Seven Ideas To Set Up SmartyPig Goals

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What are your savings goals?

So you’ve heard of SmartyPig, haven’t you? If not check out my SmartyPig review then come back here.  I’ll wait.  Good?  Ok.  So SmartyPig is a savings system that let’s you set up different automatic savings goals.  Not only do you save but you can also make your goals social and let other help you meet your goals as well.  I was thinking of different ways to use SmartyPig to set up savings goals.  Just thinking about how much you need for any particular goals is a great step in budgeting and controlling your finances.

Here are 7 ways you can set up SmartyPig savings goals:

1. Birthday parties.

Birthday parties, especially for the kids, can get expensive right quick what with the location, decorations, cake, party favors, clown that scares the little ones (OK, scratch the clown), you get the point.  Why not set up a goal to save up for the next party way in advance?  This way you can get started and even let some family help contribute (you know Grandma and Grandpa want to help!).  If you plan the party for less than your goal you can use what’s left for a gift or put the money towards the next year’s party.

2. Vacations.

You know vacations cost money.  And who likes paying for it all, seeing their bank account drop (or their credit card debt increase)?  Start saving for your vacation now!

3. Holiday spending.

Only X more days until X-Mas and the other end of the year holidays.  Gifts add up quickly and even if you try to budget and plan ahead there’s always another gift you have to get for someone.  Figure out who you need to shop for, add up the costs of the gifts, add a little more to budget for anyone you forgot, and create a goal in SmartyPig!  And hey, with SmartyPig you have the option of cashing out your goal in gift cards and pre-paid debit cards.  Those can be used either to buy your gifts or to use as gifts themselves (and the gift cards earn a bonus from certain retailers so you stretch the savings further).

4. Back to school shopping.

Doesn’t matter what school we’re going back to – be it 3rd grade, high school, or college – you will have back to school expenses.  Set up a goal and get saving and cut down the stress of figuring out how to pay for your back to school expenses.  Here’s another place where you can easily get family involved to contribute if they want to.

5. Wedding.

This one’s a biggie.  I mean once-in-a-lifetime big.  But wedding can be very expensive.  Consider the catering hall, music, photography, video, dress, tux, rings, license, etc…  As soon as you get engaged start putting money towards the wedding expenses to make sure you are covered.  This also helps you plan out a budget for what you want your wedding to cost.  Will family help pay for the wedding?  Have them contribute to your SmartyPig goal so the money can earn more!

6. New car.

The clunker is starting to go.  What’s that squeaking sounds in the back?  You know the time will be coming the have to replace the ‘ole beast and buy a new car.  Get going on saving for the new car with a SmartyPig goal.

7. House down-payment.

Getting to that 20% down to buy a home is a great idea in today’s economy.  And you want to make sure the money is in a safe and liquid account for when you need it.  The limit for the higher SmartyPig savings rates is $50,000 so that might not cover everyone’s down-payment, but it will cover part of it and closing costs.

Is SmartyPig the only place you can save for these goals? No.  You can set up account in many online, high-yield savings accounts such as ING Direct Savings to save for these goals.  But what makes SmartyPig a little different is the higher rate than most savings accounts; the cash boost you get with some retailers when you cash out to a gift card, and the fact that you can make your goal social and have friends and family contribute with you.

What are some other goals you can set up?  What have you saved for?

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