September 6, 2021

How to Automate Your Finances

Automating your finances is one of the best ways to assure that you're on a budget, and all of your payments that affect your credit score are paid, and paid on time!

8 min read

Qoins Staff

@qoinsapp

Guess what day it is? Huuuump day! It’s the middle of the week and if you’re like me right now, you’re burning out of energy fast. But remember, the weekend is almost here!

So go ahead, grab another cup of coffee and let’s get into how you can make your week less busy and less stressful by automating all of your finances!

You probably have financial goals you want to reach but life likes to throw surprises. Being organized and having the majority of your financial obligations automated will help you be more prepared for anything that does come your way.

Automating Bills

The first step to automating your finances is listing out all of your expenses a.k.a. creating a budget. Once you know what you’re expenses are, you’ll know what can be automated and how much to allocate to each bill.

You can set up auto-pay on your bills through your online bank account, or through the biller’s website as well. Hopefully, you can afford all of the expenses you incur, but if you can’t at least you’ll know what needs to be cut out.

Fixed bills are easy to automate because they won’t change from month to month. Examples would include your rent, cell phone bill, gym membership, etc.

You can automate your variable bills as well but make sure to stick to your budget when it comes to frivolous expenses on your credit card. A good way to do this is by setting yourself a limit or allowance in each category and aim to not go over that amount.

Tip: When it comes to variable expenses like gas, use a credit card to maximize rewards for the purchase and pay it off before the due date!


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Recurring Transfers

Along with setting up auto-pay for your bills, you’ll want to create automatic recurring transfers for any savings goals you have. This includes long term goals like retirement or a house fund and also short term goals such as a vacation or a big purchase like a car.

You can set these as an expense in your budget to make sure you save before you spend. Set up an automatic transfer to send money to a separate savings or investment account every time you get paid.

If you get paid through direct deposit, you can take advantage of splitting your paycheck immediately and having a portion of it go straight to a separate savings account. Automating this will give you less available cash to spend and force you to cut out impulse purchases.

Also, be sure to set up mobile alerts as well to keep track of your balances. You can have your bank notify if your account is nearing a low balance which will prevent any overdraft fees and warn you to stop spending if you’ve reached your monthly limit.

Why is it important?

Automating everything will help you stay more organized with your money. Being organized will reduce stress about having to pay bills on time, or worrying if you have enough to save.

Less worry about your finances means more time to get other things done. Whether that’s putting more effort into your work, investing, hobbies or simply just relaxing and spending time with loved ones.

You shouldn’t have to cut time out of each day to deal with your money, especially with all of the possibilities available now for automating everything. Some companies will even reward you for setting up automatic payments and reduce your bill if you have auto-pay on!

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