• Savings Success

    A self-directed plan for better savings behaviors
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  • This behavioral science-based course developed by ideas42 and made possible through Money Fit by the generosity of Capital One

    *This workshop is not intended to provide financial advice or guidance; instead we’re here to help provide key terms and share best practices that can help improve your relationship with money. Any opinions or advice is of the organization and not necessarily Capital One’s.

    Important Housekeeping Points

    • This workshop is 100% self-guided.
    • Use the NEXT and PREVIOUS buttons to navigate.
    • Do not use your browser’s back button. If you do, it will exit you from the program.
    • This course can take between 30 and 60 minutes. Click "Save for Later" to exit and return later.
    • Click the SUBMIT Button at the end of the activity to download your free Certificate of Completion

    *See https://www.moneyfit.org/privacy-policy-and-disclosures for our privacy policy

    Click Here to View and Download Hardcopy of Workbook

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  • DISCLOSURES

    Required Disclosures
  • Clear

  • Brief Demographic Survey

    Our regulators require us to report aggregated figures (not personally-identifying information) of the following information.
  •  / /

  • LET'S GET STARTED

  • There Are 3 Different Types of Savings Goals

    Savings funds provide household security in times of crises and help add more enjoyment to life.

    1. Emergency Savings provide a bigger financial cushion to keep you secure through an unexpected crisis. Aim for 3-6 months of expenses in your emergency savings account.

    You might use these funds during unemployment, following displacement by natural disasters (hurricanes, wildfires, earthquakes, floods, etc.), or while going through a divorce (which means you'll likely need to split these funds).

  • 2. Rainy Day Savings are for  unexpected expenses  that we can't cover from a single paycheck (most of us have these!)

    Examples include vehicle repairs, doctor visits, periodic home maintenance and home repairs, veterinary bills, replacement of electronics that wear out (e.g. TVs, phones, and computers), and unanticipated, essential travel (e.g. to attend a family funeral or friend's wedding).

  • 3. Targeted Savings are for planned expenses, like school expenses, holiday gift-giving, or putting a deposit down on a new home. They should also be used for replacing expected expenses like new appliances and furniture, vacations, and regular yard updates.

  • That's a good guess. Emergency savings are critical, but they are for much larger issues than replacing a lawn mower. They are for paying your living expenses for extended periods when you are without income.

    Go ahead and try again

  • That's a good guess. Targeted savings are for planned, future expenses, not unexpected or unplanned purchases.

    Go ahead and try again

  • That's right! Rainy Day savings are for unexpected expenses you incur when something in the house breaks down or needs repair. It may not be quite as large as your Emergency Savings fund, but you should have enough money in your Rainy Day fund to cover large vehicle repairs, appliance or furniture replacement, and other purchases you will have to make at some point, even if you don't know exactly when.

    Click "Next" to Continue

  • Personal Survey

    To make this self-guided webinar both interactive and beneficial for you, we will ask you to complete several brief surveys and activities. Here's the first one with a couple of quick and easy questions to get you started:

  • My Savings Plan

    Today, you will set a savings goal, then make a plan to bring it to life!

    We’re not here today to teach you fancy words about finance. Instead, we’re going to help you make a plan that works for your life.

    No two lives are the same, so your plan needs to fit your own life. You are the expert on your finances. This webinar will present you with some guidelines, but it will be up to you to make the decisions.
    There are self-reflection sections that will give you the opportunity to create a meaningful personal savings strategy based on your priorities.

  • Setting My Savings Goal

    The first thing you’re going to do is to pick a goal: What do you want to save for?
    It’s not about how much you save. It really isn't. It’s about what you’re saving for.

    Here are a few things to keep in mind:

    • Choose one single goal: If you have many goals, pick the one that feels the most important to you.
    • It should be something you can picture clearly.
      For example, if you want to save for an emergency fund, ask yourself what kind of problems it can protect you from. Or if you want to move out on your own, think about what kind of place you want to move to.
    • Make it a goal that’s possible because of the money you are adding to your savings:
      For example, you’re looking for a savings goal, like buying a new computer and not a life goal like getting a new job, even though life goals often require savings goals.

  • Next, you’ll take a moment to picture your chosen goal as clearly and in as much detail as possible. Ask yourself questions like the following:

    • How will you feel once you have reached your goal?
    • Where will you be?
    • What will you be doing?
    • Who else will be there?
    • What will they be doing?
    • How will the people you love feel?

    For example, can you picture yourself in a new apartment? Where will you be sitting?

    Let's look at a couple of other examples. Click "Next" to continue.

  • Example #1: My life will be better once I've saved up to...

    "Pay for repairs to my car."

    And once I do, I'll feel...

    "less stress in the mornings about getting to work on time. If I can take my car, instead of the bus, I’ll have more time to eat with my kids."

    Example #2: My life will be better once I've saved up to...

    "take a family vacation to our favorite place on the coast."

    And once I do, I'll feel...

