Colleen Scott, Associate Director
If you can withdraw several thousand dollars on a whim to take a European vacation, this column is not for you.
I am the type of person who worries on a constant basis whether I have enough to retire. Enough will never be enough because what if ______ (fill in the blank) happens? So I would never (read: NEVER) take money out of my savings for something so extravagant.
Then I read about SmartyPig. It is an on-line savings program where you set a goal (trip to France, wedding, home improvement project, etc.), target date, and the goal amount and it takes money out of your checking account on a monthly basis. I started small ($100/month) and I truly don’t miss this money.
Your account is interest bearing and FCIC insured. There is no cost to establish an account and no fee to withdraw the funds. You have flexibility so if you need to stop saving and regain access to this stash, you can. When your target date arrives, you can either have the money transferred back to your checking account, or applied to a debit card or variety of gift cards.
It’s an almost pain-free way to save up for something that seems out of your financial reach.
