I have been using an on-line savings account at SmartyPig to save money to pay for various expenses like car insurance, property insurance, property taxes, and a vacation that we will be taking this summer. I have met my first savings goal; the cost of car insurance on one of our vehicles.
SmartyPig is a free, on-line savings account. Once you log on, you can set up as many savings accounts as you like. You enter in what you are saving for, how much you need to save, and how soon you need the money. The website will then calculate how much money a month you will need to set aside to meet your goal. You are guaranteed 3.25% APY. Once you have set up your saving(s) account, the site will automatically withdraw your money from your checking or savings account each month. It also sends you monthly updates on how close you are to approaching your goal.
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