Since the turn of the century, tech has changed how many of us manage our money. Automation has gone from being an unusual but attractive perk to the expected default for many people. But just because the tech is there doesn’t mean everyone knows how many financial tasks can be automated. Here are the five most common things you can safely let the robots handle.
1. Set up Direct Deposit with Payroll
If you don’t receive your paycheck through direct deposit, it’s time to talk to payroll. Direct deposit means your employer will issue your payment electronically, automatically transferring it to the bank account of your choice.
Convenience is perhaps the biggest perk of direct deposit paychecks, as tech will make sure you get paid on time, every time. You also won’t have to deal with checks or visiting your bank to accept a money transfer.
2. Search for Online Direct Deposit Loans
Sometimes, your paycheck doesn’t stretch far enough to cover all monthly expenses. This usually happens when you’re juggling a lot of unexpected repairs and bills on top of your usual responsibilities. If you don’t have enough savings kicking around, borrowing an online cash advance is one way of handling the unexpected.
Much like employers, lenders like MoneyKey use direct deposit to ensure your approved cash advance arrives in your bank account without the need to meet in person, fill out additional paperwork, or cash checks. Instead, cash advance loans offere d through MoneyKey fully automate the dispersal of your funds.
These direct deposit loans arrive faster, although the exact timing will depend on your bank’s policies.
3. Send Money to Your Savings Account
You can skip the need for cash advances loans online by having a well-stocked emergency fund. But it’s hard to keep this topped up if you forget to send money to this account. Automating this essential financial task ensures you contribute to your savings without ever missing a month.
Every month you squirrel a little bit more, you’ll add to your balance and maximize the interest you earn. This can help you develop an emergency fund capable of withstanding any emergency.
The same rule of thumb applies to any specialized savings — whether it’s for a summer vacation, child’s education, or your retirement. Consistency is key to hitting your short- and long-term savings goals.
4. Authorize Payees with Your Bank
If you find it hard to remember when to pay bills, your bank can remember important due dates for you. All you have to do is assign your creditors as authorized payees and tell your bank how much to pay and when. Your bank will send this money like clockwork, never missing a due date.
This simple trick can wind up saving you as much as $119 a year in late fines and prevent poor payment history from leaving a black mark on your credit report.
5. Download a Budgeting App
Despite how helpful a budget may be, making one isn’t always easy. If you find it frustrating or tedious, download a free app to do it for you.
The budgeting apps track your spending by consolidating all your digital financial information across all your accounts — from your checking account to open lines of credit and cash advances. Some let you sign up for spending alerts and bill reminders to keep your finances on track.
Try Automation on for Size
You’re busy enough as it is — don’t let your finances gobble up your precious time. Automate these five tasks to free up your time and manage your money more effectively.