Comments on: Saving Money and Time Through Automation

By: Money Infant

Money Infant — Sun, 19 Feb 2012 03:56:33 +0000

I always had a notation in my budget when a bill was automated, including the date. That always worked well for me. Now we don’t have to worry about it because there is no automation in Thailand!

By: Amanda L Grossman

Amanda L Grossman — Sat, 18 Feb 2012 21:17:03 +0000

I am definitely a huge fan of automation. We automate as many bills as possible, as well as savings. The only issue becomes if there are months where we don’t stay within our budget–then we have to remember what we automated away and on what dates!

By: Money Infant

Money Infant — Sun, 12 Feb 2012 06:25:14 +0000

Yeah Christmas is always a time I am tempted to rob the savings as well, but I’ve short circuited that by creating a sinking fund for Christmas. No more worrying about where the money is coming from for presents and a set budget too. If you are replacing the money that’s cool, it’s kind of like giving a loan to yourself (without interest). The problems start for most people because they often neglect to pay themselves back after lending the money to themselves. You are definitely right though that at least you aren’t running up any credit card or personal debt this way.

By: MyMoneyDesign

MyMoneyDesign — Sun, 12 Feb 2012 04:21:36 +0000

That says it all right there – don’t rob it! For me, the year always starts off good. But then towards the end (especially around Christmas), I always need to “borrow” the money until I can replenish it with my profit sharing check in January. But I guess if the money is already earmarked for a sinking expense, there really wouldn’t be much harm! As long as we don’t any high interest or create credit card debt, all should be fair, right?

By: Money Infant

Money Infant — Sun, 12 Feb 2012 03:05:32 +0000

Glad you like the sinking fund idea, it has worked well for me as long as I don’t rob it. Much easier when you automate it though and so nice to be able to just pay those big expenses.

By: MyMoneyDesign

MyMoneyDesign — Sat, 11 Feb 2012 21:20:16 +0000

Automation has made saving incredibly easy! The 401k, 403b, and IRA’s are all fully automated. I’ll be working on the DRIP next. I like your idea about having a “sinking fund” as well. We’re all going to need a new car or to go on vacation at some point – better to plan ahead for these things!

By: Money Infant

Money Infant — Sat, 11 Feb 2012 03:24:04 +0000

Savings I like to automate, but bills not so much. I know it helps you to not forget to pay any bills, but I find that by paying manually I am forced to keep a better eye on my budget and not let things get out of control there. There’s no doubt though that automation can save you a nice chunk of time.

By: Money Infant

Money Infant — Sat, 11 Feb 2012 02:57:02 +0000

That’s great you guys can live on just 1 paycheck and bank the rest! I’m not too crazy about automating bill payments either for much the same reason your friend got burned.

By: Money Infant

Money Infant — Sat, 11 Feb 2012 02:13:02 +0000

I didn’t even touch on the benefits of dollar cost averaging, but yes that is another great reason to automate any investment accounts.

By: Money Infant

Money Infant — Sat, 11 Feb 2012 02:04:18 +0000

Yeah I know there are some people who enjoy making the monthly transfers. I think the transfers for investing are particularly fun because not only do you get to do the transfer, but then you get to allocate the money in your investment account.