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Would Text Message Reminders Help You Save Money?

In tough economic times, saving money is on everyone's mind, and maybe soon. . . on our phones? A group of economists recently conducted a study in Peru, Bolivia, and the Philippines that involved sending text messages to people encouraging them to save money in a savings account. Occasionally, participants would get a text message reminding them to save toward a specific goal.

Researchers sent a variety of messages over the course of the study, both positive and negative:

"'If you don't frequently deposit into the Gihandom Savings account, your dream will not come true,' warned one message in the Philippines."

Well, when you put it like that — who can resist saving?

Researchers claim that although the study was conducted in third world countries, they would expect the results to translate similarly to the US. I think this sounds like a great idea and could be the perfect small reminder to keep my mind on my savings account. What do you think?

Image Source: Getty
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