Simplifying Your Financial Life
Simplify Your Life Week is celebrated during the first week of August, and it’s the perfect time to start simplifying your lifestyle - automating your finances is a great place to start! A few short hours is usually all that’s needed to set up a process to pay your bills automatically, deposit money into savings, set aside a little for entertainment, and, consequently, free up some of your time for more enjoyable things!
There are also benefits to automating your finances such as eliminating the need to make trips to the bank, no longer worrying about paying bills on time and having the option to conveniently manage your finances on your phone, laptop or tablet. Some financially automated options typically available at banks are listed below.
Automated Bill Pay
Your online banking system will usually let you set up automatic monthly bill payments for your mortgage, rent, credit card payments and other charges by choosing a monthly withdrawal date on which your bank will issue payment from your checking account. Automated bill pay also helps keep your financial records organized, since you can easily track them in your online account and make your bill payments more secure (you’re not relying on the mail to send out checks). Learn more about BancorpSouth Online Bill Pay services.
By automating your savings, you will no longer have to remember to "feed" your savings account. It will be done automatically via a transfer from your checking account into your savings account. The amount you want to transfer each pay period from your checking to your savings account is up to you.
Automatic Payroll Deductions
Automatic payroll deductions enable you to deposit a certain percent of your payroll check into your checking, savings, 401K, and other accounts automatically, so you will not be tempted to spend that money later on.
Setting up direct deposit can be as simple as having your employer deposit the amount of your paycheck directly into your checking account. Most direct deposit services will also allow you to break up your paycheck into multiple deposits that you can direct toward different accounts.
All it takes is a little strategic thinking and a few hours to get your automated financial system up and running. When you automate your finances, you are helping to take control of your financial security for today and the future. And, once everything is set up, it might surprise you how simple managing your money can be. Take the first step to helping simplify your finances.
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