Setting up automatic payments has its advantages. When you automate your money, you can relax knowing bills are being paid on time.
- Open a separate account for paying monthly bills and use it to set up auto-pay. Be sure enough money is direct deposited each paycheck to cover what’s necessary.
- If your work retirement savings plan has an auto-escalate tool, take advantage of it. You’ll find it’s the easiest and most painless way to increase savings without any bother. Schedule it to coincide with your annual pay raise and move closer to a secure retirement.
- Automate your savings with payroll direct deposit from your paycheck. Don’t depend on finding the money yourself. Let direct deposit build your nest egg.
Monitor your finances regularly, but use automation to make saving and paying bills much easier.