Perhaps you've been dreaming of the day when artificial intelligence and computers will take all the work and hassle out of saving your money to grow your wealth.
While we're not quite there yet, there are some simple ways to increase your savings without constantly thinking about them.
Here's a look at eight ways to automate your savings and unconsciously grow your wealth. Some of them may be easier than you think.
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Save money from each paycheck
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This is a case where technology can be your friend when automatically growing your savings. If you're working, your employer probably lets you deposit a portion of every paycheck directly into your savings.
That means it's done for you, and you don't need to think about it. Further, you can check into enrolling in your employer's tax-advantaged retirement plan or an individual retirement account.
You could have some of each paycheck directed toward retirement savings.
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Use automatic savings tools
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Sticking with tech, you may want to check out apps and savings tools available to help you save money. These come in a variety of formats with lots of options. You may be able to find a financial solution that fits your lifestyle and budget.
Further, some apps or savings tools offer account types to help you set and meet short-term and long-term savings goals. Some may even use artificial intelligence to analyze your money habits and offer solutions.
Save your change
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You may think your change doesn't go far in today's world, but perhaps it's time to rethink that. Some apps and savings tools will let you automatically save your spare change by rounding up the amounts from your purchases.
Further, some banks and companies have programs that allow you to round up the change similarly. Using your debit card for some of these programs may be even more helpful to track your progress.
Track your progress with savings
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Speaking of tracking your progress, it's a good idea to figure out how you want to do that when trying to automate savings and grow your wealth. Today, you have many choices to help simplify the process.
First, you can easily find a budgeting app. Second, your savings account may even offer a built-in tool to help. Finally, you could also set up your own spreadsheet to track your contributions and savings.
Select the best high-interest savings account
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Maybe it's time to put your bank accounts to work to grow your wealth without much hassle. If that's your plan, look into high-interest savings accounts. These can offer good rates to help you grow your savings.
If your current bank doesn't provide savings options with high interest rates, you may consider switching to another institution. Perhaps an online bank offers an attractive rate.
Be sure to consider any fees or deposit requirements. They can easily cut into your savings.
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Boost your savings
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You may be looking at ways to cut your spending each month. But if you want to grow your wealth, save that extra money. That means increasing automatic transfers to your savings by the amount you're looking to cut from your spending.
In other words, grow your money by turning your unnecessary monthly expenses into monthly deposits into your savings.
Look at your goals
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Once you plan to boost your savings, you may want to focus on your goals. For example, you could open separate free savings accounts for each goal, such as saving for a vacation or a house downpayment.
Your bank may even let you create buckets within your one savings account for each goal.
Be careful with windfalls
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You must avoid temptation if you're serious about growing your savings to build wealth. This may especially come into play if you receive a significant financial windfall, such as a work bonus or an inheritance.
Instead of making a big purchase, consider putting the money in a high-yield savings account. It can grow your money while you look at your options.
It's probably helpful to look at this windfall as part of a longer-term strategy to set yourself up for financial security for the rest of your life.
Bottom line
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Tech can be a valuable tool if you're looking for simple ways to automate your savings and grow your wealth. You can look for digital solutions, from online tools to apps, and compare those to what your bank offers.
When looking at your options, remember that not all tools or apps will work for your lifestyle and financial strategies.
Ask a financial advisor for recommendations, particularly if you have questions or concerns about making the most tax-efficient decisions and keeping more cash in your wallet.
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