With the uncertain job market, saving money is a top priority. Experts say you should have a six month rainy day fund but how do you know where to put your money?
Diana Vara realized it was time to start saving money after she found herself searching through hundreds of accounts and Cd's in the market
"It's important to start thinking about tomorrow because you don't know if you're gonna get laid off," she said.
The single mom has had about a $1,000 set aside in a savings account for three years. Now, she wants to start a college fund for her son.
But she has no idea where to start. How about here? Redwood City-based BillShrink.com launched a new tool this week to match you to the right savings account.
"Personalization is the key to getting a good recommendation," said Samir Kothari of BillShrink.
Which is exactly what the site does: it asks you how much you've saved, how much you plan to put away and for how long. It looks at 300 different savings options and finds the one that will give you the most cash.
"We allow consumers to tell us what are the set of features that are important given my lifestyle and my usage and we make sure to give you all those recommendations to take those into account," Kothari said.
The site looks at things like whether or not you want ATM access or paper statements. It also factors in the terms and conditions and hidden fees. All things that could take hours to research.
"It's a problem that is much more well suited for computers than it is for humans just because there are so many things you need to take into account," Kothari said.
And with BillShrink.com, don't expect your your bills to go up. It's free, something Diana Vara appreciates in this economy. And BillShrink.com is not going anywhere. The site secured $8 million in funding last year, which was used to develop the new applications.
