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SmartyPig®: November 2009 Archive

The following posts were made in November 2009. You may subscribe to the RSS feed for this archive if you would like to take your time reading through our posts.

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November 17, 2009 • Posted by Michael Ferrari

Exciting New Features Go Live!

We are really excited to announce some new features on SmartyPig, many of which came directly from suggestions made by you. First, the list of retail and travel companies we utilize has been updated based on their relevance to your savings goals. More importantly, the maximum cash boost offered by us to you using these retailers' gift cards has doubled from 6% to 12%, and the options for redemption have been enhanced greatly to offer more flexibility. Lastly, and due to extremely high demand, we've added a few alternatives regarding how an individual or family contributes to their goal, as well as a feature that allows you to easily move money from one goal to another. Check it out!

#1 - Enhanced retailers; cash boosts of up to 12%
Let's say you need a new living room set, you've made an initial deposit of $25 and are putting away $300 a month over twelve months. One year after creating your goal, you'll have $3,625 and will have earned approximately $25 in interest over the course of that year, bringing the goal balance to $3,650. Now, if you take your savings out on a Macy's gift card, SmartyPig will give you a cash boost of 12% (nearly $440), bringing your goal plus interest plus boost to $4,090 − some $465 more than the $3,625 you put away. Big bucks are that easy with SmartyPig!

For a complete list of retailers, cash boosts and terms, click here. We will continue to add to this list in the upcoming weeks.

#2 - Split your savings up
Before today, when you closed your goal, you could only redeem all of your funds to one redemption option. But our new redemption program offers more flexibility, allowing you to parse out your savings goal among all three options! Do you need gifts from Barnes & Noble Booksellers and GameStop, as well as a ticket on American Airlines for the holidays and want FREE cash in your pocket? No sweat. Want to put the rest on your SmartyPig MasterCard debit card for added flexibility? We've got you covered. You may also transfer all or portions of your goal electronically back to your checking or savings account. Here are screenshots from the new redemption process:

> Step 1: Overview

> Step 2: Select Retail Cards

>Step 3: Transfer to Debit Card

>Step 4: Transfer to Bank Account (ACH)

>Step 5: Confirmation

#3 - Additional recurring contribution options
The date that scheduled transactions occur has been moved from the funding source to the goal itself. In addition, we have added three new recurring contribution options. We still have the monthly option, but we've gone ahead and added "twice a month," "every 14 days," and "none." What's that all about? Well, if you want to contribute monthly for a baby on the way and every payday for an upcoming vacation, you can do it. Or if you want to use SmartyPig simply as a gift registry for your honeymoon, so you can get a cash boost for a great trip but don't want to contribute at all, just set up your goal, skip putting your own money in, drop a widget on your wedding Website and let your friends and family members carry the day!

In addition, you are free to set your own recurring amount or let SmartyPig recommend one for you.

#4 - Transfer funds from one goal to another
Have your goals changed? Have you found out that new washer and dryer set is on sale for $850 instead of a thousand? (Not including the cash boost from SmartyPig!) Have a few friends put you over the top of your goal, and you have something left over? Now you can simply move money from one goal to another without stopping and starting over again.

We hope you'll share in our excitement as we continue to strive to be the leader in smart saving and smart spending. Over the next few months we'll make even more announcements regarding further improvements and partnerships. In the meantime, though, please keep letting us know how to make SmartyPig better. And please tell your friends.

Thank you!

Michael Ferrari, co-founder
mferrari@smartypig.com
@mferrari

 

Tags: smartypig   •  new features   •  redemption   •  monthly   •  twice a month   •  every 14 days   •  transfer

72 Comments | |

November 13, 2009 • Posted by Michael Ferrari

Addicted To Saving

We hear from our smart saving customers all the time. Undoubtedly, many of the calls are questions, complaints or concerns. That's the nature of the beast. Satisfaction is not shared as much as dissatisfaction in consumer America because the former is expected. We don't think that should ever change. We need the complaints and concerns and the questions, for sure. And we won't ever cover our warts. It's the only way we'll reach our goal of being the best at what we do.

Still, parents do thank us often for giving them a tool to "finally" teach their kids about money, and looking "cool" doing it. And Twitter, Facebook and the blogosphere are alive with people excited about having goals, striving for goals and reaching goals. Reading it, hearing about it, and communicating with these folks are the best part of what we do. People tell us we've helped them back on the right path, helped them get out of the habit of using plastic they can no longer afford, and helped them basically dig out from under. It's usually a quick pat on the back. It's what we absolutely live for.

However, when SmartyPig customer Keith Grimes emailed me the other day, I immediately forwarded it to our entire staff with a note that read: "This is what it's all about." Then we reached out to Keith and asked if we could put it on our blog in its entirety. He agreed. Here goes:

"I had an interesting reaction to my SmartyPig update this morning. For nearly two years now I've had a series of ongoing goals that I've eagerly contributed to and watched grow to fruition. Today, when I received my notification about this month's deposit, I realized that it was time to close out this goal.



The reaction I had to that, however, was one of, 'Well, what am I going to save for now?' Since I was closing out my only goal, I suddenly realized that I've grown quite fond (addicted?) of saving money and watching it grow in anticipation of the purchase - rather than buying something I couldn't afford only to have its perceived 'fun-factor' diminish steadily and rapidly with every payment and accrual of interest.

In other words, you guys have got me hooked on saving. Wow - great job and great thanks. You have no idea what a big change your site has brought to me and my family."

Best Regards as always,

Keith

With all the bad news running rampant about the economy, and especially banks, having a customer like Keith confessing to being hooked on making a positive change with regard to how he treats money because of what we do is indeed "what it's all about." But we will only ever be successful as a company, and as a country, if people like Keith become the rule again, not the exception. Reversing the "buy now, pay later" mindset, and making smart saving and smart saving less foreign, are the primary sentiments on which we built SmartyPig. Watching the process used to the point that it is life changing provides near indescribable satisfaction. Thanks, Keith. And thanks, too, to everyone who reaches out. We want to hear from all of you.

Mike Ferrari, Co-Founder
@mferrari
mferrari@smartypig.com

 

Tags: smartypig   •  saving

4 Comments | |