Save Time and Money With Personal Finance Automation

Looking to save hours and dollars every week? Personal finance automation could be your answer.

Simplify Bill Payments

Automatic payments for recurring bills such as your rent or mortgage, loans and credit card payments can free up valuable time and help you manage your finances more efficiently. You can usually set this up through your bank or with individual vendors directly. Auto bill pay ensures payments are always on time, and helps you avoid costly late fees — while also protecting your credit rating.

Pay Yourself First

Enrolling in your company 401(k) helps makes saving for retirement automatic because contributions are deducted from your paychecks by your employer. A 401(k) lets you take advantage of powerful the effects of compound growth and helps ensure you consistently invest in your future without having to think about it each pay period. If you don’t have access to a 401(k), you can set up something similar with automatic deposits into a traditional or Roth IRA.

Boost Your 401(k)

If your employer offers an auto-escalation feature for your 401(k), you can significantly boost your retirement savings over time. This feature typically increases your contribution percentage by 1% each year, helping you gradually save more as your salary increases.  Auto-escalation can help you achieve a goal many financial advisors recommend, which is saving 15% of your pay toward retirement — while helping you feel the small incremental deductions from your take-home pay less.  You’ll have the flexibility to opt out or adjust your auto-escalation at any time to suit your changing financial situation.

Streamline  Savings

By setting up automatic transfers from your primary checking account to a savings account, you can help build your nest egg with a lot less effort. Whether for emergency funds, holiday spending or a vacation, automated savings can ensure that you regularly set aside money for future needs before you have a chance to spend it. Look into FDIC insured high-yield savings accounts for more competitive interest rates than brick-and-mortar banks typically offer.

Leverage Budgeting Tools

Online auto-budgeting tools can connect directly with your checking account and make managing your finances much more efficient. By providing immediate insights into spending patterns, budgeting software can help you stick to your financial goals and avoid overspending. Be sure to review your budget periodically to make sure you’re sticking to your plan.

Set It, But Don’t Forget It

Personal finance automation is a great way to save time and money, but make sure you check in on your investment, credit and other accounts on a regular basis to make sure everything is working as it should. Automating financial tasks reduces the time you spend managing money and can help prevent costly mistakes, allowing you to focus more on what matters most to you. Explore these options to save time and enhance your financial wellness.