Not Enough Money for a Savings Plan? Think Again

SavingsFinancial experts offer plenty of advice when it comes to effectively managing your money. A quick online search for money tips yields millions of results, each providing readers with unique perspectives about what is required to live a fiscally responsible life. Yet, if you take some time and peruse the top 10 articles, or the top 100, you’ll find one tip repeated again and again: save more money.

Whether contributing to a retirement plan, building an emergency fund or simply depositing a small percentage of your take-home pay into a savings account, growing a nest egg is one of the smartest actions you can take to improve your financial situation. Financial advisors all agree that resolving to set aside between 5% and 10% of your monthly salary for savings is a resolution that you will be happy you made.

Why So Few of Us Save

For many, increasing our savings is not new advice. Experts have been touting the importance of building our financial reserves for decades. Despite this well-established advice, few of us actually do it. According to a recent survey by, over 20% of Americans fail to set aside any of their annual income for short or long-term goals. And of those who do save, another 20% save 5% or less of what they earn. Financial advisors contend that we are in the midst of a savings crisis and these statistics support their claim.

If savings are the key to financial success, why do so few of us actually make an effort to save more? The answer lies in a common excuse. “I don’t have enough money to save,” is the number one reason survey respondents commonly cite as to why they do not have a savings plan. Although it’s true that we are increasingly finding ourselves under more and more financial pressure as the cost of living continues to rise around the globe, this excuse reveals something important about the act of setting aside money, namely, you’ll never feel like you have enough of it to save.

Developing a Savings Mindset

It’s a common misconception that savings plans require you to set aside large sums of money each month. The first goal of any savings plan is to get you into the habit of saving. Starting with as little as 10 dollars a week can be a great way to boost your savings mindset. Once setting money aside has become a habit, you can adjust your weekly or monthly targets as your circumstances change. For example, if in the future you receive a pay raise at work, your savings mindset will encourage you to reflect on your long-term savings goals and set aside a proportion of your promotion towards achieving them.

Stack of money coin with trading graph.

Grow Your Savings with Micro Investments

Developing a savings habit is important. No matter how much money you are able to set aside each month. And thanks to technology, there’s another way to amplify your savings and get your money working for you. I’d like to introduce you to Micro Investing. Micro investing applications are eliminating barriers to traditional investing. With micro-investing, you’re purchasing fractional shares, which means you can reap the benefits of economic growth without requiring a large outlay of cash. Thanks to interfaces that guide your investment decisions based on your unique financial situation and goals, these apps make it easy to invest your money.

Popular micro-investing platforms include Betterment, Stash, Acorns and Robinhood. The majority of micro-investing apps allow users to purchase small shares of ETFs or exchange-traded funds. ETFs are inherently diverse because they track a broader set of assets instead of a single stock. Diversification is ideal for cautious investors, and it’s something micro-investing apps help you achieve with carefully curated portfolios that match your risk tolerance and financial goals.

If you’re new to the complex world of investing or simply lack the funds required to purchase complete shares, micro-investing apps can offer you a way to grow your savings with limited risk. Although micro-investing will not yield explosive financial growth, it can be an excellent way to learn more about investing and your personal risk tolerance.

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SolidTrust Pay is not an investment advisor or fiduciary and this content is provided for educational purposes only. Before purchasing any investment, please evaluate your financial situation and personal risk tolerance.

Look After Your Loved Ones in India with Bill Pay, Your Way


You Can Now Pay Over 150 Billing Companies

in India with No Transaction Fees

Paying bills in India has never been easier! Today, we’re excited to announce that you can pay even more billers in India using your SolidTrust Pay e-wallet. The new billers cover a wide range of services including electricity, natural gas, water, satellite TV, DTH, mobile phone and broadband.

Last year, we launched Bill Pay Your Way, our exclusive cross-border bill payment solution. Available to all SolidTrust Pay members, Bill Pay Your Way provides you with access to more than 800 billing companies in 18 countries with no transaction fees.

