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.
Steal this billionaire wealth-building technique
The ultra-rich have also been investing in art from big names like Picasso and Bansky for centuries. And it's for a good reason: Contemporary art prices have outpaced the S&P 500 by 136% over the last 27 years.
A new company called Masterworks is now allowing everyday investors to get in on this type of previously-exclusive investment. You can buy a small slice of $1-$30 million paintings from iconic artists, all without needing any art expertise.
If you have at least $10k to invest and are ready to explore diversifying beyond stocks and bonds,see what Masterworks has on offer. (Hurry, they often sell out!)
Save money from each paycheck
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.
Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.
Use automatic savings tools
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
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.
Get a free stock valued between $5 to $200
Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.
Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.
Let’s say you want to invest $250, as an example.
With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.1
Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.25% (as of 11/15/24) APY2on your uninvested cash3and the ability to buy and sell stocks 24 hours a day, 5 days a week.
Open and fund a Robinhood account and earn up to $200 in stock
Track your progress with savings
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
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.
Trending Stories
Boost your savings
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
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
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
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.
Lucrative, Flat-Rate Cash Rewards
FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.
Wells Fargo Active Cash® Card
Current Offer
$200 cash rewards bonus after spending $500 in purchases in the first 3 months
Annual Fee
$0
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Benefits
- Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Cell phone protection benefit (subject to a $25 deductible)
- Can redeem rewards at an ATM for literal cash
Drawbacks
- Foreign transaction fee of 3%
- No bonus categories
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Subscribe Today
Want extra-cash moves to come right to you?
Stop browsing endlessly. Get proven ways to earn pocket money, help cover rent, and crush your debt — sent to your inbox daily.