How to Become a Lazy Saver

Saving money doesn’t have to be complicated, time-consuming, or require a ton of willpower. If you’re not into the whole “traditional budgeting” thing (no judgment here), the Lazy Saver strategy might be just what you need. It’s all about automating your finances, cutting down on decision fatigue, and making saving so easy, you’ll forget you’re doing it. Ready to grow your savings without breaking a sweat? Let’s dive in!

1. Automate Everything
   The key to being a Lazy Saver? Automation. Instead of relying on your willpower, set up systems that do the hard work for you. 
   • Direct Deposit into Savings: If your employer offers it, split your paycheck so a portion goes straight into your savings account. This way, you’re saving before you even see the money.
   • Automatic Transfers: Set up a recurring transfer from your checking to your savings account every payday. Consistency is key — the more often you save, the faster it adds up.
   • Round-Up Savings Apps: Use an app that rounds up your purchases to the nearest dollar and sends the change straight into your savings.
2. Use High-Yield Savings Accounts
   Once you’ve automated your savings, make sure your money is working for you. Instead of letting it sit in a regular savings account, use a high-yield savings account or a money market account to earn more interest.
   • With Andi, you can earn up to 5.00% APY with our tiered savings rates on balances over $50,000. That’s serious growth for minimal effort! Check it out here.
3. Make Saving the Default Option
   Want to save effortlessly? Make it your default option. By planning ahead and reducing temptation, you’ll automatically save without even thinking about it.
   • Employer Retirement Plans: Contributing to your employer’s retirement plan (especially if they match your contributions) is a great way to "lazy save." Plus, compound interest does its thing and your savings grow even faster.​​​​​​​
   • Second or Hidden Savings Account: Open a second savings account with a different bank. The more hurdles between you and your savings, the better.
4. Embrace Set-It-and-Forget-It Investing
   Investing doesn’t have to be complicated. With the right tools, you can automate your investments and let them grow over time with little to no effort.   
   • Target-Date Funds: These automatically adjust your investments based on your retirement timeline, so you don’t have to worry about making decisions.
   • Robo-Advisors: Platforms like Betterment or Wealthfront will manage your investments for you with minimal input.​​​​​​​
   • Recurring Contributions: Just like your savings, set up automatic deposits into your investment accounts. This steady flow of contributions will help your investments grow while you’re living your life.
5. Eliminate Decision Fatigue
   The fewer financial decisions you have to make, the easier it will be to stick to your savings goals.​​​​​​​
   • Automate Bill Payments: Set up automatic payments for your bills to avoid late fees and keep your credit score strong.​​​​​​​
   • Unsubscribe from Unnecessary Subscriptions: Take a look at your subscriptions and cancel the ones you don’t use. The extra cash can go straight into savings.
   • ​​​​​​​Cash-Back Credit Cards: Use a card that gives you cash-back rewards, like Andi’s, and have them automatically deposited into your savings. More savings, no extra effort. Check it out here.
6. Forget About It
   Here’s the best part about being a Lazy Saver: once you’ve set everything up, you don’t have to think about it again. Seriously, your savings will just grow while you do your thing. No need to sweat it — sit back, relax, and let your money do all the heavy lifting. It’s like setting your phone to “do not disturb” — only this time, your savings are the ones getting the peace and quiet.