Why It Pays to Automate Your Personal Finances
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Here's your Money Briefing for Thursday, May 12th. I'm Trinae Noree for The Wall Street Journal, filling in for J.R. Whalen. With stock markets volatile and inflation at a four-decade high, a lot of people are worried about what it all means for their finances. Now, it's normal to think about making quick financial decisions when you see your account balance shrinking, but there are a lot of services out there, like robo-advisors powered by AI, that are designed to automate your spending, saving, and investments, protecting you from making any emotional moves.
people throw up their hands and kind of, you know, let go of their savings goal, for example, and other financial milestones that they're trying to hit. And so automating those decisions can help you stay on track with your finances.
On today's show, our personal finance reporter, JJ McCorvey, breaks down some of the automated tools and apps that can help you manage your money. That's after the break.
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Prices are up, stocks are down, and that's leading a lot of households to rethink their budgets and investment decisions. It's a stressful time. A recent survey by Bankrate.com found that three-quarters of adults say rising prices are hurting their personal finances. But there are various tools available that can automate your day-to-day financial decisions and maybe relieve some of that stress. Here to talk about them is our personal finance reporter, JJ McCorvey. Hi, JJ. Thanks for joining me.
Why are households reconsidering budgets and investments right now?
Hey, Chanae. Thanks for having me.
JJ, first, can you tell me why should people consider automated financial services in the first place? Why wouldn't people want to make these decisions on their own?
Yeah. So first of all, it's just a lot to manage, right? I personally think budgeting can be tough in general. And so when you think about budgeting and rising costs along with inflation on top of that and making all these decisions in this environment can be stressful. And oftentimes I've spoke to financial planners who say in these times people throw up their hands and kind of you know, let go of their savings goal, for example, and other financial milestones that they're trying to hit. And so automating those decisions can help you stay on track with your finances while you're also like doing a day-to-day budgeting and thinking about expenses.
So let's talk about saving money. What apps are out there that can help keep you on track to meet your savings goals?
So I spoke to director of behavioral research at the Financial Health Network, Heidi Johnson, and she suggested that people look into Digit, which is an app that will save money for you based on your spending patterns. And what's cool about Digit is it will kind of deploy its algorithm that stashes away money in ways you might not notice. So like if you make a purchase at the grocery store, for example, it will, you know, kind of take out money alongside that purchase. And so I think it's a really cool way to kind of have your savings humming along in the background so you don't have to think about it and kind of feel that pain of making a withdrawal from your checking account, for example, alongside, again, these rising prices.
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