Tuesday, August 03, 2010

It's a Virtual Piggy Bank

A few weeks ago, I happened upon the website SmartyPig, and decided to check it out. It's a website devoted to helping people set up savings goals, but with a real world way to put those goals into action.  The website has teamed up with Compass Bank to created online savings accounts for customers through SmartyPig, based on individual savings goals (not just amounts, but deadlines too). I'm pretty charmed by this concept, as well as the savings interest rate of 2.15% APY.

I've ended up setting up and tweaking several savings goals using SmartyPig, and it's helped me to be more realistic about my goals. Another plus is that it's helped me to alter my spending habits as well, which is not a bad thing! I've never been good at creating and sticking to a budget, much like trying stick to a diet by keeping a food diary. Anything that feels like too much trouble for an extended period isn't going to have staying power. So far, this feels like a fun (and consolidated) way of saving for different things in my financial life.

I'm curious, is anyone else out in blogging land using SmartyPig? If so, what do you think about it?

1 comment:

saucony progrid said...

I am also into savings.I remember how I started saving, I also started with a piggy bank,now I have an account in a bank and still saving.
More power! :)