Wednesday, March 18, 2009

Saving For Specific Items

All we wanted was a way to save money for a dream vacation — a dedicated savings account that we would tap into right before we were leaving town. We had newly-formed 529 College Savings Plans for our children, with a little money from our paychecks being automatically deducted every month. And the savings adding up so quickly, why not do the same for this big event coming up? Get in the habit of putting a little aside. Pretty soon it’s like the money is never there to spend in the first place. Surely there was a financial services company out there that specialized in saving up for something specific? A vacation? An anniversary gift? A flat-screen TV? Holiday gifts?

So we searched for something like a 529 Plan that would enable an individual or families to set specific savings goals and let them make distributions for particular items and events on a recurring basis. But what we envisioned did not exist. In fact, there was nothing even close. So we set out to create an innovative, on-line resource that would help ...

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