Latino Immigrants Use Cell Phones To Save Money

A new text message program has proven effective in helping Latino immigrants in California take a serious look at their budget and allow them to save thousands of dollars in expenses. A project from Stanford University’s d.school (design) turned into Juntos Finanzas, a mobile text message program that helps immigrants keep track of their expenses over time, sending them a paper printout at the end of the month. Fast Company reported:

Juntos Finanzas, a new service geared specifically toward first-generation Latino immigrants, works a little like Mint, a little like Weight Watchers. Users log all their expenses by text message (since they tend not to have computers), and at the end of the month, Juntos sends them a paper chart, by mail, showing where all their money went.

That simple act, Juntos cofounder Ben Knelman tells Fast Company, has had a profound effect. In a six-month test, participants, who earn less than $40,000 a year, managed to save an average of $1,400.

Being able to see their expenses over time has helped some participants change cell phone plans, or re-evaluate cable bills, according to the Fast Company story. Ultimately, this seems to be similar to what people who use online banking access, but since immigrants are less likely to have computers with which to access those programs, Juntos Finanzas steps in. Interesting, right?

Follow Sara Inés Calderón on Twitter @SaraChicaD

[Photo By Okko Pyykkö]

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