Different ways to automate your finances

Category: Personal Finances

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Constantly keeping up with your finances can be difficult, especially if you have a lot of bills and you have a busy schedule. But there are several ways you can simplify your financials by automating them, which can give you fewer things to think about. Automating your finances can help you save more, avoid late penalties by ensuring your bills are paid on time, and provide other benefits. If you haven’t already, consider the advantages of:

Automatically scheduling your monthly bills

From monthly rent to cell phone bills, most companies and lenders these days will offer customers the option to pay online. If you’re able to make a one-time online payment, there’s a good chance you’ll also have the option to enroll in automatic payments as well. Consider enrolling wherever the option is offered, as this can save you a great deal of time each month, so you won’t have to worry about manually taking the time to pay all of your bills. Not only is it convenient, but enrolling in automatic bill pay can also ensure that you never miss a payment deadline again. And by getting your bills paid on time every month, it means no late fees, service interruptions, or other penalties. Just make sure you have sufficient funds available in your bank account for your bills every month, so that you’ll avoid overdrafting (or getting your payments denied) when they’re automatically debited.

Receiving your paycheck via direct deposit

These days, many employers will pay employees by directly depositing paychecks into their bank accounts. If you’re still receiving paper checks and it’s not exactly the most convenient payment method for you, ask if there’s a way to receive direct deposit. This may be an available option, but you might just not have been aware of it. By having your money deposited directly on payday, you can instantly get your money without making that trip to the bank and waiting for the check to clear. It’s faster, saves time, and is certainly more convenient.

Enrolling in your employee benefits retirement plan

If you’re working and you receive employee benefits, you may want to find out if there are retirement benefits offered as well. If you haven’t already, consider taking advantage of these benefits. Saving for retirement on your own can be overwhelming, and a lot of people put it off or don’t take the time to put an efficient savings plan into action. But if you can automatically enroll in a retirement savings plan through your job, it can simplify the retirement savings process tremendously. By enrolling, a small portion of your paycheck will automatically go into a retirement fund, where it earns interest. Even by contributing just a very small amount, the savings can be significant over the years, and you may not even notice the difference from your paycheck. As an added bonus, some employers will match contributions up to a certain amount, which can help you reach retirement goals even faster.

Contributing to your savings account

In addition to automatically contributing to a retirement account, you can also set up your bank account to automatically schedule contributions to your savings account. This can be a great option if you have a difficult time committing to saving money, or you simply forget. By setting up a transfer from checkings to savings each month, you can treat it like any other bill, and this can make it easier to build your savings much faster.

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Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.


Tags: automating finances, monthly bills, Retirement, savings

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