6 Ways to Automate Your Savings

Posted on Saturday, August 26th, 2023 | By IndusInd Bank

Summary: From choosing the right savings account to setting up direct deposits, there are several ways to automate your savings. Open a digital savings account with IndusInd Bank and grow your savings with ease.

Saving money is essential for securing your future and achieving your financial goals. A well-crafted savings strategy helps you meet financial goals and prepare for unforeseen contingencies. Unfortunately, most people overlook the habit of saving on a regular basis. This is when automation steps in to help you. Automation enforces the habit of saving, resulting in the tangible growth of your savings over time.

What Does Automating Your Savings Mean?

Automating your savings involves setting up a system in which a specific sum of money is transferred consistently and automatically from your primary account to a designated savings account. This new-age technique allows you to regularly save money, move closer to your financial goals, and create a safety net for unexpected expenses.

Keep reading to discover six ways to automate your savings and create a secure and stress-free financial future.

1.  Set Aside Money from Every Paycheque

Make sure to put a portion of your monthly salary into your savings. You can choose how much you want to save and let your bank manage it, or inform your employer for direct allocation. This is a reliable way to facilitate building a corpus of funds.

2. Choose the Right Digital Savings Account

If your existing account doesn’t pay competitive interest, switch to a high-interest digital savings account. These accounts are known to offer some of the highest interest rates. Pay close attention to maintenance fees or penalty for failing to keep a minimum balance because these can lower your interest earnings.

3.  Streamline Recurring Expenses

If is important to pay utility bills, credit card bills, and other recurring payments on time. Instead of doing this manually, let your bank automate recurring payments for electricity bills, internet bills, credit card payments, and home or car loan EMIs among others. This allows you to stay stress-free without worrying about missing payments.

4.  Use Automatic Savings Tools

Today, there are plenty of amazing online tools and apps that can help you kickstart your savings journey. Among these are round-up apps, which are linked to your debit or credit card so that every time you make a purchase, they round up the price and deposit the spare change into your savings account. These tiny sums can eventually add up to a considerable amount of money.

5.  Save Your Raises, Bonuses, & Tax Refunds

Whenever you receive a raise, bonus, or tax refund, consider automating the allocation of these additional funds into a savings account instead of using them for your regular expenses. With this strategy, you can gradually increase your long-term savings and investments.

6.  Track Your Savings Process

Keep a close watch on your expenses to enhance your savings and avoid reckless spending. Use automatic compounding and a savings tracker to boost your financial awareness and make wise spending choices.

Indus Digi-Start – A Digital Savings Account by IndusInd Bank

Maximise your savings potential with Indus Digi-Start and set yourself up for a financially secure future. The salient features of this digital savings account are as follows:

• Instant online application process
• No minimum balance requirement
• Freedom to choose your own account number
• High-interest rate for faster savings growth
• Exciting debit card offers
• Access to an array of digital banking services – mobile banking, WhatsApp banking and On-the-Go banking
• Fingerprint banking facility on the mobile app
• Facility to automate recurring payments
• Complimentary insurance worth INR 1.5 lakhs

Unlock the future of savings with Indus Digi-Start.Apply today and take control of your financial journey!

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.