personal finance, Uncategorized

Smartly Saving and $20 GIVEAWAY

Since this is my first blog post, I feel it’s good to show how I save for individual goals.  I’ve always found online that people will tell you to save for an emergency fund, a house down payment, etc but then never show you where to save that money.  Right now, my emergency fund is pretty much just my savings account.  I haven’t bothered to sub divide that account into other accounts, but for everything else I started breaking up my goals into individual accounts.  These are all of my smaller goals, but they’re still important in my overall financial journey.  This way I could keep track of each individual goal I had.  I deposit between $20 and $100 to each goal once or twice a month.  This way I can slowly reach my money goals.  The website I have been using is SmartyPig (don’t worry, this isn’t sponsored, they don’t know I exist, besides the fact I’ve had an account the last few years).  I like SmartyPig because the interest on there accounts is a lot higher than other savings accounts.  I make 0.75% interest on the account which is better than the 0.1% most banks give.  That being said, when I originally started I was earning 1% so it definitely has been better.   I hope one day it’ll go back up to 1%, but we’ll see.

Right now on SmartyPig, I’m saving for my dog’s emergency fund, Christmas gifts, and a vacation.  I’m hoping to soon also save for a house down payment, but haven’t decided if I want to do it through SmartyPig or not.  Because, like I said, this is for my SMALL goals.  Don’t worry, I’ll post about it when I decide.

To create the goals you put down a small initial deposit (I normally do $10) and then SmartyPig gives you the estimated monthly, bi-montly, etc amount of money you need to reach your goal. For example, I want to have $600 saved for Christmas, so that’s about $50 a month or $25 a paycheck.  Then, I’ll end the goal in December and use that money to pay for gifts.  Avoiding the dreaded Christmas debt!

If you know someone wants a giftcard, you can redeem giftcards and get cash back, but I have yet to use that feature…I like the cash 🙂

Another thing I have yet to try, but should eventually is there debit card.  It’s a great way to keep accountable for money if you have problems with credit cards.  That being said I love using a credit card for the rewards, so I’ll talk all about that soon.

Having all of my small goals in one place shows me how much more I need to save to get where I want to be.  It also helps me budget which is great.  When I know where my money’s going I always feel better.  You should always be trying to save about 10% of your paycheck for the future. Start small, and that money will grow!

Have you tried SmartyPig?

If you want to be entered into the $20 SmartyPig Giveaway to start saving.  Simply leave a comment about what you are saving for now!  I will use random.org to make a drawing on May 31st 10PM PST.  Good luck to all that enter 🙂

 

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