Saving money can be hard, especially when you have so many expenses and temptations. You might think that you need to cut back on everything you enjoy, or that you need to have a lot of discipline and motivation to stick to a budget. But what if we told you that there is a better way to save money, without sacrificing your happiness or stressing yourself out? A way that is so easy and effortless, that you won’t even notice it. A way that is called automating your savings.
Automating your savings means setting up a system that automatically transfers a portion of your income to a separate savings account, every time you get paid. This way, you don’t have to think about how much to save or remember to do it manually. You just set it and forget it, and watch your savings grow over time.
In this post, we will share with you seven easy ways to automate your savings and grow your wealth. These are tips and tricks that many people commonly use and find effective. They are simple, practical, and realistic for anyone who wants to save more money automatically and effortlessly.
1. Automate your savings with your employer
One of the easiest ways to automate your savings is to ask your employer to deduct a certain percentage or amount of your paycheck and deposit it directly into your savings account. This way, you never see the money in your checking account, and you don’t have to lift a finger to save it. Many employers offer this option as part of their payroll or benefits system. You can also ask your employer to split your paycheck into different accounts, such as a checking account for your regular expenses, and a savings account for your goals. This can help you budget better and save more.2. Automate your savings with your bank
Another simple way to automate your savings is to set up a recurring transfer from your checking account to your savings account, using your bank’s online or mobile banking service. You can choose the amount, frequency, and date of the transfer, such as every week, every month, or every time you get paid. You can also set up multiple transfers for different savings goals, such as a vacation fund, an emergency fund, or a retirement fund. Some banks even offer round-up features that automatically transfer the change from your purchases to your savings account.
3. Automate your savings with an app
If you want more control and flexibility over your savings, you can use an app that automates your savings based on your preferences and behavior. There are many apps available that can help you save money automatically and effortlessly, such as:
- [Acorns]: This app rounds up your purchases to the nearest dollar and invests the difference in a diversified portfolio of ETFs. You can also set up recurring deposits or one-time transfers to boost your savings. Acorns charges a monthly fee of $1, $3, or $5, depending on the plan you choose.
- [Qapital]: This app lets you create custom rules and triggers for saving money, such as rounding up your purchases, saving a fixed amount every week, or saving when you hit a fitness goal. You can also create multiple savings goals and track your progress. Qapital charges a monthly fee of $3, $6, or $12, depending on the plan you choose.
These are just some examples of apps that can help you automate your savings. You can explore other options and find the one that suits you best. Just make sure to read the terms and conditions carefully before signing up for any app, and check the fees and security features.
4. Automate your savings with a challenge
If you want to make saving money more fun and rewarding, you can try a challenge that automates your savings based on a certain rule or formula. For example, you can try the:
- [52-week challenge]: This challenge involves saving a certain amount of money every week for 52 weeks, starting from $1 in the first week and increasing by $1 every week. By the end of the year, you will have saved $1,378.
- [Bi-weekly challenge]: This challenge is similar to the 52-week challenge, but instead of saving every week, you save every two weeks. You start from $3 in the first two weeks and increase by $3 every two weeks. By the end of the year, you will have saved $1,500.
- [Reverse challenge]: This challenge is the opposite of the 52-week challenge, where you start from $52 in the first week and decrease by $1 every week. By the end of the year, you will have saved $1,378.
You can find other variations of these challenges online, or create your own. You can also use an app or a spreadsheet to track your progress and motivate yourself.
5. Automate your savings with a reward
Another way to make saving money more enjoyable and satisfying is to reward yourself for achieving your savings goals. You can set up a system that automatically transfers a portion of your savings to a separate account that you can use for splurging on something you love, such as a spa day, a shopping spree, or a vacation. For example, you can:
- Save 10% of your income and reward yourself with 10% of your savings every month.
- Save $100 every week and reward yourself with $50 every month.
- Save $500 every month and reward yourself with $250 every quarter.
You can adjust the percentages and amounts according to your preferences and needs. The idea is to balance your saving and spending habits and to celebrate your achievements.
6. Automate your savings with a partner
If you want to make saving money more social and supportive, you can partner up with someone who shares your savings goals and values. You can choose a friend, a family member, a colleague, or even a stranger online. You can then:
- Set up a joint savings account and automate your contributions to it.
- Share your savings goals and progress with each other and hold each other accountable.
- Challenge each other to save more money and reward each other for reaching milestones.
You can also join a community of like-minded savers online, such as forums, blogs, podcasts, or social media groups. You can learn from others’ experiences, get tips and advice, and find inspiration and motivation.
7. Automate your savings with a mindset shift
The final and most important way to automate your savings is to change your mindset about money and saving. You need to:
- Think of saving as paying yourself first, not as depriving yourself of something.
- Think of saving as investing in your future, not as sacrificing your present.
- Think of saving as a habit, not as a chore.
You can also use positive affirmations, visualizations, and gratitude practices to reinforce your mindset shift. You can repeat statements such as “I am a saver”, “I am wealthy”, “I am grateful for my money”, etc. You can also imagine yourself achieving your financial goals and feeling happy and proud. You can also appreciate what you have and what you have saved so far.
By changing your mindset about money and saving, you will be able to automate your savings not only physically but also mentally and emotionally. You will be able to save more money automatically and effortlessly, without feeling stressed or deprived.
Saving money is one of the most important skills that you need to master in order to achieve financial freedom and happiness. However, saving money does not have to be hard or boring, right?
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