There are different ways of using savings and investment plans depending on your geographical location.
As discussed in our previous post, there is a real need for more people, especially Gen Zs and millennials, to save more. Automatic savings and investment plan allows users to allocate funds, making room for predetermined savings without extra effort.
Benefits Of Automatic Savings And Investment Plan
This plan can be used to lock money away for emergencies or investments. This strategy for the latter readily serves as a more aggressive version of savings. Your money could be diverted into a mutual fund or stock where they can fetch assets at current market prices. An automatic savings/investment plan saves you from emotional attachment to market conditions while maintaining a steady asset acquisition channel akin to dollar cost averaging. These options are available to you in addition to regular savings.
Although an automatic plan may reduce the amount left to spend, it could instil financial discipline by motivating budgeting.
Automatic Savings And Investment Platform
Risevest: This financial-tech application helps users create wealth through investing and saving. The dollar-themed app aims to create a platform for people to structure their path to financial stability. The team believes that holdings in a stable currency like the USD retain and cause the value to appreciate faster than weaker currencies.
The platform integrates a feature that allows users to maintain consistency with savings. This can be achieved by setting a funding amount, frequency and payment method. You can sign up here for more details.
Sunmo Trust: This automated savings and investment platform aims to improve Nigerians’ poor saving and investment behaviour. This platform allows you to set predetermined parameters whose self-operating system can encourage saving tremendously without extra effort. Sunmo trust savings are divided into three categories. Take a look at the details here.
GTB’s GT Target: This is a product of the Guarantee Trust Bank (GTB), infused into the financial firm’s online banking service. The GT target was designed to encourage financial discipline through savings. The account was created to help users save towards a specific target. The interest rate on this account type appears above the average savings account but could fluctuate over time.
Consult an account officer for details. Visit any GTB branch to create an account or see information on how to set up an existing account. Also, note that a 300 naira charge is applicable when opening this type of account.
Do you think automating a savings account will help you save more? Let us know your answer in the comment section below.
Content on this website is the author’s opinion or report based on his/her discretion and should not be taken as financial advice. In no event will Coindailypress be liable for loss of any kind.
