Many experts advise that you automate your bill payments and savings contributions, but what are the pros and cons?
- If you took a survey of financial experts,…you'd find a surprising amount of agreement…on the subject of automating your finances.…Evidently, we're all supposed to do this…to save time, reduce missed payments,…and clear up mental space for other stuff.…That's great, but it doesn't mean it's great…for everybody in all circumstances.…I've seen many instances where automation…actually caused more headaches than it saved.…Let's cover when it's best to automate your finances.…Automation works best for people who…have reliable income and fairly predictable expenses,…are able to consistently live below their means,…have already put time and thought into savings goals…and are able to integrate those into their automated system.…
Automation may be tough for those of us who…have erratic or unpredictable incomes,…experience swings in expenses,…struggle to live below our means,…and who don't have concrete savings goals…or who tend to regularly pull from savings…to cover shortfalls.…It doesn't mean it's impossible for those in group two…
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