What if you could save more money by texting someone?
After seeing many of my friends fail to budget (and consequently lose control of their finances), I’ve decided to launch a new experiment…
Introducing, Save With SMS
Here’s how it works:
- You sign up and schedule a call with a Spending Coach
- Together, you figure out a spending / saving goal
- You make a public commitment, sharing your goal with at least 1 person
- Start texting with your Spending Coach about day-to-day purchases
- We track your progress and offer advice to make sure you’re on track to meet your goal
And… it’s FREE. You can participate at no cost to you.
It’s like personal training for your bank account.
As you text your spending coach throughout the day (e.g., purchased lunch for $10… just paid $17 for a taxi…) you become more aware of your purchases. And combined with thoughtful questions & suggestions from your coach, you gain a new level of insight into your financial life.
People suck at saving
This all started when my buddy Chris Williams noticed something.
His friend told him that she had “accidentally” acquired $10,000 of credit card debt.
How do you accidentally get into that much debt?
A little discussion revealed that she:
- Didn’t track her spending
- Had trouble budgeting
- Didn’t know if she was on track with her money goals
Being a good entrepreneur, he did what any hypothesis creating scientist would do… he created a test.
Before every purchase, she would text him the details of the expense, and wait to hear back from him before pulling the trigger.
She agreed to the experiment, and over the next few weeks she consistently texted about each purchase.
This led to some powerful results:
- She discovered that she was making fewer impulse purchases, and
- She’d saved $148 more than she would have normally during this time
…something interesting was going on here.
It was around this time that Chris got in touch with me, and together, we launched SaveWithSMS.
Who this is for
The experiment has evolved since Chris’s initial test. SWSMS participants are NOT texting us for permission to buy things, they simply report purchases to us.
To be clear: as a SWSMS participant, you are NOT asking us for permission to buy things.
Your job is to text us about purchases. Not get permission.
Your Spending Coach ≠ your boss.
What we’re asking for is still kind of crazy if you think about it though. We’re asking people to text us (the Spending Coaches) about every purchase they make throughout the day.
We fully recognize the craziness of this project, but we also think it could help you save a boatload of money.
Here’s who this experiment might be a good fit for:
- You don’t like budgeting
- Mint and other tools haven’t helped you much
- You want to cut back on your spending (or save more)
Right now, we have 8 people enrolled in our project. We’re hearing from more people each day, so we expect to have a decent sized group in the coming weeks.
The benefits of SWSMS
If you join the SaveWithSMS project… you’ll get 1-on-1 accountability with a Spending Coach.
Just back and forth texting.
If this sounds interesting, go to www.SaveWithSMS.com to learn more.