Automating Your Savings: How to Make Saving Money Effortless

We’ve seen the Stone Age, the Bronze Age, and the Iron Age. But today, we like to think we’re in a Smart Age!

Smartphones, smart TVs, smart cars, smart investing, smart saving – everything we do today is driven by the idea to work smarter, not harder – and digital apps are a prime example of this philosophy.

Today, there are a number of savings apps in the Indian market that can help make saving and investing an easy and automated process. If you aren’t already using any such app – we’re about to convince you to (and if you already use such an app, you’re about to feel great about that decision!).

Savings apps can help you with various aspects of budgeting, but they offer unique features that can make saving money completely effortless for you. Here are some of the top features of savings apps that can help you save money diligently – helping you build a nest egg for important life goals –

1. Automation – Consistency is difficult. But it is also the key to building a strong financial portfolio. Enter: automation! Most savings apps today will offer you the option to automate your savings. This means that you can set up a limit for how much you want to save daily, weekly, monthly, or yearly – and the app will automatically save this amount for you. You can easily link your bank account to these apps in order to facilitate seamless transactions that require no intervention from you. You can think of the automation aspect of savings apps as setting up a savings SIP for yourself!

2. Round-Ups – Some automated saving apps offer a round-up feature created to help you save or invest your spare change. For instance, you can set up Round Up investing (which is basically saving, but with interest!) with Deciml. This means that all your digital transactions will be rounded off and the difference will be invested on your behalf. So if you spend ₹181 on your morning cab ride, then Deciml will round that off to ₹190, and invest ₹9 for you. Savings apps that offer micro-saving or micro-investing options are great to make saving money a bit more effortless – helping you accumulate small amounts over time without you even realizing it!

3. Goal-Based Saving – Many savings apps allow you to set specific financial goals, such as saving for a vacation, a down payment on a house, or an emergency fund. They provide personalized saving plans and help you track your progress toward your goals. And when you couple the goal-setting aspect of these apps with the automated features, you are sure to stay on track with your savings without even thinking about it!

4. Smart Budgeting – There’s that word again – smart! Automated savings apps often come with built-in budgeting tools that help you analyze your spending patterns. By categorizing your expenses, you can identify areas where you can cut back and capitalize on areas where you save more. Such apps can also provide insights and recommendations based on your spending habits, making it easier for you to manage your finances effectively.

5. Insights – Whether you are just starting out on your saving journey, or have been at it for a while – one thing remains unchanged – you always need verified sources that provide you with relevant information. Most savings apps offer such insights to users. For instance, the Deciml App has a feature called Wise Up, which is a trove of information about personal finance, investing, and all things fintech! By educating users about various investment options, risks, and returns, these apps empower young investors like you to make informed decisions and maximize your savings potential (and cultivate your financial literacy!).

6. Investing Options – We’ve always said that saving and investing can (and should!) go hand in hand! Some automated savings apps in India also offer investment features, allowing you to grow your savings through diversified portfolios. For instance, using Deciml, you can micro-invest as little as ₹1 in mutual funds, or P2P lending, depending on your preference. And since diversifying is important for financial growth – being able to do just that while saving or investing money is just… *Chef’s Kiss*.

In conclusion, automated savings apps in India have revolutionized the way young investors save money by making the process extremely convenient. Through various unique and useful features, these apps empower you to develop healthy saving habits and achieve your financial goals.

By leveraging the power of technology, automated savings apps are transforming the saving landscape and making financial security more accessible than ever before.

So, are your savings automated yet?


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