Tuesday, May 25, 2010

Have you heard of Smarty Pig?

Have you heard of Smartypig?

Smartypig, simply put, is an online piggy bank.  The concept is to provide a way to save for short-term goals, or a specific item - like a camera, vacation, or an appliance.

So much of our country operates with the "buy now, pay later" mentality.(including me - prior to my frugal makeover)......this type of account reverses that to "pay now, buy later.......when you can pay in cash!". 

This is how the Smartypig system works...
  • You register and open an account.  Funds are FDIC insured.
  • You set your goal and timeframe.  Smartypig helps you figure out how much $$ you'll need to transfer to meet your goal.
  • You set up an automatic transfer of a specified amount from your checking account.  Interest is accrued daily.
  • When you reach your goal, Smartypig sends you a gift card from select retailers or a visa debit card for the amount of your savings.  You can also just have the money electronically transferred back to your checking account.
  • You go purchase your item with cash!
Other things to know:
  • Smartypig is integrated with Facebook and Twitter.  Smartypig will post an update every time you add funds (if you want).  Friends can cheer you on and encourage you!
  • You can create a widget to post to your blog, facebook, etc.  Friends can cheer you on and even contribute to your cause!
  • It also makes a great savings account for kids!  It was recently featured on MSN Money's Smart Spending page in a post from The Dough Roller.  Smartypig was their #1 pick for kids.  To quote:  "SmartyPig is not just a savings account that accepts deposits and withdrawals. Instead, account holders set up savings goals, and then contribute money to their account to reach them. A savings goal must be at least $250 and can go as high as $250,000. This is a great way to teach a child the importance of setting goals. And you can even involve friends and family members, as they can contribute money toward the child’s goal."
  • You can even give a Smartypig gift card to help a child open their own account!
  • You can get up to a 12% cash boost on your savings by choosing select retail cards, such as Amazon.com, Macy's, etc.
I am thinking of setting one up to save for a camera.  I would just love a new, good digital camera!  I'm estimating I will need to spend about $500.  I'm seriously thinking about opening a smartypig account to save for it.  This looks like the perfect camera for me!

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