In the current supersonic times, budget wary individuals hide behind the veils of procrastination and lack of time labels and fail to save sufficiently for the future. According to the Center for Retirement Research Boston College, the current generation is not saving enough to retire comfortably; they are short by about $6.6 trillion. That is an alarming number and if you belong to this section of people it is time to take more control of your finances and plan out a secure retirement.
What is the solution
We have graduated from physically switching on TVs, lights and closing doors to remotely controlling them and even setting a time limit when the gadget must go off. This is a clear indication of where the world is headed today – automation.
And automation is not limited to the electronic world, it has made its presence in the world of finance in the form of automated trading systems and automated savings services.
So, if you have the tendency of putting off things that require extra effort, help is at hand in the form of automated deposits and savings.
What are automated savings solutions
While even setting up an automatic account will require some time and effort, in the long run, you will save more money and time. A study conducted by the National Bureau of Economic Research found that when employees were automatically rolled in for the 401(k) investment program, the savings increased from 40% to 100%. Thus, by automated savings almost every worker can save a significant amount of their income without ever having to put in any extra effort or complaining of lack of time.
How can you automate your savings?
You can take the help of tools to automate your savings.
Capital: This is a very popular app on both the iOS and the Android platform that is used by many for specific short-term goal saving. This app allows you to set a time frame for your financial goal. Once it is linked to your account it will automatically start saving in small increments to meet the deadline. The algorithm in the app will ensure that your account is never overdrawn.
There are several other apps like Rize, Stash, Digit, Chime etc. which work in a similar fashion. Each app has its own pros and cons; you can choose one that is in accordance with your taste and needs.
Now you have no more reasons to procrastinate saving; automate your savings and realize your goals.