benefits of automating finances

Short on time and money? Automating your finances can help free up your schedule or save you money. Here’s how:

1. Online Direct Lender Loans

Nobody borrows money for the fun of it; people take out personal loans, credit cards, and lines of credit because they need the money — often in an emergency they couldn’t expect. Like when you need to call for a plumber the same week you drained your emergency fund to pay for the dentist.

In these tricky situations, you want a fast loan that can deliver the cash you need with as few delays as possible. That way, you can deal with your unexpected expense promptly.

If speed is what you’re after, check out online direct lenders. Not only will you work directly with the source of your funds, but many of these online direct lenders automate some of the underwriting steps involved with your loan.

Automation has made it possible to qualify and apply for loans faster than traditional borrowing options. Some online direct lenders even provide same business day direct deposit loans, which deposit your approved online loan straight to your account of choice.

2. Bill Payments

Life nowadays is tough enough without worrying about whether you remembered to transfer your part of the rent to your landlord or pay your utility bills. You have enough going on that keeping track of these payments can be challenging, time-consuming, and exhausting.

Automating your bills takes some of the sting out of these payments. While you still have to say goodbye to your hard-earned money, you won’t have to remember due dates or transfer money by hand.

All it takes is some time upfront to organize your bills so that you know what you owe to which creditor at what time. Using this info, you can tell your bank how much money to send and on what schedule. Once you set these rules, you’ll avoid late fees without lifting a finger.

3. Savings and Investments

Financial security is more than just paying bills and taking out online direct lender loans. Good financial management looks to the future with both short-term and long-term goals.

Financial advisors recommend you save a little bit each month towards the following goals:

  • An emergency fund, so you don’t have to borrow an online loan to afford a plumber.
  • A sinking fund so that you can splurge on new tech or take a vacation.
  • Retirement plan to supplement your public and employer-offered pensions.

Automation makes it easier for you to send cash towards these accounts without fail each month. To capitalize on this routine, treat your savings like a bill. Authorize your bank to transfer money into these funds on a set schedule.

4. Credit Monitoring

Credit monitoring is another important facet of money management. You need to check-in with your credit score and your more detailed credit report at least a few times a year.

Checking your score lets you know if you’re a prime borrower, which can help you qualify for personal loans in an emergency. If you are subprime, it’s a wake-up call to bring up your score the next time you borrow.

Checking your credit is voluntary, despite how important it may be, so it can be easy to overlook this financial chore. Automatic credit monitoring services step in to cover this chore, alerting you as soon as suspicious activity trips their code.

Time is Money

Consider automating your financial chores. Whether borrowing online direct lender loans or using credit monitoring services, these tips will cut down how long it takes you to manage your money.

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