Embrace technology that helps you save
plan better prommthesh chatterjee
Promothesh Chatterjee

Harness tech to save more
Our research suggests that using software to aggregate multiple savings accounts could improve your saving and spending behavior. With many accounts, your sense of how much you have saved is too vague. With one, your tendency to justify spending decreases, because you have a clearer sense of your financial situation.
-- Promothesh Chatterjee, assistant professor at the University of Kansas School of Business

Painlessly stick to a budget
Rather than track every little expense, set aside a certain amount of money. Then feel free to spend the rest however you see fit.

This requires two steps. First, add up the amount per month that you need to save to reach your goals, like a home purchase, new car, retirement, et cetera.

Second, set up a monthly automatic withdrawal from your checking account to a separate account, preferably an online savings account that pays a little higher interest. Then spend your money as you want.
-- Peter Lazaroff, CFA/CFP with Acropolis Investment Management

Connect with your future
My new research, like other work in this area, shows how important it is to think of your future self as real. I found that speakers of languages with grammars that blur the lines between present and future tenses, such as German and Mandarin, tend to exhibit more future-oriented behavior, like saving more for retirement.

But your language is not your destiny. It's just a force that nudges you. You can learn to create other nudges, like setting small, attainable goals that will slowly improve your habits.
-- Keith Chen, economics professor at the Yale School of Management

Best tool: Seeing yourself old makes you more inclined to save for retirement. The 99ยข smartphone app AgingBooth takes your picture and morphs you into a senior citizen.

Send a letter to the editor about this gallery to money_letters@moneymail.com.
  @Money - Last updated June 26 2013 04:26 PM ET
Join the Conversation
Best advice now for getting richer

Top experts and Money readers share their smartest tips for helping you build your nest egg and land a dream job.

Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.