**This is a sponsored post written by me on behalf of RBC. All opinions are my own.
I honestly believe that one of the best ways to save money is to pay yourself first. That’s where you set up automatic withdrawals from your bank account to a savings account. But, that’s not always possible for some people since budgets can be tight or they still have difficulties finding ways to save.
Fortunately, RBC came out with NOMI Insights and NOMI Find & Save which will not only help you automate your savings, but also educate you on your spending habits. Now, NOMI Find & Save is available for joint account holders, so everyone can take advantage of automatic savings!
Why education and automation matters when it comes to saving
In my opinion, education and automation are vital when you’re trying to save. It can be difficult to save if you don’t know how to save or why you’re overspending. By taking the time to educate yourself about your spending habits, you can make changes and start saving more money.
As for automation, it’s a key factor because if you automate your savings, then you’re guaranteed to be putting money aside every day, week, month, or year. Think about it, many people wait to the end of the month to save, but they may not have the funds available at that time. By automating your savings, you’re paying yourself first so you’ll never need to worry about missing any savings goals.
To be fair, our lives can be a bit busy which leaves us less time to focus on our finances when we’re trying to juggle our day-to-day lives, but that’s where NOMI comes into play. RBC is the first bank in North America to use artificial intelligence to help clients track their spending and fast-track their savings.
A look at RBC NOMI Insights
If all this A.I. and money talk is confusing you, don’t worry, it’s easier than you can imagine. NOMI Insights helps you manage your day-to-day finances by analyzing your spending habits and then providing advice. For example, if your monthly hydro bill has gone up, you’ll be alerted directly so you can think about ways to reduce your bill for the next month.
All of the advice is personalized, and the alerts are sent through the RBC Mobile app so it’s simple and secure. Since it uses artificial intelligence to keep an eye on your finances, it can help you plan for upcoming expenses by informing you about things such as that gym membership renewal which you seem to forget about every year.
What I love about NOMI Insights is how it always seems to be thinking a few steps ahead of you. The alerts it sends you not only helps you make immediate changes to your spending, but it also puts you on the path towards saving since you’ll learn about the things you’re spending money on. It’s an easy way to manage your cash flow which sure beats doing things by hand or in a spreadsheet, am I right?
How RBC NOMI Find and Save works
Analyzing your cash flow is only part of the equation when you’re trying to meet your saving goals. NOMI Find & Save takes things a step further by using predictive technology to set aside money directly into your savings. Once you opt into this service, everything is automatic; you literally do nothing. Sit back and watch the savings happen.
Best of all, NOMI Find & Save is available now to joint account holders which helps you and your partner track and manage your finances as a couple. Admittedly, being on the same page about saving can be tricky at times, but with A.I., there’s no emotional attachment since things are automated.
Since NOMI Find & Save is tied directly to your accounts, it’ll never set aside more savings than you can afford, nor will there ever be a risk of you going into overdraft.
The money set aside ends up in a separate NOMI Find & Save but you can move your money whenever you want. Of course, you can also pause NOMI Find & Save at any time in case you need to manage your cash flow manually.
I know it sounds cliché when personal finance experts say small amounts add up to big amounts, but it really does make a difference. Wouldn’t you prefer to see a decent amount of money set aside at the end of the month as opposed to nothing at all?
Artificial intelligence is one of those big trends when it comes to saving these days. It’s nice to see a big bank such as RBC develop their own technology in NOMI which will give customers peace of mind when it comes to their account security. More importantly, this is an easy way to get individuals and couples to save more with no work on their end.
NOMI Insights and NOMI Find and Save are available now on the RBC Mobile app on both the App Store and Google Play. Check out the NOMI Insights and NOMI Find & Save now and find out how you can accelerate your savings with the touch of a button.