Texting is usually seen as a high cost item, with teens sending their families off the financial cliff with their constant missives about what to wear and who said what. However, a new study reported on by the Wall Street Journal found that texting can be an effective way to foster increased savings. In three countries, banks sent text messages to a number of people who had recently opened savings accounts with messages like, “If you don’t frequently deposit into your savings account, your dream will not come true.” Recipients of such messages added more to their savings accounts than those who did not receive the reminders.
This reinforces the importance of accountability in trying to achieve a goal. One of the most effective steps you can take toward getting out of debt, building savings, or accomplishing any other financial goal is to tell someone else about your goal. Invite them to ask you about your progress and to encourage you. A friendly text message from time to time reminding you about your goal and cheering you on wouldn’t be a bad idea either.
Thanks, Mary Ellen. That’s really helpful.
Text to Save: Those friendly reminders from the bank is a great idea. Wondering if they would send those reminders to email addresses, too.
Save on Texting: You can save some money by sending some of your text messages from your home computer. All you have to do is keep track of your friends and family members cell phone carrier. For example, if your want to email at text message to an AT&T cell phone, you would send your email to [10-digit cell phone number]@txt.att.net. Virgin Mobile’s extension is @vmobl.com, Sprint PCS’s extension is @messaging.sprintpcs.com, Verizon’s extension is @vtext.com. Here is a list of the email endings for cell phone numbers listed by provider in the US: http://holyworldwide.com/dustinhedrick/?p=430.