Tuesday Tip of the Week: March 28, 2017
Automate Your Finances
We live in an age of drones, social media, and insane computer technology. Where I’m going with this is that it is basically impossible to not be on top of things. Many people I know have a hard time keeping track of what comes up and when. This post will be about making your life simple with automation.
Your Bills:
If you have trouble keeping track of when to pay bills then you need to automate bill payments. Every company (for the most part) will allow you to automate your bill payments. This will make sure that you are never late on a payment. This will ensure that your credit stays tip top which is very, very, very important. Very! That leads me to my next point.
Your Savings:
You have to make sure you actually have money in your accounts to make sure you can pay those bills. My recommendation is this: Automate your bills to be paid with your credit card. Then automate your chequing to transfer money into savings every pay. You now have enough money at the end of the month to pay bills. You then pay off your credit card every month. You pay no interest, and your credit stays tip top.
Once you have that system down then automate your investments with your TFSA and RRSP. This ties into what I mentioned yesterday about “Dollar Cost Averaging.” The money for your future is gone before you spend it. At that point, if you blow every other dollar you have it doesn’t matter. You have already looked after your goals and dreams. It is as easy as it gets and nothing will make you more successful.
Thanks for reading my tip of the week and tune in tomorrow for “Wednesday WTF.” Have an amazing day friends!
“Good, bad or indifferent, if you are not investing in new technology, you are going to be left behind.” – Philip Green
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.