I don’t know about many of you, but sometimes life just gets away from me. If I hadn’t made the decision to automate my finances early in my financial life (when I got my first credit card for example), I know for a fact that I would have forgotten to pay my bills.
I am a 100% advocate for automating your finances. Automatic bill pay is a godsend.
This week, I was tired. I had work every day, and I came home and did 3 hours a night of CFP (Certified Financial Planner) coursework. Even the thought of writing a blog post made me tired. I’m sure many of you can relate to the feeling.
This is why automating your finances is crucial; at least for me. The important thing is to know your personality type.
For me, thinking about remembering to pay my bills takes up mental energy. I have a certain amount of mental energy that I can use to get through my day, my week, even the next hour. And once that mental energy is used, it takes more than a monumental effort to do even one single other thing.
Due to automating my bill pay, here are the things I did not have to think about this week:
- I did not think about paying $125 on Dec 1st for car insurance – automatic
- I did not think about the $50 contribution to my Roth IRA on Dec 1st until I got the email confirmation – automatic
- I’m not thinking about my credit card payment due on Dec 9th – that will be automatic
Same thing for my car payment ($187) and my student loan payment ($164) on the 23th of each month – automatic.
Bottom line is I save my mental energy and I know myself in this respect at least.
Automatic payments have saved my butt 100 times already.