When it comes to handling income, a lot of people struggle with the discipline to pay themselves first or save before spending.
Automating your finances is a practice that can help you direct your money where it needs to go to achieve your goals before temptation creeps up on you and you begin to make not so great decisions. Here are a some ways to automate your finances:
Get a Standing order to a different account
You can do this by going to your bank and asking them to direct a fixed amount of money to a particular account different from the one where you receive your payment at a particular frequency(e.g monthly) This is ideal for recurring sinking funds, MMF, SACCO etc.
Automatic deductions from your employer
This is a good route to go for your pension funds, SACCO payments and education policies where you already have a set contribution amount and are sure to make the payments without having to remember.
Set Calendar reminders
Create calendar reminders every payday to pay bills and make investments. Make this a priority every month before spending on wants to ensure your needs are covered and that you’ve paid yourself.
Automating your finances makes your money journey a bit more seamless and is the first step to cultivating discipline when deciding where your money goes. You get to pay yourself first without the extra work of having to remember!
We cover this and much more in our course Your Roadmap to Wealth. Use this link to check it out: https://africaspocket.com/course/your-roadmap-to-wealth