Image via People Style Watch

Photo Credit: Mert & Marcus/Stella McCartney

Image via People Style Watch

Image via People Style Watch

Photos: Courtesy of DKNY

Image via People Style Watch

Image via People Style Watch

Goal-setting is one of the best ways to make meaningful accomplishments in life. That same attention to detail is also essential when it comes to our finances.

The road to financial fitness must incorporate a savings plan and there are many ways to save, but today I want to talk to you about SmartyPig. It is a free online tool that can help you save for a vacation, a new it-bag or text books for the semester.

SmartyPig is not a bank, but it is FDIC insured and has a .70% interest rate. You make money while you save for your goal. 

What makes this an interesting site is that it also allows others to help you fund your dreams. Yes, saving has gone social. This is a convenient way for family or friends to assist you in reaching your target.

To get started, sign-up for an account and fund it with a minimum of $25. Then you simply create a goal, decide on the amount you want to save and the date you intend to reach it. How frequently you fund that account is up to you.

Getting to your goal is even easier if you opt-in for the SmartyPig cash rewards card. It’s essentially a prepaid Mastercard that can earn up to 10% on your everyday purchases, which you can deposit into your goal account.

Withdrawing your money is just as easy too and done without charges or fees. First, decide on whether you want it added to a debit card, deposited into a bank account or placed on retail gift card.

Oh, if you choose the the retailer gift card option, you will get an 11% cash back bonus to put back on a gift card or to use on your next SmartyPig goal. So if you saved $1,000, your cash back bonus would be $110 of free money. Now that’s an incentive to save.

Image via InStyle