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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
Join The Conversation
candygirl012 candygirl012 7 years
yeah. i need an "external motivator" or else i'll forget about it..
TidalWave TidalWave 7 years
i have a reminder in Remember The Milk to put so much money into my savings every month. It helps!
LilGlamDiva LilGlamDiva 7 years
I'm pretty aware of my financial situation, especially if I'm at a point where I should not be spending money. If that is the case, then it is already stressing me out, and I think text messages would just really annoy me...
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