Save as you spend? What’s that?

Hey there my beautiful people!

I am almost 25 and a working professional for what seems to be a very long time now. And this is what my usual month looks like:

Month Beginning(M): Salary credited, big smile on face.

Month Beginning + 5 days (M+5): Account almost empty in paying bills and stuff.

And the rest of 25 days are nothing but a struggle. But savings? I am sure that’s a struggle for most of us too. So, what’s the solution? Save dude, Save!

Just Kidding! It is as much a task for me as it is for you. But I recently came across something really interesting that caught my attention, “Smart Deposits”

What are Smart Deposits?

For starters, It’s better than a typical Savings account!

Smart deposits are a feature offered by some financial institutions and fintech companies that blend traditional deposit accounts with advanced banking features to provide enhanced and smart services. Let’s understand this with my example. Let’s say I opt for this smart feature and every time I spend on something, it rounds off to the next multiple of 50 and deposit the difference into my savings. So, if I buy a plate of Pani Puri for 25 Rs, it will automatically deposit the remaining 25 Rs in my savings account. How cool is that?

What are advantages of this feature?

First of all, I can have a dozens of Pani Puris without an ounce of guilt, at least in my spending habit😉. Rest of them are as follows:

• Higher interest rates.

• Savings without an effort

• Your personalized budgeting assistance

• Goal-based savings

• And of course, AI-Driven insights too help you understand your spending. What does it mean here? No bloody clue😶‍🌫️ Maybe you can research about it and let me know by clicking on that reply button down there⬇️. Will be waiting to hear back from you.

What all types of Smart deposits are available and who provides it?

Well to name a few, there is

• Round-up savings - Automatically rounds up each purchase to nearest specified amount and deposits the difference.

• Automated transfer - Automatically transfer set amount to your savings account at regular intervals

•  Goal Based savings - Allows user to set specific financial goal and save towards it.

• Smart Budgeting Accounts - Integrates budgeting tools with savings features, automatically allocating money based on your budget & spending patterns. Smart, isn’t it?😏

There are a few more like Intelligent savings, Micro-investment savings ,Cashback savings etc. And it is provided by prominent players like Digit, Bank of America, Wells Fargo, Fi-Federal etc. Trust me, saving money hasn’t been easier for me with this feature. I am sure it will help you a lot too if you struggle to save money.

So now tell me,

I hope that this posts added some value to your knowledge base, will help you save your money better and most importantly, made you think. That’s it for this post and I will get back to you very shortly with another interesting post.

Until then

Keep Pondering!