The idea of being a freelancer, side-hustler or entrepreneur has never been more appealing than it is right now. There’s tremendous opportunity for those who know how to automate their finances and put them on autopilot so they can focus on the what matters: building great businesses.

The “automate your finances examples” is a blog post that lists 5 ways to put your money on autopilot. These are: automate your savings, automate your bills, automate your investments, and more.

Automate Your Finances: 5 Ways to Put Your Money on Autopilot

Managing your finances may be a source of anxiety and worry.

When did that bill have to be paid? Am I putting aside enough money for retirement? Is it possible that my credit card was stolen and used to purchase crypto-mining robots?

While some of the above worries may be more plausible than others, if you’ve correctly automated your money, you won’t have to worry about any of them. That may seem to be a complicated subject only available to computer experts, but anybody with a phone and an internet connection may do it.

Still don’t trust me? Continue reading to learn how to automate your personal finances and why you should.

Why Should Your Finances Be Automated?

You don’t technically need to automate your personal money. You can still do anything by mail or over the phone with most banks and businesses.

I suppose you, on the other hand, have other things on your mind. One of the most compelling reasons for financial automation is that it saves time. Less time spent paying bills, transferring funds to investments, or contacting your bank to report possible fraud means more time to do the things you love.

Furthermore, automating your money provides you with peace of mind. You won’t have to worry if your credit card information is taken in the middle of the night. Instead, you can be certain that you will get an SMS alerting you to any questionable charges (learn more about how to do this below).

Finally, automating your finances boosts your financial stability. A missed payment, for example, may have a significant impact on your credit score. However, if you set up your payments to be paid automatically, your money will stay in good shape even while you sleep.

In theory, it all sounds wonderful, right? However, which aspects of your money should be automated? Continue reading to find out.

Paying Bills Automatically

Paying Bills Automatically

Paying Bills Automatically

So, what can you automate, and what should you automate? While this isn’t an exhaustive list, here are a few of the most frequent bills that we suggest autopaying:

  • Rent
  • Bills for utilities
  • Payments via credit card
  • Payments on student loans
  • Payments for automobiles
  • Payments for automobiles

You should check with the business or organization that bills you for information on how to automate each of them. Usually, you just have to agree to the recurring charges and provide payment information.

If you’re presently paying all of your payments manually, this may take some time. But after you’ve got everything set up, you won’t even notice it. The only thing you’ll need to do is make sure your payment information is up to date if it changes.

Note: This advice is based on the assumption that you aren’t spending more than you earn and are usually in good financial shape. If you can’t afford to pay your expenses, you should take care of that before allowing them to be automatically paid.

Text Alerts for Fraud

While digital banking has made managing all of your different accounts considerably simpler, it doesn’t imply you have time to verify each transaction every day.

As a result, a fraudulent charge may pass you by without your knowledge. Your card will have built up hundreds of dollars in charges at Taco Bells all throughout the Los Angeles metro area before you realize it. (This occurred to a card of mine a long time ago.)

However, if you set up fraud alerts, your financial institution will notify you whenever a questionable transaction is made to your card. After that, you’ll need to check to see whether the charge is legitimate. If it is, you may go about your business as normal. If it isn’t, your bank institution may deactivate the stolen card and give you a replacement as soon as possible.

The details of setting up fraud alerts will vary, but you should be able to find the option in the “My Account” or “Security & Privacy” section of your financial institution’s website or mobile app. You can also find instructions by searching “NAME OF YOUR BANK OR CREDIT CARD + fraud alerts”.

Recurring Charges and Subscriptions List

Only use your card for regular purchases, such as a gym subscription or a streaming service, since this is one of the greatest methods to establish credit responsibly. You’ll be able to build a regular payment history without succumbing to the urge to overspend this way.

However, updating all of your memberships if/when your payment card information changes may be a headache.

That is, unless you have access to a list of all your regular payments and subscriptions via your online credit card account. While it isn’t accessible with every card, it’s worth checking to see whether yours does. I recently used it to update my company credit card subscriptions, and it really sped up the process.

Sign in to your online credit card account or app and search for an option to “View recurring charges” or something similar to utilize this function.

Bonus Tip: Looking at a list of recurring payments may also assist you in identifying and canceling any unneeded subscriptions that are squandering your money (such as that free trial you forgot to cancel 6 months ago).

Savings that are made automatically

You may go on to automations that will help you keep or perhaps earn money after you’ve set up automated bill pay and fraud alerts. Automatic savings is the first of them.

