This topic contains 12 replies, has 6 voices, and was last updated by Jeff Rose 4 months ago.
What steps are necessary to get your finances automated?
What are your favorite tools that you use?
One of my favorite tools to automate my finances, is to use an online bill payment app like Pageonce. Once you link all your bills, you can pay them right from your iPhone or Android. It’s awesome – and stops all the late fees.
Automation is definitely key to keeping my finances organized!
Ahh! Now we disagree! I am a big fan of MANUAL work on my finances to pay down debt. Automatic thinking is what got me here, and focused thinking is what’s getting me out of it!
I’m not a huge fan of automatic bill payments. I’d rather pay them manually each month so I see them and make sure there are no errors, plus doing it that way makes me “feel” it more and motivates me to cut unnecessary expenses.
On the other hand automatic saving and investing is a great way to build wealth. If you have money pulled into a 401k or IRA automatically you’ll be less likely to forget or spend it.
I do both. I put my bills and savings on autopilot minus the bills that vary from month to month. Those I do manually. I also have my notebook where I check off the bills, savings, etc to make sure as Mike said that there are no errors etc. I do this twice a month and it works great for me!
I have automated everything through my bank and have no fees for using on-line banking. With on-line banking, I have never had a late payment-I always have proof of the payment being sent.
I am in the habit of checking my bank balance twice a day-I track expenses and know exactly what the balance should be.
Tracking expenses makes things like budgeting easier; it is easier to know if there has been banking error, etc. After a while it becomes automatic and intuitive.
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