Palmer: Spring-clean finances with some automation – The Columbian

With credit cards, Smith notes that you can set up autopay for a certain amount to guarantee that you pay at least the minimum or set a higher amount to pay down any accumulated debt. You can use pay-minimum automation to ensure youre never late, then make additional payments throughout the billing cycle to lower your credit usage and help your credit score.

CLOSELY REVIEW ALL CHARGES

Erin Lowry, author of the Broke Millennial book series, recommends checking to be sure payments were made. She had been automating her rent payment for six years when she noticed her payments stopped processing earlier this year.

I never had an issue so had gotten a little lazy about checking to see if it went through, she says. Then she realized she had a much larger bank balance than she expected. She discovered her rent had stopped processing a problem she had to scramble to fix.

Automating a bill also doesnt mean that you should stop shopping around for better options. Franco-Cicero, who is also a wealth advisor at Tobias Financial Advisors in Plantation, Florida, says that when it comes to car insurance, for example, its worth checking for discounts and comparing options each time your policy is up for renewal.

AUTOMATE SAVINGS, WITH MANUAL TWEAKS

In addition to signing up to automate retirement contributions every paycheck, Mason suggests automatic savings for other goals. Every time he cuts costs to free up extra cash, he says, I try to capture it immediately so it doesnt get lost in the shuffle. He cautions that youll want to review the savings regularly and make sure you have enough money in your checking account to support the transfers, along with all of your other bills.

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Palmer: Spring-clean finances with some automation - The Columbian