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5 easy ways to pump up your savings

Harness the power of social networking
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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.


 

 

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