Based on a study with 298 low-income participants, we propose that asset accumulation occurs in 3 stages. In the first stage (reallocation), current resource inflows exceed current outflows. To do this, people reallocate resources from consumption or leisure. In the second stage (conversion), people may convert resources from liquid to illiquid forms. In the third stage (maintenance), people resist temptations to dissave. We theorize that people adopt psychological and behavioral strategies to achieve these objectives. Putting psychological and behavioral strategies together with the stages of reallocation, conversion, and maintenance results in 6 strategy groups. We provide real-world examples of each strategy group and discuss implications for encouraging account ownership among the unbanked, improving asset-accumulation programs, and improving financial education.