Managing personal finance is simple, but not easy. We all know how important it is to automate your savings. However, building a cushion of savings seems to be out of sorts for those, who hardly care about saving some money from their paycheck for bad days (which usually come in the end of the month, when all their earnings get exhausted). These sort of folks live for the present, for them money means complete fun and enjoyment, and they enjoy recklessly till the time they ran out of cash. One day their bank balance will show bucks and the very next day zero balance. Just, imagine what will happen, if someone in their family faces a medical trouble (when they don’t have enough money for the treatment), it’s really difficult to think about such a hands-tied situation.
Whether you are saving money for a college trip, buying an electronic gadget or for retirement, you will never meet your goals, if you actively don’t set money aside. One easy way to get started on saving is to automate your savings. Relying on technology to save money takes the term “calculation” and the word “hard work” associated with it out of the equation. Saves time and helps you to achieve your goals with 100% surety. Here are few ways to automate your savings:
USA Today Report-
According to a report published by USA Today, “More than a quarter of Americans have no emergency savings in hand” and 67% out of those, who save money have only less than six months worth of expenses. These figures are really terrifying considering that USA is a developed nation; condition of people living in developing countries is expected to be worse than this.
10 Ways to Automate Your Savings-
Debt repayment plan
The first step towards an effective saving plan- get out of the mess, simply “debts you own”, get rid of them. Yes, it is possible to save money while you’re paying off your debts, but getting the road clear will help you to save more effectively. Plan an automated debt payment plan to meet it sooner than you would if are paying monthly. The best example for this personal loan, many banks offer some reduction in the interest for an automated repayment plan. Leave no stone unturned to pay off your debt faster, well before time.
Saving from paycheck
Well, before getting the paycheck you discuss by self or with your family, members that this time you will save a certain sum of money, but all these things take a bow when you receive your paycheck, and the very next when your family takes out a list of shopping, and then things fee apart!
If you get your salary via bank transfer, talk to your employer to deposit split payments. It is not a big concept; you just have to give two account numbers: one is your saving account number and the other one is your current account number to the HR department of your company.
And, at the start of next financial year, you will be surprised and stunned to see that your saving account balance is far better than your current account.
Bank spare change savings programs
It is a new trendy scheme offered by many top global banks, ask your bank for this and get yourself enrolled, if they have such saving schemes. These saving programs are really effective and a great way to save some pennies every day.
Under these schemes whenever you purchase something via your debit card, your bank will automatically round off the purchase to the nearest dollar and put that money in your saving account. For example, you purchased a cell phone through an online website worth $210.20; your bank will deduct $211 from your current account and add $0.90 to your saving account. Isn’t this trick good?
Bonuses and pay raises
We feel that we don’t earn enough to save for the future, it’s normal. However, when we do get some bonus or increment, it’s easy to forget about saving. Instead of spending that extra money on buying electronic goods, house renovation or on vacation, try to save that extra money-just ignore that you had any increment, live on the same earnings.
Overpay your taxes
Overpaying your taxes in advance will help you to set money aside. This tip is good for business to get a decent refund (add to your saving account) at the end of the financial year
Save credit card rewards
If are able to make your credit card payment on time, you are sure to get some rewards from the bank. Ask your bank to add your credit card rewards in your saving account.
Pay Bills Automatically
Pay your bills automatically to avoid late fees, and this is your saving.
Keep an Eye on Your Accounts
Track all your financial accounts to know your spending and to detect any fraud activity on your account.
The simple app
Today is the era of mobile applications, so why to sit back? Install simple- a banking app that will help you to automate your savings.
It is automated platform for saving money. Plenty Fi allows their registered customers to transfer money to their bank account automatically, just by setting up an automated investment. All you have to do is just connect your bank account with this app to start enjoying its services.
No one thinks about the financial future of your family as much as you do. If you have that bad habit of not saving money or just don’t have enough time for this stuff, then try to automate your savings for a better tomorrow.