Put a Name to Your Savings

You know how when you want to remember something, it’s easier if you connect it to something else? This is known as a mnemonic device. It can be verbal or visual, but the purpose is to help you remember something. You can also use mnemonic devices to help you save.

When you put a name to what you are saving for it makes it much more meaningful than just saving because that’s what you are supposed to do.

So, here are a couple of ways that you can put a name to your savings.

#1 To save for a something specific in the short-term open a You Name it Savings Account. Then, give it a name. It could be beer money or trip to Hawaii savings or even emergency fund.

#2 Post a picture of what you are saving for. Put it somewhere that you will see it daily such as on your fridge, on your computer desktop or your bathroom mirror. With the picture put your $$ goal and the current balance, sort of like those thermometer used to post the progress of charity fundraisers.

#3  Use a form of your goal for password logins. For example, if you are saving for a trip you could use: Me%i(0 for Mexico. Remember to use at least 6 characters and combine symbols, letters and digits. This works well if you change your passwords frequently since it will help you remember both your goal and password and make your password difficult to crack. Unless, of course, you run around the office telling everyone that you are saving for a trip to Mexico.  

#4 Stop referring to your investment accounts by calling them such. Instead of saying, “my 401(k)”, call it My house by the golf course, or “Your Name Here’s Future”. (i.e. I’m making a deposit for Jim’s future.)

It’s helps if you make your mnemonic device silly. It might sound strange to start calling your 401(k) by your name, but it brings your goal to the forefront. Besides, saving should be fun. 

Enjoy!

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