With the holiday season fast approaching you may be asking yourself "How am I going to pay for everything?!"

Well if you, like most of us, are doing the holiday scramble to come up with Christmas cash, here's an idea for next year: SmartyPig.com. SmartyPig is an online high yield savings account that allows you to set up specific goals with deadlines.

Let's say you want to have $1000 for Christmas spending. You set up a goal on SmartyPig for a deadline of November 1st, 2012.  They will then calculate the payment needed, which happens to be $77. You then set up an automatic draft weekly, biweekly, or monthly to meet this goal without any further action; just set it and forget it.

Some of the other advantages of SmartyPig:

  • IT’S SMART. (obviously!) SmartyPig offers a higher interest paid rate than most banks or credit unions. A whopping 1.10% APR!
  • IT’S REWARDING.  Maybe the most exciting thing about using SmartyPig is that when you meet your goal you can cash in your savings for select retailers and actually get cash back! Percentages vary. But for example, if you select a Macy's gift card you get 11% cash back. Your $1000 turns into $1110 just like that! Or, you can put those earnings towards your next goal.
  • IT’S EASY. Decide on a goal amount and the date you want to redeem it and SmartyPig does the rest.
  • IT’S CONVENIENT. With the iPhone and Droid app for your smartphone you can check on your goal progress on the go.
  • IT’S CHARITABLE. You can harness the power of social networking by sharing your goals with your friends and family on Facebook and Twitter, giving your loved ones the unique opportunity to contribute to your goals.

So whether you're saving up for a wedding or just a new pair of shoes, SmartyPig can help you get there. Saving money has never been so easy or exciting!

This has been a guest post by Ashley from Evansville, IN
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