In this Smartypig review, we will discuss how the online piggy bank can help you save money towards your goals.
Most people understand the utility of putting money aside for the rainy day, and yet they struggle to do so. It’s not necessarily because they don’t make enough money. There’s a psychology to saving money and SmartyPig has figured it out. We are going to tell you all about the company’s method of saving in this SmartyPig review.
Bankrate surveyed 1000 people and asked them how much of their annual income they save for retirement, emergencies, and other financial goals.
The survey found that 21% of the respondents did not put any money aside at all; and of the 21% who didn’t save, 38% of them cited “high expenses” as their excuse.
Research has shown that people who aren’t habitual savers wouldn’t save money even if their income was increased. Their natural reaction to an increase in income has been to increase their expenses.
If anything in the paragraphs above describe you or your situation, Smartypig may be able to help.
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What Is Smartypig?
Smartypig is a free, FDIC insured online piggy bank that makes saving money easy, rewarding, and painless. Smartypig members have collectively saved up to $5 billion towards their various financial goals.
In 2016, Smartypig was acquired by Sallie Mae, a large loan company. Smartypig is headquartered in Salt Lake City, UT
What Does Smartypig Do?
Smartypig makes it easy for people to save towards a goal. Here’s how they do it:
- Open an account
- Set up Savings goals
- Set up recurring financial contributions to your goal
- Transfer between accounts.
How To Open A Smartypig Account
It is easy to set up a Smartypig high-yield savings account. All you have to do is complete the registration process on the company’s website.
You will have to be legally eligible to open the account. This means you will have to be at least 18 years old with a valid social security number, a driver’s license or state ID, and a mobile phone.
Once you complete setting up your account on Smartypig, you’ll go on to set up your savings goals.
How To Set Up Savings Goals
SmartyPig believes that people are more likely to save if they are saving towards a particular goal. That’s why the company has a model that allows savers to set up savings goals. With savings goals, savers can see how much progress they are making towards achieving their goals.
For example, you can decide to save $500 towards a new TV or $200 towards a concert ticket, SmartyPig will let you set up that savings goal.
You can then decide to contribute weekly, biweekly, or monthly towards your goal.
On your SmartyPig dashboard, you’ll see how much progress you’ve made and how much more work (saving) you need to do.
Once you open your account, you can go to your account dashboard and set up as many saving goals as you need.
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Why Use SmartyPig Rather Than Your Regular Savings Account
Most traditional savings accounts do not have provisions for savers to create savings goals or partition their accounts to save for short or long-term goals.
SmartyPig is uniquely designed to help savers save money and reach their goals in a painless way.
Whereas saving money at a traditional bank be a begrudging obligation, the SmartyPig’s system incentivizes people to save. It helps savers stay on track with its goal planner and helpful reminders. SmartyPig also rewards savers by giving them higher than average APY and referral bonuses.
SmartyPig’s goal planning system was designed to put savers in control of their own goal planning and financial independence by helping them build a save-then-spend mentality.
Yes, SmartyPig is safe and funds deposited in a SmartyPig account are FDIC insured up to $250,000.
Any legal US resident, 18 years old and above can open a SmartyPig account if they have a valid ID, an address, a Social Security number, and a checking or savings account.
Yes. You can set up direct deposit with your SmartyPig account. All you have to do is provide your bank account number and SmartyPig’s routing number, which is 124085299.
There are no fees associated with using SmartyPig; the services are free.
I use SmartyPig effectively, you will have to connect an external checking or savings account to your SmartyPig account. You can then use your connected account to deposit and withdraw money from your SmartyPig account.
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SmartyPig Review – Final Thoughts
If you constantly struggle to save money for your goals–whether saving for an emergency fund, or a vacation– you are not alone. Many people struggle to save money, even if they make a lot of money.
SmartyPig was uniquely designed to incentivize people to save. If you sign up and use the platform effectively, you may be well on your way to reaching your saving goals.
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