Should You Automate Your Personal Finances?

Instead of manually managing your money and bills, you can make your money manage itself. We will ask Dr McKeiver at the WDKX Water Cooler Monday Morning at 10am on the Wake-Up Club.

What does automate your personal finances mean? Write a list of any accounts you use on a monthly basis. For most people, this’ll consist of checking accounts and credit cards.

Next, list any monthly expense you pay for using a specific account and its due date. If it doesn’t have a due date, don’t include it. For example, include utilities, rent, credit card bills, and car payments, but leave out your monthly grocery spending.

When you’re done, you should have something like this:

Checking Acct: Rent (1st), renter’s insurance (17th), Credit Card A (21st), Credit card B (30th), Student loan (25th)
Credit card A: Netflix (8th), Hulu (15th)
Credit card B: Car loan payment (30th), electricity bill (1st), pet insurance (12th)

For more ideas and examples click here.

Source: The Verge