4 Ways You Can Improve Your Finances

When contemplating your finances and how best to manage your money, there are many things to take into account. Every day, you’re forced to make the same decision, over and over—should I spend or save? Go out to lunch or pack my own? Pay my electric bill on time or take the late fee and pay it next week? Go out for date night or stay in and watch a movie? Buy those new running shoes or put the money into my savings account?

These all seem like small, inconsequential decisions—but they add up! What does it take to turn it around and start building wealth? Just one simple superpower—automation.

Here are four ways automation can impact your bottom line:

1. Automate savings— It can be more difficult than it sounds to stay motivated to save. If building wealth is high on your list, then automating regular deposits into your savings accounts is a great first step. According a study from Red Crow Marketing Inc, we are exposed to between 4,000 and 10,000 advertisements every day, each one pressuring you to spend money. Enter automation to save the day! Look at your budget and decide what you can save from each paycheck. Set up an automatic transfer and—presto!—your savings grows without any extra effort.

   Explore Mountain America's different savings options, such as traditional savings, certificates and money market accounts. Whether you are saving for short-, medium- or long-term goals, these accounts are a great way to earn dividends on your money as a safe investment.




2. Automate investing—No one finances their retirement by solely investing in savings accounts, right? That’s why you must invest in other options, too. If your employer offers a 401(k), consider yourself lucky—saving for retirement couldn’t be easier. Don’t let anything stand in the way of living your retirement the way you want. Since relying on manual transfers can be risky, automate your contributions each month or each paycheck. You are less likely to redirect that money to another, possibly more frivolous, purchase.




3. Automate bill paying—Building wealth is not just about socking money away. It’s also about not incurring unnecessary fees. How many times have you had the funds to pay your credit card bill but missed the calendar reminders until it was too late? Boom—another $35 late fee. Instead, set up an automated payment to cover the minimum each month. If you want to pay more (which you know you should), go in and amend it. At least you won’t be penalized for paying late!




4. Don’t automate spending—Improving your finances includes being a good steward of your own money. Evaluate your purchases before you make them—is it something you need or something you want? With all those advertising messages being thrown your way, it’s hard to resist. Fight back by “un-automating" a few things: unsubscribe from retailer mailing lists, disable one-click ordering and don’t auto-save your credit card information online. Doing these things will, hopefully, make your shopping more purposeful and less impulsive.

If you’re interested in sitting down with a financial guide to learn about using other superpowers to save money, check out Mountain America Credit Union. We're here to guide you forward to a successful financial future.