    "relaxed and reinvigorated being able to smell the ocean, to watch the kids play on the beach, and to hear the roar of the waves at night."

  • Comprehension Assessment

    Which savings goal do you think might best create an emotional connection with the individual, leading to increased motivation?

    Click on each of the goals below to see some of their strengths and weaknesses as a goal statement.

  • If the goal setter has had direct experience with unemployment, this goal may create enough of an emotional connection to the $30,000 to create motivation.
    However, the amount is so large that it can become unrelatable. Perhaps breaking the $30,000 final goal into a more manageable monthly goal would feel more realistic:

    • $300/month for 8 years or $500/month for 5 years or, if possible, $1,000/month for 2½ year

    Go ahead and TRY AGAIN

  • Comparison goals may be very common, but they are not effective at creating motivation. It's the same concept as "Keeping up with the Joneses." Are you trying to save money for the same reason your parents saved money? Their living circumstances were likely very different from your own. And even if you did reach the same amount, human nature would push you to turn your view to someone else to compare yourself to, never being satisfied with your accomplishment.

    Instead, tie your savings goal to a specific purpose that has meaning to you personally:

    • We will save $250 per month for 18 months so that we can replace our aging kitchen appliances with new, upgraded versions.

    Go ahead and TRY AGAIN

  • This is a great financial goal. It involves a specific amount for a specific purpose that is meaningful to the saver. The only thing it's missing is a monthly amount to save and a target date for reaching the $1,000 goal. It might even be improved by including the equipment details (e.g. microphone, headset, mic stand, laptop, software, etc.)

  • Ready to give your own goal a try? Complete the fields below.

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  • Congratulations! You Did It!

    You have set the first financial goal of your savings plan. Believe it or not, that's better than the majority of the US adult population who don't have written savings goals.

    Now, How Often Can You Save?

    Let's answer this important question:

    When is the best time to save?

    "Once the tornado touches, it's too late to start digging your shelter"

    Obviously, the best time to save is WHEN THE MONEY COMES IN.

    • If you get a paycheck every two weeks, then save every two weeks
    • If you get a check every month, save every month.
    • If you don’t have a regular income, try to save every week.
    • If you have a direct deposit paycheck, the best way to save is to automatically divert some of that into a savings account
    • Be careful not to incur overdraft fee

    Now, identify below how often you will save. Then, click "Next" to see how much you'll need to save.

  • Details of Your Savings Goal

  • EVERY DAY, this is how much you will need to save:

     {SavingsAmount}

  • EVERY WEEK, this is how much you will need to save:

     {SavingsAmount}

  • EVERY TWO WEEKS, this is how much you will need to save:

     {SavingsAmount}

  • TWICE A MONTH, this is how much you will need to save:

     {SavingsAmount}

  • EVERY MONTH, this is how much you will need to save:

     {SavingsAmount}

  • EVERY TWO MONTHS, this is how much you will need to save:

     {SavingsAmount}

  • Click the "Back" button until you can adjust your savings amount and/or savings frequency until the "Savings Amount per Period" is an amount you will be comfortable with.

  • The Power of Consistent Savings

    Many consumers think that just because they can't save huge amounts of money with every paycheck, their savings won't make a difference.

    But even small amounts, saved regularly, can add up to significant amounts over time.  For example:

    • $5 saved every week will add up to over $250 a year, or enough to pay for a new, small appliance in the kitchen.
    • $20 saved every two weeks will add up to more than $500 a year, or enough to replace a basic couch, bedroom set, or phone.
    • $400 saved every month will add up to nearly $5,000 within a year, which is enough to get most households through a brief period of unemployment.

  • Invitation for Follow Up Support

    In the spirit of supporting you in your goals, we invite that you participate in two 30-second email surveys approximately 6 months and 12 months from now. We will simply ask you to report your savings progress as a means of helping to keep you on track.

    None of your personally-identifying information will be shared with any party outside Money Fit by DRS. (also dba Debt Reduction Services Inc), and your participation is completely voluntary.

  • Increasing Your Savings Contributions

    After seeing their potential for total annual savings, many households want to increase their regular savings contributions. If you feel that your current savings goal is already the maximum amount you can afford, you have three options for increasing that amount:

    1. Earn more money every month
    2. Spend less money every month
    3. Do a combination of options #1 and #2

    Earning More Money

    To earn more money, you might consider one or more of the following options:

    • Take on a side hustle or part-time job
      -Temporarily, though, to avoid burnout
      -Examples include freelance writer/content creator, social media management, online language teacher, neighborhood yard work, or petsitting
      -For more details, see our blog about plausible side hustles here.
    • Ask for a raise
      -Be prepared with figures and support to show why you are more valuable to your employer than what they are paying you.
    • Find a better-paying job
      -Keep in mind that switching jobs might mean you will be without benefits for up to three months.

    Click "Next" to learn about reducing monthly expenses as a way to increase your savings contributions.