Payments are easily made from your secure SolidTrust Pay e-wallet and are confirmed with the billing company within 48 hours. Simply input the billing account number and the balance owing will be automatically provided to you.

To make your first cross-border bill payment, log in to your secure SolidTrust Pay eWallet and go to My Money > Pay Your Bills and click on the Bill Icon at the bottom of the page. Show your loved ones how much you care, try Bill Pay Your Way today!

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Office Closure – February 17, 2020

Family Day

In celebration of Family Day, SolidTrust Pay’s Customer Support and Verifications Departments will be unavailable Monday, February 17, 2020. The holiday is an opportunity to reflect on the importance of all those who hold a special place in our hearts. It’s our hope that you, our valued members and merchants, will take some time on Monday to do just that.

Please allow additional processing time for deposits, withdrawals and e-currency exchanges. If you require assistance, you may leave a Support Ticket for us at any time and we will promptly respond to your inquiry when our office reopens on Tuesday, February 18, 2020.

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Get Paid Faster with SolidTrust Pay’s Free Invoicing Solution


Whether you’re a freelancer working in the gig economy or are scaling your small business to new heights, how you collect payments says a lot about your company. The more complex this process becomes, the more effort you must devote to managing your payment system. As order management, on-time billing and reporting become essential to the success of your company, cumbersome financial platforms can negatively impact the amount of time spent running your business, a trade-off that takes you away from doing what you do best – solving your customer’s problems.

According to data from SAP Concur, 73 percent of small businesses rely daily on manual processes to send and collect payments. Relying on paper records may have worked in the past, but the outdated process can make it difficult to track outstanding payments. Customers can readily fall through the cracks, preventing you from collecting your full dues. Fortunately, thanks to technology, integrated payment platforms can simplify much of the billing and invoicing process saving you time and reducing human error. Sifting through piles of invoices and receipts becomes a thing of the past, as all your payment information is neatly displayed online whenever you need it.

The 3 Keys to Simple Invoicing

1) Simplify the Payment Process

The first rule of effective invoice management is to streamline the entire payment process. Avoid the temptation to use invoices to market to your clients and instead embrace a simple design that clearly articulates what services or products were rendered and what is now due. This logic also extends to the payment process itself. When delivering digital invoices to your customers, ensure that they can pay using a credit or debit card and minimize the number of pages that they must navigate through to finalize their payment. This will prevent errors and helps guarantee faster payment.

2) Automate Payment Reminders

We’ve all been there, a bill arrives and we set it aside to be paid at a later date only to discover three weeks later that we have yet to actually pay it. Payment reminders are a quick and easy way to save time and resources when dealing with late accounts. Online invoicing solutions allow you to resubmit an invoice to a client as a reminder that payment is due. When looking for an invoicing platform, make sure this service is included.

3) Streamline Tracking and Reporting

Your invoicing system must enable you to quickly track the status of your payments. Once identified and sorted, you may then choose to close and properly file the invoice, extend the invoice’s payment terms or send a payment reminder to your customer. Proper invoice analysis also helps in forecasting the demand for goods and services, while helping you maintain appropriate inventory levels. A simple and easy to navigate dashboard with export functionality is essential to streamline your tracking needs.

Woman reading payment bill

Send Professional Invoices for Free with Click2Pay

Our convenient Click2Pay service lets you send digital payment requests to anyone, anywhere in the world. Simply input their email address and the amount, and our free invoice system will notify them immediately. When we created Click2Pay, we streamlined the invoicing process. Your customer can pay you with their credit or debit card and they are not required to create a SolidTrust Pay account.

Your client’s payment is instantly credited to your secure STPay e-wallet and our easy-to-use dashboard allows you to easily track all your payment requests. Your invoices can be sent on a date and time of your choosing and our integrated payment reminder allows you to easily remind your clients about outstanding payments that may be overdue.

Let us take care of your invoicing needs so that you can take care of what really matters – growing your business. To start sending free invoices, log in to your secure STPay eWallet and go to My Money > Invoices/Click2Pay.

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