Automate Your Finances

It’s very difficult to keep track of our financial life in society nowadays. It seems like we have so much stuff to do and very little time to do it all. That’s why we should take advantage of the technology at our disposal. We can now automatic most of our finances. Here are some things you can automate that will make your life a little easier.

Income

If your employer offers it, get direct deposit instead of opting for a check. Banks are now starting to end free checking and will begin charging a monthly fee – unless you meet certain criteria. Sometimes that criteria is having a certain amount of money always in the account. Other times they want you to use your debit card X amount of times per month. But with some banks they will waive the monthly fee if you get your paycheck via direct deposit.

Another advantage of being paid via direct deposit is that it will save your employer (and your bank) money in administrative costs. By getting direct deposit you will have your money instantly. No more waiting for the check to clear. The faster you have your money the more interest you can earn on it. It will also save you time, as you won’t have to waste your time standing in line at the bank to cash your paycheck.

Payments

Set up your monthly utilities for automatic payments. You’ll be environmentally friendly by stopping paper bills and get your payments automatically debited every month. No more late fees. No more forgetting to pay the bill. It’s a win-win for everyone involved.

As an extra bonus, pay as many bills as you can via your rewards credit card to earn extra bonus points. But of course only do this if you pay the balance off each month without accruing any interest.

Savings

Do you have trouble saving money? Then automate it. If you are getting paid every two weeks at the same time and generally the same amounts each time, then set up an automatic payment from your checking account into your savings account. Make this automatic transfer occur the day after getting paid, so that you don’t see your checking account inflated and think that’s all your spending money.

You don’t have to put that much into your savings account to start. Just set up that automatic payment and in a few months you’ll see progress as your savings account continues to grow.

Alerts

If you think that by automating your expenses you will have no control over how much you spend, think again. You can set up alerts with your bank or credit card company. You can get reminded via either email or text message on important events. You decide what you want to be alerted on. If you charge something over a certain dollar amount you can be notified. If your total balance goes over a certain amount (or your bank account balance dips down to a certain amount) you can be notified. With these types of alerts set up you can let your finances run on auto pilot and have more time to enjoy life to the fullest.