Outsource Your Money Management And Personal Finance Tasks
I advocate a leadership approach to personal finance and money management
. That means I want to spend my valuable time as a Money Leader defining my financial strategy and as a Money Manager crafting the necessary financial plans to achieve financial success. Money Leader and Money Manager responsibilities require a lot of critical thinking, research, analysis and most important....time.
I am not interested in spending any of my precious time on the tedious details of handling my money.
That means we need to find alternate ways to accomplish Money Handler tasks so we can reclaim valuable time that will be better spent focusing on leading and managing our personal finances; If your spouse is willing to help, you can divide the responsibilities between the two of you. However, if you're single, you don't get much of a choice in the matter, you will need to find an alternate solution.
In today's world of the Internet there exists another viable option. You can outsource this minutia. I don't mean hire someone to pay your bills, but rather am recommending you take advantage of modern day conveniences to automate routine Money Handler tasks. Doing so will enable you to spend time becoming a Money Leader and a Money Manger instead.
Ways to Automate
* Sign up for direct deposit. Your paycheck will be deposited automatically into the bank account of your choice. Most employers offer this service and all banks should be able to handle its receipt.
* Sign up for online access to all your banking and investment accounts. This is the best way I've found to automate Money Handler tasks. It takes only a small leap of faith to begin dealing with your financial institutions via the Internet. Convenience and security is important and they know it. You'll have a hard time finding a financial institution that does not offer online access with both features. Instant access to my accounts 24/7 means I can manage money whenever I find it convenient.
* Set up automatic transfers, if required. Each month I automatically transfer a set amount of my paycheck from my primary bank account to a high interest money market fund at another financial institution. It's the same amount, every paycheck and it happens whether I remember or not.
* Set up automatic bill payments. With this approach, you will never have to worry about being late or forgetting a bill payment again. No more stamps, no more checks and no more envelopes. Save that for your Christmas cards.
* Set up automatic investments. This is a great way use dollar cost averaging and make regular investments. For many years I enjoyed making investments manually (albeit electronically). I liked the feeling of empowerment I had each time I saved for my future. I'm disciplined, but I admit to being tempted at times to spend that money on some extravagance instead. Putting your investments on autopilot removes the temptation and frees up valuable time.
* Use a credit card to pay for everything.
DISCLAIMER - You have to be responsible with this technique. I recommend taking advantage of it, but you need to commit to paying off the balance each and every month. Carry nothing over; otherwise you can get yourself in trouble fast.
With a credit card, you can easily pay your automatic bills and your monthly expenses. This technique has the added benefits of no more check writing, no more cash carrying and no more balancing of your checkbook. I cannot remember the last time I wrote a check and I haven't reconciled a checking account in a couple years.
By maximizing credit card use, you decrease the number of transactions in your checking account, making reconciliation almost not necessary. A quick glance online and I can spot anything that might be amiss.
At the end of the month you pay your credit card automatically and electronically as well to complete the circle. One final advantage of adopting this method is the rapid accrual of credit card rewards. Points, miles or cash back, the choice is yours. I personally like cold hard cash back.
There you have it, tips to simplify and automate your finances so you can focus on leading and managing your money rather than handling it. Becoming a Money Leader and a Money Manager is vital to ensuring your long-term financial success.
by: Jeff Wilcox
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