Say Goodbye to Credit Card Debt
Enjoy all the benefits of online shopping without the expense
Take Financial Control with eWyzly
Set Savings Goals
Curb Impulse Shopping
Harness the Power of Compound Interest
Save Money & Build Your Wealth
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When you shop, you can pay, save or invest.
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eWyzly is one app, with two modes: Game and Live. In eWyzly Game, you simulate savings in your virtual savings and investment accounts. In eWyzly Live, you save real dollars and watch them grow.
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When you save money, you also save your merchandise to a virtual closet for a possible future purchase.
Develop Good Savings Habits
Move the money you would have spent shopping to your savings or investment account where it wil accumulate and grow
Build Your Wealth
Put the power of compound interest to work for you. Consistent investing of small amounts builds wealth over time
Earn Reward Points
Earn reward points for valuable prizes every time you save or invest or tell a friend about eWyzly
The eWyzly Wealth Building Formula
“Pay yourself first” is the first rule of personal finance. This means saving money from every paycheck before paying for rent, utilities, food, transportation or entertainment.
Why? Because you’re working to make your life better, not to pay off your landlord’s mortgage or enrich the electric company’s shareholders.
When you start to save, it’s important to open up a savings account. If you leave your savings in your checking account, it will most likely disappear on pizza and beer.
If you’re not making a lot of money, savings will be hard, but not impossible. Click here for 20 simple ways to save money without tightening your belt too much. Even if you make good money, saving could be difficult, because most of us expand our lifestyle to fit our paycheck.
If you’re young, it doesn’t really matter how much you save today. The most important thing is to develop a habit of consistent savings. It could be as little as $10 a week. True, this will not make you financially independent, even when invested wisely, but once you’ve established a savings habit, you can easily increase your contribution as your circumstances improve.
How much should you save? Set an initial savings goal of three to six times your monthly cost of living to get you through a temporary job loss or other emergency like the COVID lockdown.”
Most of us work hard for our money. When we invest, we put our money to work for us.
After you fund your rainy-day account, you can start to think about investing. Lower risk investments like municipal bonds earn less money. Higher risk investments like stocks earn more, but put you at greater risk of loss. This is why most people balance potential gains and losses by diversifying their investments with a mix of stocks, bonds, cash, and other assets.
In a well-balanced portfolio, gains in one asset class will offset losses in another with the idea that total asset value will grow over time. As your personal goals and circumstances change and as market conditions vary, it’s a good idea to review and rebalance your portfolio every year or so.
If you’re young with a long investment horizon, you can afford to invest more of your money in stocks with the expectations of higher returns. Even if the market turns south several times, you have plenty of time to recover before reaching traditional retirement age.
If you don’t have the intestinal fortitude for high risk stocks, you should consider a more conservative approach to investing. Likewise, if you’re older and don’t have the luxury of time, a lower risk investment strategy will help protect your principal investment, even if it means lower returns.
A few years ago, I wrote The $500 Cup of Coffee, a Lifestye Approach to Financial Independence. At the time, my sister, Kristin, was the primary breadwinner for a family of four. Working from home while homeschooling her son, Max, she was very busy and under a lot of stress. She’d relax by shopping online. Most of the time she didn’t buy anything. She just looked.
After our conversation, I began to think about how people shop for lots of reasons beyond acquiring stuff, like relaxation, socialization and stress relief.
Who hasn’t benefited from a healthy dose of retail therapy? Unfortunately, buyer’s remorse frequently sets in when the credit card bills arrive. I began to wonder about boosting the shopping experience by transforming spending into savings.
The Fun Way to Shop, the Smart Way to Save
Several years after publishing The $500 Cup of Coffee, I finally translated my thoughts into action. With the help of others, I developed eWyzly to help shoppers build wealth over time through consistent savings. Taking a fun approach to the serious business of personal finances and money management, eWyzly plays like a game that rewards you for saving.
One App, Two Modes: Game & Live
eWyzly is one app with two modes – game and live – that look and feel very much the same. When you “save” in game mode, you simulate savings with virtual dollars. In live mode, you deposit real dollars into your personal savings and/or investment accounts where they can accumulate and grow.
Available September 15
You need a checking and savings account to “play” eWyzly Live. When you’re ready to start investing, you’ll need an investment account too. You can link to your existing accounts or set up new accounts with an eWyzly financial partner. (Account information will be encrypted and securely stored with a third party processor.)
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