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Layaway Making A Comeback?
Posted: Sun Oct 26, 2008 10:13 am
by David Lay
http://tinyurl.com/6hm2p5
Personally, I'd rather use
SmartyPig and earn some serious interest (3.90%) by saving for the things that I want/need to buy.
Posted: Sun Oct 26, 2008 1:10 pm
by sharon kinsella
For people with kids layaway is an easy way, not only to pay for the items, but to make sure they have everything they need for the kids for Christmas or school clothes.
Posted: Sun Oct 26, 2008 1:50 pm
by David Lay
True, but SmartyPig is designed to be sort of a layaway program, but better. You set up a savings goal to meet by a specific date, and it will make monthly withdrawals in varying amounts based on your savings goal.
Example: I'm saving for a MacBook Pro, and I want to reach the goal by March 2009. My goal is $2500, so SmartyPig will deduct $485 per month from my checking account on a date of my choosing. On top of the $2500, I will also earn 3.90% APY on my savings.
$2500 + 3.90% APY = $2597.50. Net profit of $97.50, just for letting my money work a little harder for me. Much better than layaway if you ask me.
Posted: Sun Oct 26, 2008 1:53 pm
by Jim DeVito
What does SmartyPig so with you money? Ohh wait the bailout.
