plonkee money

January 15, 2008

budgeting tip: make it automagical

Filed under: budget — Tags: , — plonkee @ 12:00 pm

magic spill in aisle nineMaking it automagical has got to be my favourite personal finance tip of all time. Prior to my conversion, I was often late with bills, not because I didn’t have the money, but because I’m a born procrastinator. Why do today, what you can put off until tomorrow? They’ll charge you for it, that’s why.

In my new system, every thing that I possibly can gets put onto direct debit or standing order (automatic bill pay, and automatic money transfer). All my bills, all my savings, all my investments, all my donations, and now all my spending monies.

It’s been a personal finance revolution. I rarely have to write cheques. I haven’t missed a bill in months. I have no need to worry about my cashflow situation, I’ve set it all up so that everything gets moved or paid as soon as possible after pay day.

What about you? Do you like to make it automagical? Or do you prefer to pay your bills individually each month? Let me know in the comments.

Image by kevindooley

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