Take control of your finances. You’re busy and likely appreciate smart time-saving strategies. Rather than spending hours poring over bills and financial statements, why not automate some of your financial life?
It’s a move that can help make it easier and painless for you to save regularly and pay your bills on time. It also can cut down on the risk of identity theft because you’ll have fewer paper statements that could end up in the trash.
Here’s where you can let technology take over:
- Paycheck deferrals. You can arrange for a portion of each paycheck to be contributed to your employer-sponsored retirement plan. The plan may even allow you to increase the deferral percentage over time — helping you to potentially save more. In addition to funding a primary retirement plan, you also may want to consider a paycheck deferral to an Individual Retirement Account (IRA) to help build additional savings for your future.
- Direct paycheck deposit. Using direct deposit can make it simpler for you to build an emergency fund. Route the bulk of your paycheck into an account for bills and expenses, and dedicate the rest to a separate account for emergencies. Paperless billing. Many businesses will now send their invoices via email, which lets you keep all your bills in one place and cuts down on desktop clutter. Some companies will even shave a bit off your bill or offer a lower interest rate if you choose electronic billing.
- Online bill payment. Setting up automatic payments through your bank is typically a fast and easy process. It’s rewarding too: You’ll avoid late fees, save on postage and cut down on the number of checks you write.
Making these moves won’t entirely liberate you from the task of staying on top of your finances. But they will help make that job a whole lot easier.
