Page 36 - Payne Research Center ~ Money Matters

P A Y N E C E N T E R . OR G
With its goal-setting tool, automated savings feature, and positive cognitive nudges, the Savings Collaborative app can be valuable in this effort. Students save real money on the app and therefore experience in practice—as well as learning in theory—how small, consistent savings add up little by little and can grow significantly over time. The app’s real-time tips and guides to action can help students develop mindful spending habits, resist impulsive purchases, and stay on track with their savings goals.
The Savings Collaborative app offers a valuable tool for reinforcing the concepts taught in the Financial Well-Being course and helping students to develop practical savings habits. The app’s goal-setting tool allows students to set specific, measurable, achievable, relevant, and time- bound (SMART) financial goals, while its automated savings feature makes it easier for them to save consistently over time. Additionally, the app’s positive cognitive nudges can help students to stay motivated and on track with their savings goals by providing timely reminders and encouragement.
By using the app, students can experience firsthand how small, consistent savings can accumulate over time and contribute to their long-term financial well-being.
This experiential learning can be a powerful way to reinforce the theoretical concepts taught in the course and help students to develop a more mindful approach to spending and saving.
The app’s real-time tips and guides can also help students to develop healthy financial habits, such as tracking their expenses, creating a budget, and avoiding impulsive purchases.
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