Web Sites that Help You Put Aside Money
With the economy recovering slowly, Americans are looking for quick and easy ways to save more money.
On "The Early Show" Tuesday, CBS News Business and Economics Correspondent Rebecca Jarvis pointed to several Web sites that specialize in helping you cut your monthly expenses and build your savings.
FOR REDUCING YOUR BILLS: BILLSHRINK.COM
This site gives you a way to compare prices on some of your biggest monthly expenses, and does all the hard work for you. With some simple information from you on your spending habits, the site can evaluate wireless cell phone plans, credit card offers, and cable/satellite TV packages in your local area to find out whether you're getting the best deal.
Here's how it works:
-- Sign up for a free account
-- If you're looking for a credit card, it will ask you questions about how much you charge on your credit card each month, how much you pay off, where you spend the most, and how you like to receive rewards.
-- Then it will come back to you with a credit card offer that suits you best. It will even show you how much you will save based on the card you currently have.
-- Same goes for wireless plans: Input information about your current plan, your usage, including how many minutes you use and texts you send; you can even tell the site which phone numbers you call most frequently. And it will come back with the best plan for you.
-- They just launched a cable/satellite service search to determine if you're paying too much for TV. You input how much you currently pay, and the channels and features that are must-haves for your home.
-- The site also monitors gas prices from stations in your local area to tell you where to get the best price.
-- Best part: This all takes about five minutes of your time to compare wireless plans; credit card offers, TV/satellite packages and get an estimate on how much you could be saving. BillShrink will also monitor for changes in plans or new offers and alert you if a better deal comes along.
FOR BUILDING YOUR SAVINGS: SMARTYPIG.COM
This is essentially an online piggy bank that helps you save money for your short and long term goals.
Here's how it works:
-- Sign up for free and establish a goal. For example, "I want to save $3,000 for that European vacation next year." Or. "I want to put away $600 for this year's Christmas shopping."
-- Make an initial deposit of at least $25.
-- Link your banking account to Smarty Pig (which is FDIC-insured) and it will automatically make monthly transfers based on how much you want to save and when you want to reach your goal. If you have extra money to contribute in as given month, you can do that, too. Even friends and family can contribute to your goals online.
-- You can end a goal at any time. You can have the money deposited back into your checking account, take it on a debit card, or take it on a gift card.
-- Best part: As long as your balance with SmartyPig is less than $50,000, SmartyPig offers 2.15 percent interest! That's more than four times the interest you receive at most brick-and-mortar banks right now. AND you can earn even more if you choose to redeem your goal money on a gift card from one of their selected retailers, including Macys, Gap, Home Depot, Best Buy, American Airlines, and Travelocity.
FOR MANAGING YOUR MONEY: MINT.COM
For one stop shopping, MINT.COM has it all. For two years in a row, Mint has won the Webby Award for best Best Financial Services Web Site, and with good reason. Mint.com is essentially a place where you can sync up all of your accounts in one place and manage all your wealth -- your banking accounts, credit cards, 401K, home loans, investments - everything, to give you a complete picture of your finances.
How it works:
-- Sign up for a free account and start selecting the institutions you have accounts with, ie; savings; mortgage, investments, etc.
-- Yes, you will need to give Mint your login and passwords for these accounts. DON'T WORRY. Mint.com is completely secured. It's a read-only site, meaning you cannot perform any transactions. If you do online banking, it's the same thing.
-- People also love Mint for its budgeting capabilities. Mint will track all your spending, from rent to credit card purchases; and alert you if you're about to go over your budget in certain categories. It can even show you how your personal spending in certain categories compares to its other three million other users.
-- Best Part: Mint has mobile apps for the iPhone and Droid. So, if you're out to dinner with friends, you can check your finances in real time and find out if you're about to bust your restaurants budget.