Setup Financial Automation

Quick Look

  • In the notes section above (available to logged in users):
    • Write out your financial automation strategy based on the guidelines below
    • Link your accounts held at different institutions
    • Set up the recurring payments and/or transfers
    • Set up alerts on your accounts to stay involved and aware of what’s happening with your money

Follow the steps below to set up financial automation that is right for you.

1. Bills, Saving, Investing

  1. In the notes section above, make a list of all the bills or other recurring payments you have each month, the account that will pay that bill, how it will be paid and the amount.

    Find the level of financial automation that works for your life.

    For example:

    • Capital One Credit Card, Schwab Checking, Automatic Transfer, ~$1,500 (variable)
    • Jane Doe Landlord Rent, Schwab Checking, Bill Pay, $1,100
    • Xcel Utility Bill, Schwab Checking, Automatic Debit, ~$50
    • Emergency Fund Saving, Schwab Checking to Ally Bank, Automatic Transfer, $250
    • IRA Retirement Saving, Schwab Checking to Schwab Roth IRA, Automatic Transfer and Investment in SWYNX, $500

2. Link Accounts

Go to the websites for your various accounts (checking, saving, investing, retirement) and start the process of linking together different accounts at different institutions. This may take minutes or a few days depending on how your bank allows for linking external accounts.

3. Set up Transfer etc.

Set up the automatic transfer, payment, debit, or bill pay option that you planned in step.

4. Set Up Alerts

Review the notes you took in step one and decide what kinds of alerts you want to set up. For example if you know your checking account usually has roughly $1,000 of automatic payments going out around the 15th of the month, set an alert that will notify you if your account balance drops below, say, $1,200.

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