A method of saving money using a mobile phone to reach a savings goal. The method includes creating an electronic account; computing a periodic sum of money to be saved by the user according to the savings goal; receiving a first electronic message from the mobile device, the first electronic message includes a description of a service or product not purchased by the user and an amount of money not spent; storing the description and the amount in the account; computing a running total of the amount of money not spent. The method may also include transmitting a second electronic message, the second electronic message acknowledging the first electronic message, the amount not spent by the user, the amount remaining to be saved to reach the savings goal and/or the total amount not spent.