Managing your finances is all part of being an adult, but being an adult also means working long hours, taking care of your family, and trying to squeeze in some social time when your schedule allows it.
Being a grown-up also means keeping track of your finances. The problem is that budgeting and financial planning is boring and tedious. But you don’t want to just throw finances to the wayside. Instead, use an automated tool to make managing your finances a breeze.
Thankfully, there are tons of awesome tools and mobile apps that you can use to automate your finances. Here are the many ways you can streamline money management with some of the best tools around.
Automate Your Credit
Chances are that you, like millions of other Americans, have some form of debt. From Atlanta all the way to the west coast, Americans everywhere are struggling to get their debt under control. Even if you carry a very small balance on your credit card, you should always keep a close eye on your credit score. It’s also important to consider how debt impacts your finances, to include minimum monthly payments and the money that you pay in interest.
If you’re debt-free, congratulations; but your credit still matters! If you’re looking to get a new job, buy a home, or buy a car, your credit score will have an impact. Some employers won’t hire workers with poor credit history. And when taking on debt, having a low credit score can negatively impact your loan terms.
But who has time to check their credit score on a routine basis? The good news is that there are tons of services out there that enable you to keep close tabs on your credit standing. Most credit tools track your credit score throughout the month and even offer suggestions for ways to improve your credit score.
Some of the most popular credit tools and apps include:
- Credit Karma
- Credit Sesame
Using these tools you can receive alerts when your credit changes. This way you can ensure you’re in the best credit standing before applying for a loan for a big purchase.
Investing often works best when you follow the “set it and forget it” method. While you’ll want to review and rearrange your investment portfolio every so often to maximize your earnings, you probably don’t have the time to sit around and watch the stock tickers on an hourly basis.
Automating your investing frees up your time and allows you to make smart investing decisions without all of the stress and hassle. Many automated investment tools
A few automated investing apps and tools to consider include Betterment, Acorns, Robinhood, Stockpile, and Stash. With a few clicks and taps, you can start investing money. Even investing just $100 can have an impact on your financial future.
If you want further guidance for best investing your money, hire a financial advisor who can help in determining how to allot your funds. To find a quality professional, you can compare financial advisors on Carefulcents.com.
Automate Your Bills
How many times have you paid a bill late because you forgot about it? Missing a payment can have a serious impact on your financial health. Not only are you at risk of having to pay a late fee, but late payments can also negatively impact your credit.
Let’s face it. We all lead busy lives and it’s impossible to try to remember when all of your bills are due. If you’re like most people you’ve got a house payment, utility bills, credit card bills, and the list continues.
Free up some of your time and never make a payment late by automating your bills. Most banks and lenders allow you to set up automatic payments. This way you don’t have to remember each bill due date; instead, the money will simply be taken out on the date you select.
Some lenders and companies even offer savings for simply signing up for automatic payments. This means you can save money while improving your credit!
Automate Your Budget
Having an automated budget makes life so much easier. Have you ever over-drafted your account or spent way more than you planned to? With a budgeting app, you can set thresholds for spending, account balances, credit card balances, receive alerts, and more!
With a mobile app or online tool, you can say goodbye to the days of living paycheck to paycheck or not having enough money to pay a bill. This means a lot less stress and anxiety when it comes to your finances.
Another perk of automated budgeting is that these tools are smart enough to learn your spending habits and are able to categorize your spending. This means you can see how much money you’re spending on certain things, such as food, housing, and entertainment.
Top budgeting tools to consider using include Mint, LearnVest, You Need a Budget and Mvelopes. Even if you’re completely new to budgeting, these apps make managing your money as easy as possible.
Automation has had a huge impact on how we live our daily lives. Keep these options in mind if you want to streamline and improve your financial management.