Thursday, October 22

Automating Finances

I've spent a lot of time fawning over clothes lately so I decided it was time for a money post. (haha money.. get it?)

So I may have mentioned it before, but I am kind of obsessed with Ramit Sethi's "I Will Teach You to be Rich" blog. When I started my personal finance journey this was one of the first blogs I stumbled across. So far it has been a great resource for information.

One of the topics Ramit advocates is automating your money. For the longest time I wasn't really sure how to go about this. Well I mean I knew, I just couldn't figure out how to apply it to my own situation. I've always had my checks direct deposited and made all my payments online, except thats not what automating finances is all about, because I was constantly logging in to schedule payments and check my balances.

Recently I took my first steps toward automation. I signed up for automatic billing to my credit card for both my internet and cell phone bills. So now each month, Verizon and Comcast will automatically charge my credit card for my monthly bills, and I will continue to earn 1% toward my college loans with each purchase. Its a win-win. I don't know why I didn't start sooner. Now that thats settled I am working to automate my mortgage and car payment, but I am worried about those two payments because those are the most important.

SSBF and I recently opened a Sharebuilder account as well which I've set up with an automatic investing schedule so each month a certain amount is withdrawn from our savings and automatically distributed among our investments.

I'm not quite to full automation yet, but have already begun to see the benefits of spending less time scheduling payments--- more time looking at clothes.



why do they torture me?

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