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SmartyPig®: February 2009 Archive

The following posts were made in February 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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February 16, 2009 • Posted by Erica Adams

Rethinking Your Finances

Rethinking finances. We're all doing it. Scrimping here and saving there. As tens of thousands of jobs are being cut each week (http://swampland.blogs.time.com/2009/02/06/how-bad-is-it/) and the jobless rate rising at levels not seen in years, being prepared financially is one of the most important and best things you can do for yourself. 

A few weeks ago I referenced this article (http://today.msnbc.msn.com/id/28436623/) from MSNBC, which suggests you "Save for one month's expenses. Put 10% of your take-home pay into an interest-bearing savings account. Plan to have saved at least one month's worth of expenses - or better yet, one month's salary - by the end of the year. Have at least 10% of your paycheck directly deposited to savings, the rest to checking to cover monthly bills. If you can't do direct deposit, have the money automatically taken out of your checking account every month on payday... Ideally, to have a really comfortable cushion, you'll need to save at least three to six months' worth of income."

Start by setting aside money from each paycheck and placing it in a SmartyPig 'Emergency Fund' goal, only accessing it in the case of just that, an emergency. Start at your own pace. Figure the percentage of salary or paycheck you want to save each month, the total amount and when you want to save it by. SmartyPig will figure out your monthly contribution, which will go directly towards your emergency funds. Once you've met that goal and are sitting on a comfortable cushion, you're funds will still be earning a competitive APY until you're ready to use them. And if an emergency does occur, you're able to stop or close your goal an access your funds at any time.

Being prepared, especially in 2009 is imperative. We all hope that circumstances like this won't happen and it's time to have a nest egg, not just a nest.

 

Tags: smartypig   •  finances   •  emergency fund   •  nest egg

1 Comment | |

February 8, 2009 • Posted by Michael Ferrari

New "Void" Feature on SmartyPig

Based on customer feedback and suggestions, SmartyPig now allows users to void a transaction in their own account. An ACH transaction can be voided for a limited time on the day in which it was initiated. If your transaction is voidable, you can find the void button under the "Transaction History" tab of your goal. If a monthly contribution is voided, the monthly contribution will continue to draft the following month on the date you specified.

To void a transaction, click on the "Transaction History" link under your goal.

Click on the "Void" link next to the transaction you wish to void. Please note an ACH transaction can be voided for a limited time on the day in which it was initiated.

Confirm your void, by clicking "yes".

SmartyPig will confirm the success of your void.

Click on the "back" button to view your transaction history. As you will see, the transaction has been voided and is no longer listed.

 

Tags: smartypig   •  void   •  new feature

3 Comments | |

February 6, 2009 • Posted by Erica Adams

Your Kids and Money

I remember as a kid, my parents emptying their pockets at the end of the day and putting all their spare change in an old five-gallon glass water jug.  I too deposited all the coins I could find and watched eagerly as the container inched closer and closer to the top. When the time came, we'd empty the jar and take all the change to our local bank. The money was divvied up between accounts, but I got to keep a certain percentage of it to spend however I liked. Usually that meant a new game, a Barbie or a movie. But having waited so long in anticipation for the coins to reach the brim of the jar meant that I really thought about how I was going to spend my percentage of the money. 

It is a sentiment that has stuck with me, and it makes me wonder about today's youth and their spending habits. Are they thinking of how they're spending money and where it's going? According to Experion, 96% of college seniors are carrying credit cards and will spend nearly twenty-five cents of every dollar paying back debt. Young Americans now have the second highest rate of bankruptcy behind those ages 35-44. Why experience the painful effects of debt when avoiding it all together can be reality?

Though dealing finances as a young adult can be difficult, learning the value of a dollar at a young age is crucial, especially now during these tough economic times. Share your SmartyPig goal with your children. Make them a co-owner on your account and help them set up a goal. Not only will they be saving money with the pig but they'll also be earning interest, which is an important and educational piece all in itself. They'll be able to watch the pig fill-up each time money is put into the goal excitedly waiting until they've reached their target. 

 

Tags: smartypig   •  saving money   •  kids

1 Comment | |

February 3, 2009 • Posted by Michael Ferrari

New SmartyPig "How To" Videos

Watch our new "how-to" videos for a close-up look at many of the innovative and exciting features of SmartyPig:
www.vimeo.com/smartypig

Creating a Savings Goal
Creating a new savings goal is simple. Just log into your account, click on the "add goal" link and enter your goal name, how much you want to save and when you want to reach your goal. SmartyPig calculates your monthly recurring contribution that will be withdrawn from your existing checking or savings account. Switch to full screen mode and click the icon in the bottom right of the video below.

Creating a Savings Goal from SmartyPig on Vimeo

Editing Your Savings Goal
To edit your goal, log into your account, click on the "manage" link and then click on "edit goal" next to the goal you wish to change. Edit your goal information and click save. Voila! Switch to full screen mode and click the icon in the bottom right of the video below.

Editing Your Savings Goal from SmartyPig on Vimeo.

Adding Money To Your Savings Goal
SmartyPig makes it easy to setup automatic monthly recurring transfers from your existing checking or savings account into your goal on the day of the month you specify. If you wish to add additional funds into you goal, you can do this at anytime. Log into your account, click on the "manage" link and then click on "add money" next to the goal you wish to transfer funds to. Switch to full screen mode and click the icon in the bottom right of the video below.

Adding Money To Your Savings Goal from SmartyPig on Vimeo

Redeeming Your Savings Goal
Redeeming your funds is simple. To stop your goal, login to your account and click on the "manage" link and then click on the "stop goal" link next to the goal you wish to redeem. SmartyPig provides three unique options to redeem your funds. 1) You may redeem your funds plus interest onto a SmartyPig ®MasterCard Debit Card. 2) Receive an additional cash boost of up to 6% by transferring your funds to a retail gift card like Overstock.com or 3) Simply transfer the funds back to your existing checking or savings account. Switch to full screen mode and click the icon in the bottom right of the video below.

Redeeming Your Savings Goal from SmartyPig on Vimeo.

Making Your Goal "Public" & Adding A Widget
Make your goal "public" and let friends and family contribute to your goal. Simply mark your goal as "public" and SmartyPig can email your friends and family a link to your goal. Or post your SmartyPig goal widget on your blog, or social site like Facebook or MySpace. Or simply let your friends and family search for your goals by visiting the "Friends Goals" tab on SmartyPig and typing in your email address. Switch to full screen mode and click the icon in the bottom right of the video below.

Making Your Goal "Public" & Adding A Widget from SmartyPig on Vimeo.

 

Want to see something else? Just let us know!

Mike Ferrari, co-founder

 

Tags: smartypig   •  how to videos

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