#smartypig

How I Save for Big Purchases Without Going Into Debt

When I was in my twenties, I was infamous for spontaneous purchases.  If the idea entered my head to buy something, I would have to get it right away.  Maybe it’s age or learning from the numerous personal finance books that I have read, but I no longer do that.  I wait 24-48 hours before making a big purchase.  If I still feel I need it after that time period, then I will get it.  There have…

Today I created my savings goal account on SmartyPig for my "holy grail comic".

I set it for $1000 and made a first deposit of $50.

Normally I would set it for automatic monthly or bi-weekly deposits but since I am only contributing profits from only my comic book sales and not my regular income, I will be making deposits of different amounts based on my profits from each month of selling comics on feebay.

Some info on SmartyPig if you're not famliiar:

SmartyPig Is an Online Savings Account for Single-Shot Savings Goals. If you need a new laptop, or should really start saving for your wedding or anything else, try SmartyPig. 

SmartyPig even enhances your savings with cash boost savings that make your money go further! Best of all: it’s completely FREE. No fees. No catches. No “buying clubs.” It’s an FDIC-insured savings account — and so much more.

1.00% APY* One of the most competitive interest rates in the country.

Anyone have a smartypig account that they can tell me more about? especially if it's legit or easy to use?

I am interested in starting one and it helps that it is offering one of the highest interest rates but I still can't help but be a little hesitant.

Colleen Scott, Associate Director

If you can withdraw several thousand dollars on a whim to take a European vacation, this column is not for you.

I am the type of person who worries on a constant basis whether I have enough to retire.  Enough will never be enough because what if ______ (fill in the blank) happens?  So I would never (read: NEVER) take money out of my savings for something so extravagant.

Then I read about SmartyPig.  It is an on-line savings program where you set a goal (trip to France, wedding, home improvement project, etc.), target date, and the goal amount and it takes money out of your checking account on a monthly basis.  I started small ($100/month) and I truly don’t miss this money.

Your account is interest bearing and FCIC insured.  There is no cost to establish an account and no fee to withdraw the funds.  You have flexibility so if you need to stop saving and regain access to this stash, you can.  When your target date arrives, you can either have the money transferred back to your checking account, or applied to a debit card or variety of gift cards.

It’s an almost pain-free way to save up for something that seems out of your financial reach.

Most recent financial discovery to date! and very excited about it (since I am not that great at saving)! 

Smartypig is a new online way to easily make a goal of saving, but instead of just creating a goal and putting the trust of you to deliver (which likely doesn't happen for kids like me since all we want is to have the nicest clothes and the admiration of our peers), they actually transfer your money into a separate bank account that saves your money at a 0.7% interest rate.  I think it's cute and so far with my registration, this website seems incredibly safe. In fact, I can't even register yet because I didn't answer a question right!