4 ways to automate your finances

Category: Personal Finances

I get my best work done in the mornings 

It can be tough trying to continuously keep up with your finances in today’s fast-moving world. But automating your finances as much as possible can allow you to stay on track. Automated finances can help ensure that you’re timely with your monthly bills, help you save more, and offer other advantages. If you’re new to automating your finances, consider some (or all) of the following:

Have your paycheck directly deposited

Many companies nowadays will automatically deposit employees’ paychecks right into their checking accounts. If you still receive a paper check when payday comes, ask your employer if there is direct deposit option. If it is an available option, this can save you from making a trip to the bank each time you get paid.

Set your monthly expenses on automatic bill pay

Whether it’s credit card payments, bills for loans, utility expenses, or even your rent, most payees offer the option for automatic bank account withdrawal each month when the payments are due. By setting up monthly bills on an automatic payment schedule, it means no more worrying about deadlines or physically taking the time to pay your bills. Just set it up one time and forget about it. Not only is automatic bill pay very convenient, but there may be some advantages that come with some automatic bill pay programs, such as more favorable interest rates. Just remember when your debit dates will be and make sure the funds are available, so that you avoid overdrafting with your bank.

Put money in savings

Manually putting your money into savings on a routine basis can be a tedious task. You could also forget, or you may find yourself making excuses as to why you can’t put money into your savings account. Instead, set a realistic amount that you can contribute from each paycheck, and set it up so that this amount is automatically moved from your checking account and into your savings account. Think of it as a monthly (or biweekly) bill that you have to pay. If you automate your savings contributions, it will not only help you save time, but it will help you to save money that you otherwise may have spent if it was just sitting in your checking account.

Enroll in your employee benefit retirement plan

Does your company provide a retirement plan, like a 401(k), as part of your employee benefits package? Consider taking advantage of it, if you haven’t already. It can be overwhelming if you try to save for retirement on your own, but plans offered by your company can make things a lot easier. When you enroll in one of these plans, a percentage of your paycheck is automatically transferred to your retirement savings, where the money earns interest. Although percentages are usually low, the savings can be significant over the years. After enrolling in a retirement savings plan, you won’t have to worry about it again and you may not even notice the difference from your paycheck. On top of that, some companies are willing to match employee contributions up to a specific amount, which can allow you to grow your retirement account
in half the time.

Do you need extra cash to take care of bills and miscellaneous expenses? Peachtree Financial Solutions may be able to help. If you’re receiving long-term payments from an annuity or structured settlement, we can buy some or all of your future payments. By purchasing future payments, we can offer you that money sooner in a lump sum payment. Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash.

 

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

Tags: automating finances, direct deposit, monthly bills, paying bills, retirement, savings accounts

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