Free Investment Advice

There used to be a time, before automatic deductions, that we would cash our paychecks and instead of paying down debt or putting the bulk of the money into a savings account, we would perhaps pay ourselves a little more and pay the bills a little less.

You can save a significant amount of money by utilizing automatic deductions through your company, the bank, the credit card company, and the utility companies.

Experts suggest the following: Decide how much money you need for yourself per paycheck. After you have determined that, have the rest of the money automatically deducted to pay credit card bills, phone bills, utility bills, credit card bills and other bills you may have. Then have the balance deducted and placed in your savings account.

This is fiscal responsibility at its finest. With online banking and online bill paying, it is easier today to pay bills and save money than ever before. The trick is to sign up for automatic deductions with all of the above companies. Don’t forget to sign up for the 401K deduction through your company as well.

The ability to have bills automatically paid on a monthly basis does save you money in the long term. The burden of borrowing from Peter to pay Paul is no longer a temptation.

In fact, if you make a handsome salary, you can also set up a separate emergency fund through your bank and automatically deposit anything from $500 or more to cover expenses in case you become ill or lose your job.

With the recent events surrounding well-known financial institutions and the stock market plunging, now is the time to plan for any eventuality. This is critical to your financial future.

While we are all worried about the economy and its effect on our daily lives, the best we can do is to safeguard our savings and pay down our debts. In addition, setting up an emergency fund will alleviate some of the worry we may experience down the road.

The systems are in place; all you have to do is sign up and set up.