  • Reducing Household Expenses

    What are some ways to reduce costs and find savings?

    Let's consider ways to…

    • Shop around for frequent purchases
    • Find cheaper or free alternatives
    • Avoid fees
    • Unsubscribe
    • And more…

    Write down spending goals that are specific like these examples:

    • Instead of "Save money on groceries," you might write down, "Buy more frozen veggies, because they don’t go bad."
    • Get groceries at a cheaper store.
    • Find free activities to do with friends/family.
    • Reduce my cable/satellite subscription.
      Cook extra for dinner and use the leftovers for lunches.
      Use a coupon or coupon app.

    Avoid picking goals that will be too difficult to do or require too much sacrifice, like "Quit smoking!"

    Click "Next" to start coming up with some ways of your own.

  • Brainstorming Activity

    No judgments or critical review

     

     

    In the fields below...

    • Come up with up to 3 ideas for saving money.
    • Write down new ideas and ideas that have worked for you in the past.
    • Type ONE idea per field

    As with all your responses, your answers below will be included in the email you receive after completing this course. So, you'll have a record of your ideas.

    To stay focused, keep this activity to just 2-3 minutes. Then click Next to continue.

  • Your idea with the highest score should be your top priority.

    The higher your score, the easier and greater impact your idea can have on your finances.

  • Creating a Backup Plan

    Even the best-laid plans of mice and men... will go wrong.

    Behavioral science tells us that if you look ahead at the possibilities of something going wrong in your plan and plan now how you'll react, you will be significantly more likely to stay on track despite setbacks along the way.

  • Now, what can you do to complete your steps even if what you wrote above actually happens?

    In the space below, write a backup plan. Then ask yourself, does it feel like a realistic solution to the potential problem above?

  • When Times Get Tough, Remember...

    Whenever you face a challenge or are even forced to dip into your savings before you reach your goal, remember the following:

    Setbacks are NOT failures!

    They happen to everyone. You can be grateful you have something in savings, even if not as much as you wanted.


    Just start saving again.

  • Reminders

    As you wrap up this course, first of all, congratulations on making it this far. You have the workings of a legitimate savings plan (and even with a backup plan) that you will receive in your email Inbox.

    Let's set up the final but not least important step in your savings-building plan:

    Setting Your Reminders!

    Instead of relying on your best intentions, enlist the help of technology and/or old-school paper to jog your memory when it comes to what step in your savings-building plan you're going to take and when.

  • Set up your reminder(s) now. Don't wait till later. It's okay. This course will be here when you get back.

    Use a reminder app or set one through your phone's calendar. Make sure to set a date and time for the reminder to either beep at you or vibrate to get your attention.

    If you can, set multiple reminders between now and the due date so that you will remember to be working on your goal(s) regularly.

    Once they're set up, click "Next."

  • Set up your reminder(s) now. Don't wait till later. It's okay. This course will be here when you get back.

    Write down your steps on a paper calendar that you will look at regularly, whether on your refrigerator or your desk. Use bright red or other colorful ink to grab your attention.

    Don't just write down the goal and its due date, but include steps along the way.

    Once they're set up, click "Next."

  • Set up your reminder(s) now. Don't wait till later. It's okay. This course will be here when you get back.

    Take a picture of your plan or of something that clearly reminds you of your plan, and set it as the lock screen or wallpaper on your phone.

    Once they're set up, click "Next."

  • Set up your reminder(s) now. Don't wait till later. It's okay. This course will be here when you get back.

    Write your goal(s) on one or more sticky notes. Then, place them somewhere you’ll see them, like your bathroom mirror or on your favorite credit card in your wallet.

    Create one for each step along the way to your goal, and write the due date for each step along with it.

    Once they're set up, click "Next."

  • Set up your reminder(s) now. Don't wait till later. It's okay. This course will be here when you get back.

     

    Once they're set up, click "Next."

  • You Made a Lot of Progress Today!

    Today, you...

    • Chose a savings goal
    • Found strategies to cut costs in your life
    • And made a plan for how you’re going to save
    • You’re walking away better equipped to generate savings toward your goals.

    Next?

    • You’ve got to take the steps you identified to free up those savings in your spending.
    • And then make your deposits!

    Thank you all for your hard work today.

  • Wrapping Up

    Before we say our farewells and share final thoughts, we would love to get your feedback about this course with ONE BRIEF SURVEY.

    On the next page, we'll ask you to answer 5 easy questions. That's it! We'll then generate your Certificate of Completion that you can download and will receive via email.

  • Final Survey

    Please indicate whether you agree or disagree (or neither) with the statements below. Your answers will not generate any additional requests or potential contact.

    All questions are optional.

  • Done? Click the "Submit for Free Certificate"

    {firstname}, you will be able to download your certificate of completion on the next page. You will also receive an email at {email} with a link to download your certificate.

    © 2025 Money Fit by DRS
    www.MoneyFit.org

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