Ferrari explains how PigySmart works.

"For example, I'm saving for a vacation," he says. "I want to save $5,000. I want to meet this goal in three years. SmartyPig will actually calculate how much money you need to allocate every month. You don't have to move it from your existing bank. We'll actually go in and withdraw those funds on the day you specify every month and we put it into your SmartyPig account, where they'll actually accrue interest, as well."

And, Ferrari says, the site also allows depositors to get outside help.

"Perhaps a holiday or a birthday is coming up. Rather than getting a gift, your friends and family can actually contribute to any of your SmartyPig goals ."

Sharing savings goals online

Twenty-two-year-old civil engineering major Khang Nguyen likes being able to share his saving goals with his online community.

"I think it's actually a good thing that they are able to see it," Nguyen says. "Like, you know a bunch of my friends after they find out about what I do, they always come ask me for financial advice."

Online banking sites like SmartyPig are attracting a growing number of young depositors, who like the convenience and services. These personal finance websites offer a variety of money management tools which help users track their spending, set up a budget and consolidate their accounts.

And they all have a social media aspect, which appeals to young adults who are already comfortable sharing their personal information online.