Saving is an art, but there’s a science to doing it well. To pack more power into your “It’s an Emergency!” savings effort, try these:
If you have a few savings goals, cut back.
You save more when you zero in on one goal at a time, according to a study in the Journal of Marketing Research.
While you might want a new fridge, a puppy, and a vacation, harness that energy and focus solely on your safety cushion till—bam!—mission accomplished.
You’re more likely to reach your goal when you concentrate on why you’re saving (and less on how), according to a study in the Journal of Consumer Research.
Need a nudge? Here’s our motivation:
- “I want enough cash to keep my family afloat for several months.” —MP Dunleavey, editor-in-chief
- “I want to be able to fly home to Detroit on short notice if need be.” —Katie Karlson, sales editor
- "I'm prone to weird accidents--from broken wrists to corneal ulcers (true story), and I don’t want to stress about medical bills.” —Nika Rastakhiz, marketing manager
Tell a friend about the "It's an Emergency!" challenge and get one extra entry for each friend who enters.