How to Automate your Savings with a Savings Account

Posted on Wednesday, May 10th, 2023 | By IndusInd Bank

Automating your savings is the easiest way to inject financial discipline into your life. You can do it with the help of a high-interest savings account by setting aside savings for different goals, automating bill payments, using a cash-back credit and debit card, and monitoring your spends.

Spending is usually regarded as a fun activity and saving, a solemn business. But truth be told, the joy of putting away your hard earned money and watching it grow is far more enduring and fulfilling. Unfortunately, not everyone is able to embrace the financial discipline or commitment needed to save on a regular basis. In this digital age, automating your finances offers an easy way out. Why this works is simple to understand from a behavioural point of view – you are more likely to stick to something if it gets done automatically in the background, without you having to take the trouble of initiating the process or intervening in it. Here are 3 key reasons why you absolutely should automate your savings followed by ways to do it with the help of a savings account.

Why Should you Automate your Savings?

• Setting up automated savings eliminates the trouble of having to overcome the powerful forces of procrastination and temptation.
• Automating reduces the amount of time you have to spend every month on routine tasks related to various aspects of money management such as paying bills.
• With all obstacles removed, automating savings can help you meet your financial goals faster and more effectively.

5 Ways to Automate Savings with a Savings Account

1) Opt for a High-Interest Account

While saving is great in itself, can anything be better than watching your hard-earned income grow? Don’t just put your money in any savings account; look for a high-interest savings account to augment the returns of your automated savings.

2) Earmark Savings for Your Goals

From paying for that dream vacation to making the down payment on a home, each person has different – and usually more than one – savings goals. Instead of putting your money into a single savings account, it makes sense to set up a separate and new savings account for each goal and then make regular automated deposits from your salary account into each of these.

3) Automate your Bills

Automate all your regular payments to avoid having a penalty take a bite out of your savings. These could include your utility bills such as water, electricity, and telephone; credit card payments in full, car loan EMIs, and even rent payment. This will have a twofold advantage: no more hassle of manual payments and no more stress about deadlines.

4) Use a Cash-back Debit & Credit Card

Get a cash-back credit card and direct that cash-back into your savings account. Putting in the cash-back every month will enable your savings account to grow. With an IndusInd Bank savings account, you can even get cashback on your debit card spends.

5) Monitor your Finances

Successful financial management entails setting a budget and sticking to it. Instead of labouring over the process manually, deploy apps and other digital tools to keep track of spending in each category. This will give you a clear picture of where your money is actually going, indicating opportunities for cutting back.

IndusInd Bank Savings Account

IndusInd Bank offers a vast array of savings accounts, each packed with unique features and benefits to suit differing customer lifestyles and preferences. If you are looking to save more with a new savings account, there is no better way to begin than with an IndusInd Bank savings account! With features such as attractive interest rates, personalised account number of your choice, omnipresent banking services via a gamut of channels, irresistible deals and cash-back offers on your debit card, and availability of zero balance feature on select accounts, an IndusInd Bank savings account is sure to exceed your expectations. Best of all, the eligibility criteria is simple and the application process is a 100% online process entailing four easy steps including Video KYC.

Begin your automated savings journey with a new savings account from IndusInd Bank today!

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.