Introducing "The Monthly Savings Club" By Making of a Millionaire
If you're struggling to save money, you are going to want to read this
The goal of this publication has always been “to help you use money to live your best life.”
When I started Making of a Millionaire nearly two years ago, I worked towards that goal by writing about research-backed ways to grow your wealth, make better financial decisions, and spend money on things likely to improve your life.
In 2022, I started offering additional resources like courses and books available to paid subscribers.
Articles, courses, and books can all be classified as educational resources to improve financial literacy.
But, as I wrote in a recent article, we need to expand our definition of financial literacy from knowledge of financial issues to include financial behavior.
Financial knowledge is knowing what to do.
Financial behavior is doing it.
Educational resources like books and articles can help you build knowledge, but don’t do much to ensure you take action.
That’s why, in the future, I will add additional resources and services to help my subscribers turn financial knowledge into positive financial behavior.
As with my articles and books, these new services will be backed by peer-reviewed research that has been shown to help people make better financial choices.
This brings me to today’s announcement…
Introducing “The Monthly Savings Club” by Making of a Millionaire.
A 2018 study found that people who attended in-person meetings where they announced their savings goals and shared their progress with others made 3.7 times more deposits to savings accounts and doubled their total savings within a year.
In-person groups are helpful as they provide accountability, peer support, and feedback about how others in the group are fairing on their own goals.
However, they also found that many people did not stay committed to the in-person meetings in the long run because attending an in-person meeting is time-consuming and logistically challenging—especially if you have kids or non-traditional work hours.
More exciting (and relevant to our discussion) is the follow-up study in which people wrote down a savings goal and received a text message reminding them of their savings goal and telling them what percentage of other people in the group made their savings deposit that month.
They found that this lower commitment, text-based reminder had almost the same impact on savings without any of the commitments required for in-person meetings.
With that research in mind, allow me to introduce The Monthly Savings Club by Making of a Millionaire.
Here’s how it works
Every month, you will complete six simple exercises designed to help you improve your financial decision-making.
In the first exercise, you’ll list out your top savings goals for the month and reflect on whether you achieved your savings goal last month.
In the second exercise, you’ll be given prompts and space to write about the stand-out “money moments” from the previous month.
In the third exercise, we focus on the positive and reflect on your favorite recent “money win.”
The fourth exercise is a monthly money checklist to ensure you are on top of your financial “to-do” list.
In the fifth exercise, you’ll perform your monthly financial audit, where you give yourself a score between 1-5 for different financial categories ranging from spending to investing.
Finally, in the sixth exercise, you’ll complete a “start, keep, and stop” exercise where you’ll identify financial decisions you want to start doing, keep doing, or stop doing next month.
I’ll provide you with a monthly worksheet to set, change, and record all of this.
On the first Monday of each month, you receive an email in which I remind you of the goals you set, and you participate in a poll about whether you achieved your savings goal last month.
We’ll harness the power of simple reminders, peer information, and a supportive atmosphere to help you do what matters most: move from “thinking about saving” to actually taking action on your financial goals.
How to participate
The Monthly Savings Club will only be available to paid subscribers of Making of a Millionaire.
If you’re a paid subscriber—including comped and free trials—you don’t need to do anything; you’ll get an email on the first Monday of each month.
If you don’t want to participate in the Monthly Savings Club, simply click here to go into your account settings and turn off notifications for The Savings Club:
If you are not a paid subscriber, you can still have an opportunity to try out the savings club—plus unlock my archive of articles and books—by signing up for a 60-day free trial to Making of a Millionaire.
I typically don’t offer free trials, and when I have, the longest free trial I have ever given was a month.
So why a 60-day free trial?
Well, because the Savings Club will only “meet” once per month, and to get a good idea of whether this is something you want to be a part of, you need to be able to try it out first.
Here’s the free trial link one more time.
If you have any questions, concerns, or suggestions about the Monthly Savings Club, leave a comment or send me an email info@benlefort.com