Website: http://www.smartypig.com/
Reason: SmartyPig is a savings platform that allows you to create an online piggy bank, with a .70% interest rate. You can use it to save for specific purchases that would cost you much more if you charged them to your credit card and made only the minimum monthly payment. SmartyPig is FDIC-insured and use of this program teaches the principle of savings first.
Kiplinger’s Personal Finance Magazine named opening a SmartyPig savings account as one of the “4 Online Tools to Fix Your Finances”.
Readers: Tell us what you think of SmartyPig.com. Explore the SmartyPig Web site and watch some of the video tutorials. Then tell us some of the savings goals you could set. Do a little math, and discover the answer to these interest rate questions:
- If you saved $15 a month in a savings account, and made at least .70% interest monthly, how much money would you have invested by the end of the year? And how much would you have at the end of the year? How much would you have made in interest?
- Now answer the same questions, but instead of $15 per month, you are saving $25 per month.
- How is taking advantage of interest in your savings account like receiving free money? And how much interest would you need to make to keep ahead of inflation, so your money truly grows?
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Source: Gerstner, Lisa. (2012, February). 4 Online Tools to Fix Your Finances. Kiplinger’s Personal Finance. Retrieved January 18, 2012, from http://www.kiplinger.com/
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