Everyone in the world is trying to save money. You will meet almost no one who doesn’t at least have savings on their agenda. However, most of us aren’t saving nearly as much money as we’d like to, if we’re lucky enough to be saving anything at all. Life is just so expensive as it is.
When it comes down to it, you have to pay for rent, car payments, gas, groceries, and so many other basics before you can even think about saving. Generally, saving is about what’s left, rather than what you decide to put aside.
Without savings, however, you’re putting yourself at huge risk for the future. Something can happen to you that would require you to stop working or take care of another person, or require financial reserves. And ultimately, you want a nice sum of money for when you retire.
So, to help you increase your savings, here are 3 useful financial tools.
Investments: Robo Advisors
Your savings should always be growing. If they’re not growing at a consistent pace, they become worth less and less as every year goes by. However, not everyone has the time to spend investing it smartly. Many people hire financial advisors to take care of their savings portfolio.
But these days, using the best robo advisor in the market, you can invest your savings and make smart trades to really grow your money. Robo advisors use algorithms, along with all the information available about different investments, to make the best decisions for you. All you need is to know how to use the robo advisor and you’ll be on your way.
The best thing is that it will barley take any time, but can make a huge difference to your savings.
Budgeting: Apps like Mint
One of the most significant ways you can increase your savings, other than investing them, is by budgeting better. Most of us know that we would save money if we took the time to budget, but it is such an arduous, energy-draining activity. It also brings up a lot of anxiety and frustration.
Which is why you should get an app to do it for you. Budgeting apps, like the popular Mint, link to your bank accounts and automatically categorize purchases for you. You just need to categorize the transactions it doesn’t recognize and it will learn for when you make similar transactions.
It then gets an idea of how much you spend on each category every month, laying out for you exactly where you’re spending your money. This way you can decide where to save money without doing any of the drudge work yourself. Any savings will be tracked accordingly.
Management: Personal Capital
Finally, Personal Capital is an incredible tool that manages your entire financial portfolio, including all your bank accounts, spending, investments, and funds. From your salary to your retirement savings, it has it all in one place.
Personal Capital is great because it also offers advice for saving and for investing. It will not only increase your savings, but it will make managing your finances far less of a burden.