How To Put Your Money On Autopilot - Deepstash

deepstash

Beta

deepstash

Beta

Deepstash brings you key ideas from the most inspiring articles like this one:

Read more efficiently

Save what inspires you

Remember anything

How To Put Your Money On Autopilot

https://www.moneyunder30.com/money-on-autopilot

moneyunder30.com

How To Put Your Money On Autopilot

6

Key Ideas

Save all ideas

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.

75 SAVES


VIEW

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.

79 SAVES


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.

75 SAVES


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.

76 SAVES


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.

71 SAVES


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.

70 SAVES


SIMILAR ARTICLES & IDEAS:

Regular monthly bills

Regular monthly bills

The bulk of your budget is made up of necessities like rent, phone and internet bills, insurance, etc. If you can lower your monthly expenses, you can save a lot for unplanned events.

Debt when you're on a tight budget

There are a couple of paths you can take to pay off your high-interest debt when you're on a tight budget.

  • The snowball method. For those who need to see progress, pay off the lowest balance first. You'll feel inspired to keep going.
  • The avalanche method. Choose the debt with the highest interest rate to pay off first. This may require larger monthly payments and will take longer to see progress, but you will save the most money in the long run.
  • If you need to prioritize your credit score, focus on paying down your credit cards first. Paying the ones you are near to maxing out will improve your score quickly by a few points.
  • Set up payment plans, even if you can only afford a few dollars at a time. That way, your lenders can see you're paying something.

Incorporate unplanned entertainment in your budget

Financial professionals will advise you to cut out expensive nights out. In truth, you will have night's out, even when you're dirt poor.

To incorporate unplanned entertainment, set aside an amount each month. Be realistic. You can open another savings account for fun spending or you can use cash only.

2 more ideas

The Golden Rules of Personal Finance

  • Spend less money than you earn
  • Always plan for the future: you should always look forward beyond the current month
  • Make your mon...