The lazy person’s guide to growing wealth

Ever thought that budgeting, investing, and growing wealth is too hard? You’re not alone. The internet and ‘hustle culture’ make it seem like you need to put in endless hard yards to grow your wealth–but that’s an illusion that leaves too many people sitting on the sidelines.

Building wealth doesn’t have to be complicated or overwhelming. To prove it, here are our seven easy steps to managing your money (and using it to make more money), the lazy way.

Step 1: Automate everything

Automation takes the time and heavy lifting out of financial planning. It only takes a few minutes to set up, letting you build wealth without a second thought.

• Direct deposits: Ask your employer to split your salary across multiple different accounts. Now, you won’t even have to open your banking app to move your money between different accounts–it’s all taken care of.
• Recurring transfers: Set up a recurring transfer from your everyday account to your high-interest savings account. Prioritise your savings by scheduling this for the day you get paid.
• Investments: You can also set up automatic, regular transfers to your super fund, favourite micro-investing app, or a share trading account. It’s a hands-off way to start building your wealth portfolio.

Step 2: Ditch what you don’t use

Forgotten subscriptions can easily slip through the cracks and leave you paying for things you aren’t using like streaming services, app add-ons, gaming passes, and fitness programs. What starts as “only $20 a month” can quietly drain your bank account of  hundreds of dollars each year.

• Scan your bank statements: Look through your account summaries to see what’s coming out every month. Decide which subscriptions you use and which you can afford to say goodbye to.
• Cancel, cancel, cancel: Reach out to the services you don’t want or need to plug the leak and see your savings add up.

Step 3: Go micro-investing

Micro-investing is the perfect introduction to the stock market. Investing small amounts on a regular basis probably won’t make you rich overnight, but it will give you the chance to earn small  returns without needing to be a Wall Street expert. Most micro-investing apps offer expert-curated portfolios, so you simply need to select a strategy and run with it (or change it up as you see fit).

You can also choose how much and how often you invest. You might decide to round up your purchases to the nearest dollar–essentially investing your spare change–or keep it simple with recurring payments or one-off transactions. Here are a few micro-investment apps you could choose from:

• Raiz
• Spaceship
• Sharesies
• Pearler
• Tiger Brokers
• CommSec Pocket

Step 4: Use high-interest accounts for lazy savings

Keeping your spare cash in a high interest savings account lets  your money grow with almost no effort. But savings accounts aren’t one-size-fits-all. Most  banks have a few different savings accounts on offer, each with different perks and requirements. It pays to find one that fits your lifestyle.

Here’s what you might look for when shopping for a savings account:

• High base rate: This is a ‘no-strings-attached’ option. You’ll earn a solid rate without having to jump through hoops.
• Bonus rates: These sit on top of a base rate, but often come with conditions–like depositing a certain amount or making a number of transactions each month. If you’re a lazy saver, make sure these targets fit into your regular routine so you don’t miss out on interest.
• Automatic sweeping: Some savings accounts come with a sweeping feature that automatically transfers funds to an account if its balance has fallen below a set amount. This could be a great way to keep your savings topped up without having to think about it.

Compare savings accounts

Step 5: Spend smarter, not harder

Not ready to give up on retail therapy? Fear not! There are plenty of ways you can save money while still treating yourself.

• Cashback programs: It might sound too good to be true, but you can earn back a portion of the money you spend on shopping. Apps like CashBack or ShopBack make commissions on purchases you make and give a part of that commission back to you.
• Discount codes:  A quick search for “[insert brand] discount code” can save you money, but there’s an even easier way–browser extensions. Honey and Coupert are two examples of extensions that automatically search for discount codes while you shop, saving you time and money.
• Wait for sales: If you can bide your time, it can pay to hold off until an item you’re eyeing comes on sale. Add items to your cart, checking back every now and again to see if there’s a better deal. Some retailers or apps also let you set up price alerts. These notify you when items you like have dropped in price, helping you save money without lifting a finger.

Step 6: Better Your Bills

One of the easiest ways to save cash is to shop around for better deals on things you’re already paying for. When it comes to bills that you have to pay regardless, take a moment to see if there are cheaper plans out there (hint: there usually are).

• Energy: If you haven’t checked in on the energy market in a while, you’re likely paying more than you need to. Switching energy plans to one with cheaper usage rates can save hundreds of dollars.
• Internet and mobile: If you’ve held your telco plan for more than six months, switching could see you score a discounted sign up rate.
• Insurance: Many insurers offer lower rates to new customers, so you might be able to snag cheaper annual premiums for the same level of cover on your home, car or health insurances.

Step 7: Review once a year (that’s it!)

Once these systems are in place, your job is done. Simply sit back and watch your savings (and your wealth) grow on autopilot. Unless your life changes drastically, there’s no need to obsess over the details. Just block out one day each year to check in on your progress and make sure your settings still match your goals. It really is as simple as that!