Is Your Personal Finance Automated?

personal finance automated

As the stock market and economy heat up, Americans spend more on big items and save less. According to a statistics presented by the Commerce Department, saving rate in the USA fell to a decade-low 3.1 percent in September 2017 down from a peak 6.3 percent in 2015. But there is more to it than what meets the eye.

It seems like the world around us is rigged against the idea of saving money. The heavy bombardment of advertisements, ongoing seasonal sales, and discount offers seem to be geared towards forcing people to spend all they have instead of saving and investing it somewhere else. It is said that all that glitters is not gold; likewise, you don’t have to buy everything that is on sale thinking you need it even if the offer is great.

Did you know that impulsive buying is one of the top reasons for people burdened with debt? Swiping card for every other thing that you like and is advertised is what gets you in trouble. And yet, each time we tell ourselves that we’ll start saving from now onwards. But do we actually get past the idea of just thinking and implement it in real? Not so much.

We’d describe the idea of managing personal finances as losing weight. We know how it’s done but implementing and following is actually the hardest part. Similarly, we all want to spend less and save more, however, it’s easier said than done. This is where the concept of automating personal finances kicks in.

Modern technology has made the automation of personal finances easier than ever before. The idea of automating personal finances using smart mobile applications like Looma, Digit and Qapital make money management a process that you will actually enjoy.

Looma save, invest and donate money automatically

First of all, you can monitor all your spendings in one place and be in full control on how much and on what you spend. Instead of jumping from one website to another to check your balances and transactions, you will have an easy to use interface to keep an eye on where your money goes.

Second, you can set simple automation rules to save based on your spending patterns. As time goes by, the application learns your spending habits and makes smart and data-driven suggestions on how to grow your saving budget for a rainy day. While it is always good to have some money put aside, the progress in modern technology allows you to invest in stocks and other assets. For example, you can now monitor stock prices in real time and invest in stocks just by using your mobile devices. Or if you are a fan of assets of growing interest such as cryptocurrencies, you can go ahead and invest a portion of your savings in those via a single tap on your device.

One step further, you can completely automate this process and help the application to make smart suggestions on what are the best investment options to grow your budget. At the end automation provides stress-free, all in one place and smart way for better money management. It keeps all your records in one place, helps growing your saving budget and makes investing reachable to everyone.