I really like SmartyPig, an online layaway system that lets you set a goal for a major purchase and have a set amount deducted from one of your checking or savings accounts every month (or twice a month). I wrote about SmartyPig last year and you can read my post here.This kind of goal-based automated savings really works, because once you set it up you don’t have to do anything. I know that I would not be able to save money by having to manually deposit money into an account once a month; I would either procrastinate, find an excuse not to do it, or simply forget.
Earlier this month SmartyPig introduced a free iPhone app that makes the service even more useful and convenient. You can now add money to your goals, transfer funds between goals, put money into one of your friends goals, find out about your balances and transaction history, and more. The one thing you can’t do is set up a new goal from the iPhone app — you have to go to the SmartyPig website to do that.
That’s not a big deal, though. The SmartyPig app is already plenty cool as it is.
Mark Frauenfelder Credit.com contributor, editor-in-chief of MAKE magazine and the founder of the popular site Boing Boing, Mark was an editor at Wired from 1993-1998 and is the founding editor of Wired Online. He covers creative DIY projects and how-tos that will help you make the most of your money.
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