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
Have Questions? - Get Your Financial Answers Here
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.
Phone 1.800.355.9318 or 770.777.0427
Securities and Investment Advisory Services offered through NFP Advisor Services, LLC (NFPAS), Member FINRA/SIPC. Oxygen Financial is not affiliated with NFPAS. NFPAS does not provide tax or legal advice. This site is published for residents of the United States only. Registered Representatives and Investment Advisor Representatives of NFP Advisor Services, LLC (NFPAS) may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all products and services referenced on this site are available in every state and through every representative or advisor listed. For additional information, please contact NFPAS Compliance Department at 512-697-6000. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. NFP Advisor Services, LLC makes no representation as to the completeness or accuracy of information provided at these web sites. Nor is NFP Advisor Services, LLC liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.