Are you tired of keeping track of bill due dates?
Do you also feel confused by where your money disappears by month end?
Is saving money a constant struggle, with nothing left to spare?
If you can relate to these situations, worry not! The solution lies in adopting a simple yet effective strategy – “set it and forget it.” Automating your finances can be the game-changer you need to take control of your money.
In this blog, we’ll delve into the reasons why automating your savings works wonders. But first, let’s understand what exactly we mean by automation and how it can transform your financial life. So, buckle up and get ready to embark on a journey towards financial freedom and stability!
What is Automated Savings
Automated savings is a system that automatically transfers money from your checking account to your savings account on a regular basis. This can be done through a direct deposit from your employer or through a recurring transfer that you set up yourself.
How Does It Work
Once you set up your automated savings plan, the money will be transferred from your checking account to your savings account on a regular basis. You can choose how often you want the money to be transferred, such as weekly, biweekly, or monthly.
Benefits of Automated Savings
There are many benefits to automating your savings. Here are a few of the most important ones:
- It takes the emotion out of saving. When you have to manually transfer money from your checking account to your savings account, you’re more likely to skip a month or two. But if the money is automatically transferred, you’re more likely to stick to your savings plan.
- It helps you to save more money. When you know that the money is automatically being transferred from your checking account to your savings account, you’re less likely to spend it. This can help you to save more money each month.
- It helps you to reach your financial goals faster. If you’re saving for a down payment on a house, a new car, or retirement, automating your savings can help you reach your goal sooner.
Additional Tips
Here are some additional tips for automating your savings:
- Start small. Don’t try to save too much money too soon. Start with a small amount, such as $50 or $100 per month, and then gradually increase the amount as you get used to it.
- Set a goal. What are you saving for? A down payment on a house? A new car? Retirement? Having a specific goal will help you stay motivated.
- Make it automatic. The key to success is to automate your savings so that you don’t have to think about it. Set up a direct deposit from your employer to your savings account or create a recurring transfer from your checking account to your savings account.
- Track your progress. It’s important to track your progress so that you can see how you’re doing. Fello can help you with this.
Automating your savings is a simple way to make saving money easier and more effective. If you’re ready to start saving more money, give it a try.
Use Fello To Automate Savings
If you’re not sure how to automate your savings, there are many online tools that can help you. One of the best tools for automating your savings is Fello.
Fello is a free app that helps you automate your savings. With Fello, you can set up a savings goal and then create a plan to reach that goal. The app will automatically transfer money from your checking account to your savings account based on your plan. What’s best about Fello is that it is not just a savings app but it makes savings fun and rewarding with Tambola. Each time you save with Fello you get Tambola tickets through which you can win rewards upto Rs. 1 Crore. It also gives you chance to invest your savings in low risk high return assets like digital gold and Fello’s P2P fund named Fello Flo.
Fello also provides you with insights into your spending habits and helps you to track your progress towards your savings goal.
Conclusion
Automated savings is a great way to save money. It takes the emotion out of saving, helps you to save more money, and helps you to reach your financial goals faster. If you’re not sure how to automate your savings, there are many online tools that can help you. Fello is a great option for automating your savings. It’s free to use and it can help you reach your financial goals faster.
