120: How To Automate Your Finances

The Rich Immigrant

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I promised a follow up episode to describe the process of automating your finances as automation is central to a good paycheck routine.

Automation takes away the guesswork out of managing your finances. That means no fees, and no mistaken balling out, and you get to pay yourself first via saving and investing. In this episode, I share the key steps to automating your finances including:

1. Mapping out on paper where your money will go
2. Mapping out how much will go into each bucket every month
3. Set up the first level with your employer
4. Then set up the rest of the savings and investing automation by linking your accounts and setting up the automated payments
5. Set up automating your fixed payments
6. Do You Have to automate everything? I'd say about 80% automated and 20% manual.

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