What is SmartyPig?
SmartyPig is a free site that helps people achieve their savings goals.
How it Works
- You sign up for free
- You set up a savings goal
- You publish that goal to your family and friends (if you want)
- You try to achieve that goal
- Hit your goal and take your money back
What’s the Catch?
No catch, as far as I can see. SmartyPig has teamed up with a whole bunch of retailers to give users the option to turn their saved money into gift cards. You can always just take your money out or let it sit in and earn interest, but going the gift-card route will give you a boost of up to 12%.
So if you’re saving up for a Kindle, turn your money into an Amazon gift card and get a little something extra for your trouble. Everybody wins.
Details
- Family and friends can help you by depositing money toward your goal
- Your money will earn a very competitive 2.01% APR (as of 12/9) in an FDIC-insured bank
- Track your progress as you go
Why You Should Care
Here’s why I like SmartyPig: by making your goals public, you’re putting a very strong psychological technique to use. Only this time, your brain is helping you along instead of getting in the way.
By sharing your goals with people you know and (presumably) respect, you are more likely to achieve them because you have someone to answer to. If you set up a goal and don’t tell anyone, the only person you’ll disappoint if you fail is yourself.
That’s not much of a motivator for most people.
Besides, it’s free, so why not join SmartyPig today and see if it’s a good fit?
[fintools savings | sidebar]
By the way, I’m linking to SmartyPig as an associate so I get compensated if people sign up. It’s free, so why wouldn’t you? Chop chop people!
