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May 28, 2009 • Posted by Michael FerrariMay Twitter Contest Winners
This month, we asked what the APY is for SmartyPig and ING Direct’s Orange Savings account as of 5/28/09. We needed two answers: SmartyPig – 3.05% and ING – 1.5%.
We have been seeing a lot of new players the past two months and this month was no exception, thanks to everyone for playing!
Here are the winners:
Congratulations to ebranscombe, netcrusher88, markevaul!
Here are those that made it into the top 20 – thank you for playing and better luck next time! ilektrik, CatRocketship, BeverlyDennis, cmebane, swalbers, jessc098, stlcolleen, aaron116, mcnater, PhilKJames, spakys1stp, DwanesWorld, igdesign, wcdel, trenttsd, amoeba09, ashleymc.
May Twitter Contest
Let the savings begin! SmartyPig will be giving away three $100 gift cards through our monthly Twitter contest – Thursday, May 28th at 11 CST. We will tweet a question and give our followers 15 minutes to reply to us.
The format:
- After 15 minutes, we will be picking 20 random people with a number generator from the pool of correct answers.
- We’ll be bringing back a trusted method in selecting three gift card winners.
- We’ll post the process here on our blog, so everyone can follow along!
Make sure:
- You’re following us on Twitter.
- We’ll ask the $100 question on Thursday, May 28th at 11am CST.
- Answer the question correctly for your chance to win!
Remember: if you don’t already have a SmartyPig account, it’s free to set one up! Winner must be in the US.
Good Luck!
Slowing Down for Saving
”The problem with the credit-card industry isn’t just credit-card companies – it’s you too,” writes Barbara Kiviat in Time magazine. And she could not be more spot on. Though the American personal saving rate has climbed to nearly 5% (from depressing lows of -2% just a few years back) the almost $1 trillion in revolving debt paints a far less rosier picture. Blaming our bad habits on credit card companies is like blaming a drinking problem on the bottle rather than the person boozing. True, these credit card companies are out to make a quick buck off the cardholder, are raising rates on their best companies and have pushed the limits of “fair” practice to the point that Congress is stepping in. (Insert super hero theme music here!) But what we absolutely have to realize though, is that the true culpability is in the hands of the individual. The devil did not make you do it. The dog did not eat your homework.
Simply put, it’s high time to steer clear of troublesome plastic. The noise out of Washington is about the rights of credit card users. It’s a worthy cause and a good fight, but lost in the shuffle is the fact that you only get tripped up if you make the decision to put those cards to “work”. After all, just because you buy the car doesn’t mean you can drive it as fast as you want. And if you use SmartyPig, your speed is always regulated to where it should be. You create a goal, you tell us how much, you push a button and then you adjust to what you can afford. And instead of paying 21% interest on what you buy, you earn 3.05% interest on what you’re saving for.
When it comes to big-ticket purchases, SmartyPig customers like Stephanie from Poorer Than You realize the importance of saving. After winning $50 in one of our gift card giveaways, Stephanie decided to save her money for a new car. After setting up her account and new goal, she is making a monthly deposit into SmartyPig to help her reach her goal. Her friends and family are able to contribute to her goal as well, allowing her to move one step closer to her new wheels without getting off track or, worse, going off the road of financial sensibility entirely.
It’s easy, really: Think about your purchase. Save before spending. Have cash in hand when you buy. Own whatever it is you want – not your credit card company. Saving with SmartyPig is an easy solution to help keep you heading in the right direction.
Feel Young Again with SmartyPig
The following is a guest blog post by SmartyPig customer, Bill Zahren. Bill is a killer freelance copywriter, blogger, husband and father.
I never thought I’d relive the feeling I had as a kid going to see Mr. Jensen at Jensen Hardware in my tiny hometown in the mid-70s.
But, a couple of months ago, I found myself flashing back 35 years to when I would pull the white, plastic stopper out of my piggy bank (actually in the shape of a sitting cocker spaniel), spill the money onto the kitchen table and eagerly start counting.
If I had enough for the prized baseball bat or game at the hardware store, I’d shovel it all into my pants pockets and ride my bike like the wind uptown. Mr. Jensen was always ready to accept my $6.91 all in coins. In fact he seemed to get a kick out of helping me count it out.
Fast forward to 2009 and I’m walking into Sears in Des Moines, Iowa, cash in hand (figuratively, at least). And even though I was buying a stove and microwave — hardly as thrilling today as a baseball bat was 35 years ago — I was still pretty excited.
Because buying something without going into debt is just more exciting and pleasurable than loading it onto an already burdened credit card and figuring it out later.
The key was being smart enough to know my stove would not last forever. So I started a $67-a-month stove and microwave replacement fund. After a year of saving, I had $917 in the account. Unlike a physical piggy bank, SmartyPig pays interest. So my goal of $850 ended up above $900. That all combined to make a Sears store in Des Moines, Iowa, in 2009 feel a lot like Jensen’s Hardware in Lake Park, Iowa, circa 1974.
With one goal reached, I was eager to continue the $67-a-month withdrawal I’d become used to. So the refrigerator fund immediately took the place of the stove/microwave fund. I’ve since added the 25th-wedding-anniversary-trip fund.
As exciting as purchasing a major appliance with cash was, I bet going on a trip that’s already paid for will be twice as great. I can see the 1974 version of Mr. Jensen smiling right now.
Bill Zahren, @pressdog
Your Financial Future – No Obsessing Necessary
*This post is featured on Betsy and Warren’s site, Married With Luggage. Leave a creative comment on the Married With Luggage site with unique ways to save money for your chance to win a $50 SmartyPig gift card.
In an ideal world, the need to constantly obsess over your finances would never happen. But the world we’re currently living in, especially from a financial perspective, is far from ideal. Money makes the world go ’round. And in almost every corner of the globe, money is tight. The good news is your finances don’t have to be difficult or demanding at all, especially when it comes to saving. You don’t have to obsess over saving money when it’s made simple.
Earlier this week, financial guru Suze Orman appeared on the Today Show stressing the importance of saving. We at Smartypig could not agree with Ms. Orman more. Whether it is saving for the eight-month emergency fund she suggested, saving for your children’s future education or saving for the dream vacation you’ve always wanted to take, SmartyPig has made it easier than ever to reach your goals without the constant worry.
You tell us how much you want to save and for how long, and SmartyPig does the rest. Really. Each month, on the day of your choice, SmartyPig deducts the desired amount out of your existing checking or savings account and adds it to your goal. You also earn one of the highest interest rates (3.05% APY), and if your friends and family want to chip in to help out, we’ve got the social aspect covered too. No worrying about manually transferring funds between accounts or driving to the bank. No worrying about your money working for you. No worrying about staying the course. SmartyPig is simple, smart saving at its best.
So what are you waiting for? It’s time to put down the plastic and avoid future debt. Financial sensibility for your family is just a few clicks away.
