savings

5 easy ways to pump up your savings

Harness the power of social networking
Next
4 of 6
Back
Harness the power of social networking

Social networking sites can turbocharge savings, especially for teens.

Take MatchFund.com, which lets parents match their teens' savings deposits. Teens also can create savings goals like saving for an iPod. And their spending is co-managed with parents via a categorized spending card, which organizes purchases into groups such as music, games and clothing for parents to approve.

"Kids can actually complete financial lessons and get rewards from mom and dad as a result," says Nick Mokey, a staff writer at Digitaltrends.com. "You're teaching kids about money with things that matter to them like an iPod."

Online savings site SmartyPig.com also lets you set financial goals to which people can contribute to help you meet them. And its savings account interest rate was a hefty 1.35 percent in May 2011.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

How often to compound interest?

Dear Dr. Don, Is it better to have interest compounded on your money daily, monthly or quarterly? Which gives you the most for your money invested? Thanks, -- Jan Juxtapose Dear Jan, With all else being equal, the more... Read more

advertisement
Partner Center
advertisement

Connect with us