Automate your savings
Putting your personal finance on autopilot can help you achieve your long and short-term financial goals.
Implementation and cost
- Set up auto deposits into your savings or investment account with your financial institution.
Benefit – This ensures you meet your savings goals every week by prioritising savings over expenses.
- Set up automatic weekly or bi-weekly credit card repayments.
Benefit – This can help you pay back your debts, keep you out of debt and prevent late fees.
- Set up direct debit payment methods with your regular services and utilities.
Benefit – Ensures you pay your bills on time and reducing the risk of bad credit ratings. Reduces debt risk.
- Set up auto mortgage payments at a higher rate than your minimum repayment amount.
Benefit – Pay off your mortgage sooner and pay less interest over the lifetime of your loan. Reduces the risk of mortgage payment defaults.