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Why And How To Automate Your Finances
>>How I got started investing and how you can too. (Without Being a Math Whiz): https://learn.investdiva.com/start
Automating Your Finances – Save time, save stress, save money. How?
By automating.
Did you get up this morning, thinking, “Wow, I can’t wait to spend hours this week paying my bills and stressing out about how to pay for our vacation next summer!”?
My guess is you probably have things you’d rather do with your time. The great thing about automating is that you won’t just save time paying bills and making decisions about your money. You’ll also be able to put more aside in your savings and investment accounts. This way, you’ll reduce or eliminate late fees and interest charges. It makes dealing with your finances less stressful and more fun.
Why Should You Be Automating Your Finances?
Most of us know we “should” be saving more, that we “should” pay our bills on time, and that we “should” set aside money to invest. But in the day-to-day scramble of making ends meet, it doesn’t always happen. Especially if you're a single mom, a working mom, or a stay at home mom or parent.
So how does automating your personal finances work?
It can take a couple of hours upfront to get your automation started, but it will save you a ridiculous amount of time over the long run.
If you watched last week’s video (https://youtu.be/bdUo15TVdmk), you’re now hopefully tracking your money, and you have a sense of how much is coming in and how much is going out. Now take a few minutes to think about some things you’d like to save for. Maybe a vacation, some home repairs you know you’re going to need, or an emergency fund.
Next, automate your bill paying.
For any bill that’s the same amount each month, like your mortgage, your student loans or your cable bill, simply set up a recurring payment so that those bills get paid as soon as you get paid. Easy peasy.
Finally, automate your investments.
Typically, this is going to mean transferring your money outside your bank. Go to your investment company and follow their directions to link your bank account. It can take a few days to verify, but once that’s done, you’ll be able to set up an automatic transfer every month.
Three Warnings and a Tip About Automating Your Finances
Most banks allow a certain number of free transfers per month, then charge for subsequent ones, so make sure you understand your bank’s policies. Call and ask for clarification if you’re not sure.
Automating makes your life easier, but it doesn’t let you off the hook. It’s still your responsibility to be aware of what your bank balance is and keep an eye for anything that isn’t working, so check in with your accounts regularly.
Finally, it’s exciting to start saving, but don’t try to save too much at once. Otherwise, you’ll run out of money before the end of the month and end up even more stressed out than you were. Start small, with maybe 5% of your take-home pay, and see how it goes.
And here’s my personal finance tip: automate your raises
Anytime you or your husband get a raise, have half the new money automatically allocated to savings, investments, and paying down debts, and do whatever you
The sooner you start automating your finances, the sooner you can start saving time and seeing your account balances add up. Now I want to hear from you. Have you been automating any of your finances? What will be your first or next automation after watching this video? Leave a comment below and let me know!
>>If you’d like to know how I made $12,673 passive income per month during maternity leave, make sure to attend my MasterClass by clicking here: https://learn.investdiva.com/start
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By Kiana Danial
4.7
2626 ratings
>>How I got started investing and how you can too. (Without Being a Math Whiz): https://learn.investdiva.com/start
Automating Your Finances – Save time, save stress, save money. How?
By automating.
Did you get up this morning, thinking, “Wow, I can’t wait to spend hours this week paying my bills and stressing out about how to pay for our vacation next summer!”?
My guess is you probably have things you’d rather do with your time. The great thing about automating is that you won’t just save time paying bills and making decisions about your money. You’ll also be able to put more aside in your savings and investment accounts. This way, you’ll reduce or eliminate late fees and interest charges. It makes dealing with your finances less stressful and more fun.
Why Should You Be Automating Your Finances?
Most of us know we “should” be saving more, that we “should” pay our bills on time, and that we “should” set aside money to invest. But in the day-to-day scramble of making ends meet, it doesn’t always happen. Especially if you're a single mom, a working mom, or a stay at home mom or parent.
So how does automating your personal finances work?
It can take a couple of hours upfront to get your automation started, but it will save you a ridiculous amount of time over the long run.
If you watched last week’s video (https://youtu.be/bdUo15TVdmk), you’re now hopefully tracking your money, and you have a sense of how much is coming in and how much is going out. Now take a few minutes to think about some things you’d like to save for. Maybe a vacation, some home repairs you know you’re going to need, or an emergency fund.
Next, automate your bill paying.
For any bill that’s the same amount each month, like your mortgage, your student loans or your cable bill, simply set up a recurring payment so that those bills get paid as soon as you get paid. Easy peasy.
Finally, automate your investments.
Typically, this is going to mean transferring your money outside your bank. Go to your investment company and follow their directions to link your bank account. It can take a few days to verify, but once that’s done, you’ll be able to set up an automatic transfer every month.
Three Warnings and a Tip About Automating Your Finances
Most banks allow a certain number of free transfers per month, then charge for subsequent ones, so make sure you understand your bank’s policies. Call and ask for clarification if you’re not sure.
Automating makes your life easier, but it doesn’t let you off the hook. It’s still your responsibility to be aware of what your bank balance is and keep an eye for anything that isn’t working, so check in with your accounts regularly.
Finally, it’s exciting to start saving, but don’t try to save too much at once. Otherwise, you’ll run out of money before the end of the month and end up even more stressed out than you were. Start small, with maybe 5% of your take-home pay, and see how it goes.
And here’s my personal finance tip: automate your raises
Anytime you or your husband get a raise, have half the new money automatically allocated to savings, investments, and paying down debts, and do whatever you
The sooner you start automating your finances, the sooner you can start saving time and seeing your account balances add up. Now I want to hear from you. Have you been automating any of your finances? What will be your first or next automation after watching this video? Leave a comment below and let me know!
>>If you’d like to know how I made $12,673 passive income per month during maternity leave, make sure to attend my MasterClass by clicking here: https://learn.investdiva.com/start