Between work and family, events and travel, and everything else you have going on in your life, taking the time to pore over bills is probably pretty low on your list of favorite activities. Paying your bills is a necessity, of course, but there are easier ways to manage your finances every month. Consider these 3 reasons why you should set up automatic payments to help free up time and potentially save money, too.
You only need to set up automatic payments once.
One of the biggest advantages of autopay is the time savings. Establishing up your various accounts and profiles takes some time at the beginning, but once you’re set up, you no longer have to dread those hours at the kitchen table with heaps of paper bills every month. Money will be drawn out of your account at the same time each month automatically, freeing up your time for everything else on your to-do list. And if you tend to forget about that daunting pile of bills, autopay can help you avoid late fees.
It’s important to remember, however, that managing your personal cash flow still requires your attention. You’ll still want to check on your finances each month and make sure you’re sticking to your budget.
Manage your money (and everything else) on your mobile device.
Now that you have set up automatic payments for your utilities, credit card accounts and favorite stores, make sure that you can access your accounts as needed no matter where you are. If your bank has a mobile app, you can log in anytime to check on payments and, if needed, transfer funds into your account. You can also make a mobile bill payment if your autopay is not set up or you are making a one-time payment.
Get more into your savings account each month.
Once you have set up automatic payments and have a good idea of your personal cash flow, you may want to consider making an automatic transfer from checking to savings. By automating your monthly finances, you may find yourself with fewer chances to overspend – and more incentives to save. After accounting for your recurring payments in your monthly budget, keeping your savings goal in mind can help motivate you to save a little more each month.
Automatic payments can help you take the time and guesswork out of managing your monthly budget. Find more budgeting tips on our FutureTrack blog, then come in and see us for your complimentary goal planning session.
