Oink! Oink! Oink! Who says that pigs aren't smart? For almost 20 years I have been helping individuals and businesses work on reaching their financial goals. The credit card in many cases has been the villain on the other side of the table trying to help people not reach their goals. Just recently, I stumbled past a new concept called Smarty Pig at www.smartypig.com.
There are many credit cards out there that offer frequent flier miles, hotel points, and even cash back. However, none of them have ever tied that savings to the financial goals of an individual. Consequently, most people don't save the 1% or 2% cash back that they get from their credit card company.
SmartyPig is an online piggy bank through a credit card for people saving for specific financial goals like a wedding, flat screen TV, or a vacation. Essentially, it is a savings account except that it can be broken up by each short term goal you have in mind.
Once your goal is achieved you can either get a retailer debit card, a SmartyPig Debit MasterCard, or have money transferred back into your bank. The retailer debit cards give you some great SmartyPig bucks back if you go that route. For example, if you take $1000 of SmartyPig dollars to use at Macy's, you get $120 back in your pocket or 12% savings.
This type of site could be a really great place for your teenage kids or even young adults who want to learn the power of savings for a goal. Although I am not sure if I would use it, it does have a social media feature if you care to share your goals with your friends and family on Facebook or Twitter. I like the concept of how SmartyPig teaches people how to track and save for goal. However, you might not want to post your saving for Spring Break in Cancun for your parents to see.
Ted Jenkin, CFP®, AAMS®, AWMA®, CRPC®, CMFC®, CRPS®
Co-CEO and Founder oXYGen Financial, Inc
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oXYGen Financial, Inc. co-CEO Ted Jenkin is one of the foremost knowledgeable professionals in giving financial advice and Smart Money Moves to the X and Y Generation.
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