How To Automate Your Finances in 2019

Technology influences every part of our lives. From a clock beeping at you to wake up, to a watch counting your steps, to a robot turning on your lights, our daily lives rely on the use of technology. We use it to work, stay in touch with family and friends, shopping, gaming, and more.

So why are we reluctant to integrate technology into our finances?

The health of the global financial marketplace hinges on the advancement of technology. It allows us to perform tasks in an accelerated fashion and gives us new insights into how our infrastructure functions so we have a better idea of how to mold it for the better.

But I get it, Amazon’s Alexa laughing at unexpected times (often at night and unprompted) have given people pause on the rate at which technology interacts with us.

Maybe someday we will be able to ask Alexa to electronically deposit a check for us, but until then let’s look at some of the ways technology, specifically though automation, can help you with your finances this year.

  1. Have You Ever Missed A Payment?

This should be a rhetorical question right? Everyone at some point has missed a payment, whether that be credit cards, rent, utilities, loans, etc. Often, these accidents come with a large fee. In order to avoid this encumberment, try automating your regular payments.

  • Rent/mortgage
    • (Keep the roof over your head)
  • Car
    • (You still need to get around)
  • Student loan
    • (Your education will pay for itself, or so they say)
  • Personal loan
    • (You wanted this)
  • Credit cards
    • (Yes, all of them)
  • Utilities
    • (It is tough doing dishes in the dark with no water)

Write out a list of your fixed expenses and see how you can automate your payments monthly. Not only is this easier for you, but it also helps you avoid any missteps in payments which could affect your credit score. Bad credit presents its own set of obstacles like higher thresholds for loans and often higher interest rates as well.

  1. Have You Contributed To Your Savings Accounts?

Life gets crazy, so I can’t imagine that the first thing on your mind is your savings. But hear me out, putting money into your savings accounts each month will help ensure the safety of yourself and your family should an accident occur, or you’re planning for a big purchase, or for a healthy retirement. Take a look at all of your savings accounts:

  • Personal
  • Emergency
  • Retirement

How are you contributing money to these accounts? One way you can ensure that your savings accounts are getting replenished each month is through automating the contributions. Take your 401k, for example. If you set up automatic contributions to be withdrawn from your regular paycheck to funnel into your retirement savings, you are contributing to the account on a regular basis. This keeps the cash-flow steady and consistent.

When we talk about automation, consistency is the name of the game. Automating your savings is a great way to maintain your account with virtually no extra work for you. Each paycheck, you can be assured that money is accumulating in your account. It may seem like a simple thing, but automation in this area can be very beneficial to your financial strategy this year.

  1. How do you budget?

What is your go-to strategy for budgeting? There are so many ways to do it, but one of the fastest growing ways is through finance apps. Each application excels in different areas which is why some apps work great for some people while the same ones do not work well for others. If you are looking to try out a new budgeting app, check out this list of them on my website. I outline options for you to try and what each app specializes in.

If budgeting is not something that you find comes easily, then try automating it this year with some alternative options.

  • YNAB ( You Need a Budget)
  • Good budget
  • Dashflow

These are just some of the many options that exist for simplifying your budget.

  1. Have You Called Your Financial Advisor?

Money management is not a simple thing. It requires a complex and consistent strategy to effectively build capital. So why not get a professional involved?

Your advisor will be able to help you make a detailed plan, customized to your unique financial situation. They will be able to point you in the right direction and show you how all of this tech mumbo jumbo can be applied to your real life.

So what are you waiting for? Give us a call! We can’t wait to help you automate your finances in 2019.