How To Put Your Money On Autopilot - Deepstash
How To Put Your Money On Autopilot

How To Put Your Money On Autopilot

Curated from: moneyunder30.com

Ideas, facts & insights covering these topics:

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Automate Your Savings

Automate Your Savings

The best way to attain financial success is not about having a budget or avoiding debt, or even choosing the right investments, but about having a system that makes automatic wealth creation possible for you while you sleep.
Investors make a lot of stupid financial decisions based on emotions and sentiments and putting money on ‘autopilot’ saves us from giving to temptation and laziness.

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Self Control And Laziness

Will power and self-control are like a muscle that can be strengthened. The more we practice self-control, the better we become in implementing the same.

Our laziness too plays a big part in hurting our wallets, like forgetting to pay bills that incur late fees, or overspending on credit cards and paying for subscriptions that are not in use.

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Brain On Autopilot: Tiny Habits That Work

Automatic behaviours trigger better decisions and make the entire process seamless. One thing compliments the other, and good habits give space to other good habits.

Example: When a person is dressed up nicely, they tend to work harder.

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Put Your Money On Autopilot: Savings

Start by saving a certain amount every month from your paycheck (using automatic transfer), and also work towards building or completing your emergency fund.

Clear any high-interest debt you may have and also save money on your next life goal, like buying a house or a car.

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Your Bills On Autopilot

Use a rewards credit card, online bill pay or automatic bank draft to put all your bills on autopilot. Be aware that using your bank account for automatic payments has some concerns like:

  1. There is maintenance required in case you change your biller or bank.
  2. If phone bills get racked up due to unfair roaming charges and get automatically debited from your account, your cell phone company may not give it back.
  3. Bounced payments incur additional bank charges and penalty.

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Investments On Autopilot

Your investment portfolio can be put on autopilot, making use of the Systematic Investment Plans (SIP).

You may have subscriptions on movie streaming platforms, or even the gym that you no longer go to, which is draining money from your bank account. You need to clear away any autopilot subscriptions that are vacuuming cash from your account.

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IDEAS CURATED BY

aniyah_uj

"Money doesn't buy class." ~ Kiana Tom

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