-win. Only time will tell, so stay tuned as I keep you updated on whether this is a smart financial move or a waste of time. If you want coffee in the meantime, I’m sure I can help you with that!
Do you think a service like this is worth the effort?
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