There are many benefits to automatically saving money. First and foremost, it may be an excellent method to build up an emergency savings before you begin investing. Furthermore, setting up automatic monthly savings is a fantastic method to save money for big expenditures like a down payment on a house.

Depending on where you bank, the specifics of how to set up automatic savings withdrawals will differ. However, you may set up regular withdrawals every two weeks, every month, or whenever is most convenient for you.

You should make these withdrawals every time you are paid, if possible. Also, the funds should be placed in an account where you will not be tempted to squander them. We also suggest that you open a savings account with the greatest possible interest rate.

If you want to save money, don’t depend on your own memory, willpower, or motivation. It’s best to set it up once and then leave it alone.

Check out our budgeting guide for additional money-saving ideas.

Investments that are made automatically

You’re ready to start investing if you have enough money in your checking/savings account to handle unexpected expenditures. We discuss how to invest your money in other places, but one of the most essential principles is to automate it.

You should automate regular payments to your investing account in particular. And, ideally, these payments should be deducted from your salary before it reaches your bank account. You won’t be tempted to spend your retirement funds on takeaway.

So, how do you go about doing that? It all relies on your line of work and the investing choices accessible to you.

If your company has a retirement plan, such as a 401(k), direct your automatic payments to that account. Inquire with the person in charge of your company’s benefits about setting up automatic payments. You may also contact the financial institution in charge of your employer’s retirement plan.

If you’re self-employed or don’t work for a company that offers a retirement plan, you’ll have to put one up on your own. Because the details of how to accomplish so are outside the scope of this article, we’ll presume you’ve already done so. (Our investing guide has more comprehensive information on how to establish a retirement account.)

Simply go to your broker’s website and set up automatic/recurring donations after your account is set up. You’ll need the account information for the bank account that will be used to pay your donations, but that’s all. Just make sure you choose a quantity you’ll be able to keep to on a regular basis.

M1 Finance is a good place to start if you’re not sure where to put your money. If you don’t have access to a company-sponsored retirement plan, this is the greatest choice. Find out more about M1 by reading the following:

M1 Finance - Automated Investing M1 Finance is a company that specializes in automated investing.

It’s critical to begin saving for the future after you’ve established a steady income and paid off your obligations. M1 Finance, in my view, is currently the finest choice for first-time investors. The site is free to use, and it enables you to establish a Roth IRA (the best beginning choice for most students and young professionals) and invest in index fund ETFs automatically. This combination is almost unheard of on any other platform.

If you click this link and make a purchase, we will get a commission at no extra cost to you.

Automating your finances allows you to focus on other things.

Now that you’ve finished reading this article, you’re ready to start automating your money. You’ll have more time and energy for the things you want to accomplish after you’ve completed this task.

To summarize, the following are the areas of your finances that gain the most from automation:

  1. Set up automatic payments for your invoices.
  2. Sign up for scam alerts that will be sent to you automatically.
  3. A list of recurring charges may be found in your credit card account.
  4. Create an automated savings plan for your emergency fund and major expenditures.
  5. Set up auto-deposits to your retirement and investment accounts.

Check out our guide to the top budgeting apps for additional money-management advice.

money increasing is credited as the source of the image.

The “choose the answer that best describes how to automate your finances.” is a question that has been asked many times before. There are 5 ways to put your money on autopilot.

Frequently Asked Questions

How do you automate your finances in 5 easy steps?

A: Some people do this by opening a brokerage account, while others use their bank. If you are interested in automating your finances and want to open an investment account with Vanguard, visit the following website:

How do I put money on my autopilot?

A: There are three ways to purchase your flight. You can make a payment with PayPal, credit card or cryptocurrency such as Bitcoin and Ethereum.

What first step should I take to automate my finances?

A: First, you should start by thinking about what your expenses are and how many people are in your household. You can then determine which ones to automate first so that you dont need to do the work yourself anymore.

  • automating your finances is an expensive mistake
  • automate your investments
  • automate your finances meaning
  • budgeting automating your finances book
  • how to automate investing
You May Also Like

Essay On Grandmother For Students In Easy Words – Read Here

It is a difficult task to write an essay on the topic…

A ‘Whole Child’ Approach Will Be More Important Than Ever This Fall

Progress has been made in tackling childhood obesity, but the issue is…

Essay On Janmashtami For Students In Easy Words – Read Here

I am going to explain the Janmashtami festival in easy words. We…

Essay On Family For Students In Easy Words – Read Here

Every person has a family and that is the most important part…