SmartyPig

We talk often on this blog about the impact of saving just a small amount each month. But how do those numbers really stack up? The NYTimes.com offers a handy tool to calculate this impact and while the title, “1% Savings Calculator” might not indicate big numbers, the proof is in the pudding. I input the median household income of $46,000 and suggested 10% in yearly savings. That household will see over $66,000 in savings in just 10 years. A savings increase of just 1% or $38 a month, and they’ll see another $7,000. One more percentage point each year – that’s just a few lunches out each month folks – and they’ll see an end result of $94,000 in 10 years! A 42% increase!

SmartyPig makes long and short-term saving easy. Simple, automated monthly transactions that go unfelt, as well as the option to deposit funds at your leisure, for those times when you find yourself with a little extra. Saving doesn’t have to be painful, and SmartyPig not only takes out the legwork, it rewards you too, with competitive interest and cash back rewards. So what are you waiting for? Find out your saving potential and start a new SmartyPig goal today!

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman
SFoss@SmartyPig.com

We had over 190 entries into our Twitter and Facebook contest! We asked, “The Commerce Department reported that economic growth increased at what annual percentage rate in Q4 of 2010?” The answer: 2.8

We ventured out into the cold to pick the winners (randomized to the top 20 people):

Congrats to our three $100 SmartyPig gift card winners: Tara Delin, Gabriel Dziekiwicz, Sarah Hixenbaugh

Top 20: jennifer salemi, anni like. @jaqbaldwin Jaq Baldwin, moses serna, heather cervino, sarah hixenbaugh, @PeterErickson Peter Erickson, cat bee, samantha jackson, elizabeth calora, brittany vinson, @TimPaluch Tim Paluch, alex jones, sierra moore, @Tasha_Kline Tasha Kline , tara delin, gabriel dziekiewicz, Jason Beck, bridget roberts, @jwschultz John Schultz

Did you know we are in the midst of “America Saves Week”? The site most celebrating this holiday, AmericaSaves.org, published an interesting article this week on 20-somethings and their money mistakes. While I find myself in this category and save quite well – the article does offer some nice insight for money management at any age.

The hardest step is starting. You don’t have to contribute $1,000 a month to be a “saver.” Donating just $50 a month would have you saving nearly $3,000 in five years, plus interest. And compound interest? Starting to save for retirement at 25 versus 35 can be a difference of 10%! Lastly, many confuse a “robust checking account” with saving. It’s not, it’s storing. You are less like to splurge with money from your savings, and using SmartyPig keeps your money just enough out of reach to avoid temptation.

Whether you’re 22 or 52, it’s never too late to start saving. Using SmartyPig not only helps you reach your goals, debt free, but we reward you too. Cash back offers on top of competitive interest. And when it comes time to spend, options like our Cash Rewards Card, help you do that responsibly, as well.

Celebrate America Saves Week and start a new goal today!

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman
SFoss@SmartyPig.com

Sometimes you need a little boost to make it through the last few weeks of winter. What better way than a SmartyPig Facebook and Twitter contest? Tomorrow at 11:30 am CST (Friday, February 25), we’ll give away three $100 SmartyPig gift cards.

Pay very close attention to our Twitter and Facebook pages tomorrow! We will tweet/post a trivia question and give our followers 15 minutes to reply for a chance to win.

The format:

1. After 15 minutes, we will randomly pick 20 people from the pool of correct answers.
2. Ingrid will select three gift card winners.
3. We’ll post a video of the slection process here on our blog, so everyone can follow along!

Remember:

1. Be sure you are following us on Twitter or are a fan on Facebook
2. We’ll ask the $100 question on Friday, February 25 at 11:30 am CST.
3. Answer the question correctly for your chance to win!
4. If you answer via Facebook, you will need to email us the answer (email to be provided at contest time) within the 15 minute time frame.

If you don’t already have a SmartyPig account, it’s free to get started! Winner must be in the US.

Good Luck!

Saving can be hardest while in college. High tuition, no steady income, and unpaid internships are harsh realities for today’s college students. All things Sarah Smith at “WalletPop” knows well. So how do you go about saving on a meager budget? Smith has found a way to “trick” herself into saving. Here’s how:

Begin the process with a goal and designated denomination. Even if it’s just $20 a month, or skipping a latte and donating $4 to a savings account, donations like these are easily made through SmartyPig’s monthly deposit feature or snappy mobile app. Smith goes on to suggest you “owe it to yourself.” You pay your water bill each month, so also “bill” yourself. Put it in your savings account and it will add up more quickly than you think. And lastly, make sure every purchase is worth it. And if it’s not, save yourself from another pair of shoes you don’t need, and put that money toward your goals.

And when it comes to goal savings, Smith suggests SmartyPig. Save for the items you want and reward yourself with no (or less) debt upon graduation. It’s the SmartyPig way! One step at a time. Little by little. A life without debt, building up for the things you want and need.

Wishing you successful saving.

Sarah Foss, SmartyPig’s Media Mad Woman
SFoss@SmartyPig.com