How Automated Investments Drive Daily Savings For Growth?
Everyone has their own daily schedule that they are bound to follow, no matter how hectic it is. But sometimes, when there’s little to do; it brings a sense of joy and relaxation. Let’s take an example of the invention of the microwave oven. Earlier, people had to cook or reheat the food on stove tops, which required constant monitoring and adjusting the heat. But with a microwave, one can simply place their food inside, set the timer, and let it do the work. And it saves so much time. Just like that, we can also automate our savings & investing using an app and save more time.
What is an automated savings?
It is a process where transfers can be automated using UPI-based payment systems or a dedicated UPI app with a predetermined amount to be regularly transferred from the bank account to the savings account. The main idea is to make savings a routine so one doesn’t have to worry about it. You don’t even have to remember to transfer money each time. A fixed amount from your bank account will be automatically deducted.
Process of automated savings:
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Money saving from paycheck:
Before your salary is deposited into your bank account, you can make a plan that you have to put this amount of money into any of your future savings plans. You can also deposit this specific amount of money into your future savings plans using convenient payment methods like UPI or your bank’s app. And you also get a plus point! you can’t spend that saved money anywhere else.
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Select a high-interest saving account:
When you are saving, it’s always good to have the best high-interest savings account. That will provide you with rates that are significantly higher than the national average. And if your current account doesn’t pay much interest, you can switch your account. You can also go for online banks as they have more attractive interest rates.
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Apps with automatic savings feature:
These apps have made our life so much easier. And in just a few years, a variety of new savings apps have entered the market. These apps provide attractive ways to save money. Some of these apps have tools that are referred to as round-up tools that one can use to save extra charges effortlessly.
Benefits of automated savings:
- Controls spending: It helps you resist the urge to spend impulsively through UPI payment
- Reduces emotional decisions: You avoid making hasty choices based on instant gratification.
- Saves mental energy: There is no need to worry about managing your money and investments.
- Maintains financial progress: Your savings stay on track without extra effort.
Hence, from the above benefits we can conclude that automated savings is an effective way to bring about lasting change to our financial situation. Automating savings through a banking app or a UPI app, works well, and it helps us stay on track without relying solely on willpower.
Bottom line:
Savings done using an app with automatic features can be really helpful if you can’t stay mindful while spending your money. Saving up money assists you during any emergencies or during the times when you want to make big investments like buying a car or a house. Therefore, start saving for your future, and along the way automating the savings process will shorten a lot of pressure.
