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鈥淪pend less, save more鈥� is always on the list of popular New Year鈥檚 resolutions, but as with commitments to get fit or lose weight, we find it hard to follow through. Overall,聽聽successfully achieve their goals.

But you can save money, even $1 million for retirement, without necessarily spending less. It turns out you鈥檙e likely to stick to your goals if you save a portion of your future income, rather than cut into current spending. It can be that simple, especially if you start early in your career.

Invest in the future

This is the premise behind聽, or SMarT, developed by behavioral economists Richard Thaler and Shlomo Benartzi. The strategy聽aims to help people increase savings rates for retirement (or other financial goals) by having them聽聽a portion of future raises.

The economists report that one group聽of workers who adopted the strategy saw their retirement savings rates go from 3.5% before receiving the advice to 13.6% four years later. About 80% of those employees stuck with the strategy throughout that whole time.

NerdWallet decided to put the strategy to the test by running some numbers for two hypothetical cases. In each, half of annual raises are invested (and all of a bonus, for those fortunate enough to get them). Our聽numbers are in addition to any other savings strategy.

A 25-year-old starting to save for retirement

Let鈥檚 take a hypothetical 25-year-old who makes $45,000 a year and expects to receive 3% annual pay raises until retirement at 65. If she saves and invests half of the raise portion of her salary聽each year,聽she can increase her savings rate without cutting into her current spending habits. If she earns an average annual return of 7.5%, this will turn into $223,924 by the time she is 65 (see our methodology below). This isn鈥檛 near recommended聽, but it is one way to get closer to your financial goals.

Let鈥檚 assume our 25-year-old聽also receives an annual 5% bonus on her previous year鈥檚 salary. If she invests all of her bonus every year as well, her pretax savings at age 65 jumps to nearly $1 million.

A 35-year-old saving for a child鈥檚 college

Our second example looks at a 35-year-old who is starting to save for his child鈥檚 college tuition in 18 years. He makes $55,000 a year, expects 3% annual raises, and plans to save 50% of the raise at a聽return of 6.5%. At these rates for 18 years, he鈥檒l have saved $33,256 by the time his teenager arrives for orientation.

By investing聽100% of bonuses every year as well (assuming a 5% bonus), he鈥檒l accumulate $147,337 over 18 years. To put this in perspective, the College Board estimates that an聽聽at four-year, private colleges.

If tuition increases 5% a聽year for 18 years, annual college costs by the time the child enters college would聽be $29,746. Then, by the student鈥檚 fourth聽year, the annual cost would hit $34,434. However, our saver will be able to more than cover the entire cost of his child鈥檚 four-year degree with this plan.

Making this strategy work

Use聽automatic deposit. Most investment platforms have features that automatically take money from your checking account, allowing you to set an investment strategy and manage your investing goals. Use聽聽to figure out which investment platforms can help you start saving for retirement.

Choose the right account for your goal. Those working for an employer with a 401(k) plan should take full advantage of any employee match, and consider which聽聽make the most sense for them. Once you鈥檝e captured an employer match, you may want to begin funding an IRA. And if you鈥檙e saving for college, consider a聽.

Apply this method to any sudden windfall. The SMarT strategy shows how investing little bits of money can add up quickly over time. To super-charge your savings, consider applying this strategy any time you come into extra cash. If you receive a聽, consider investing it. When you pay off a monthly debt 鈥� such as a car loan 鈥� direct those payments into an聽investment account instead.

So if you just received a pay raise, start developing your retirement聽savings plan now. Investing is a slow and steady process, but developing a plan like the SMarT strategy can help you reach your long-term financial goals.

Methodology

A 25-year-old starting to save for retirement

At the beginning of 2016, she got a 3% pay raise, from $43,689 to $45,000 a year (and expects similar pay raises until her planned retirement at 65). She begins a savings plan in which she invests 50% of her pay raise in a tax-deferred retirement account. In the first year, this is $655 annually, or $55 a聽month. In the second year, this is $675 annually, or $56 a聽month (50% of the $1,350 pay raise, from $45,000 to $46,350). If she continues at these rates, she鈥檒l add $223,924 to her retirement portfolio.

A 35-year-old saving for a child鈥檚 college

He just received a 3% raise, from $53,398 to $55,000 (and expects similar pay raises through his career). He plans to save 50% of the raise ($801, or $67 a聽month, in the first year, and increasing thereafter) in a college savings account, like a 529, at an expected return of 6.5%. If he continues to save 50% of each annual raise for 18 years, he鈥檒l have saved $33,256.

聽Jonathan Todd is a data analyst at NerdWallet, a personal finance website. Email:聽jonathan.todd@nerdwallet.com.

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