WEEK THREE OBJECTIVE: Consider which tools CAN make your money management easier
This week we will decide what tools we can use to make managing our money easy. Automation and online tools can make managing your money almost effortless. Of course, what you do is completely up to you.
Many are concerned that if I automate my money, a hacker can break in and siphon away everything. This is a common concern; however most financial institutions have the option for enhanced security measures such as “two-factor authentication” which protect your accounts. On the other hand, a major benefit of automation and net worth tracking tools, is that if a hacker DID access one of your accounts, you could find out THAT DAY and you can contact your financial institution to put a stop to it right away. If instead, you wait for your monthly statement, the delay may make reversing fraudulent transactions more difficult.
The following people should really consider all or some of these tools:
- If you have ever paid a bill late, not because you didn’t have enough money but because you thought you still had “plenty of time” before it was due.
- If any of your insurance policies (home, car, life, etc…) have ever been cancelled because you didn’t pay the annual fee in time, because it kept slipping your mind.
- If it would take you over a week to accurately calculate your net worth.
- If you look at your monthly credit card statement and cannot remember what many of the transactions were.
- If you’ve over-drafted your bank account in the last 3 years.
Week Three Ice Breaker: ICEBREAKER – MONEY CLASSROOMS
Where do your feelings about money come from? For many of us our perspective is influenced by our home in childhood. This video defines four “money classrooms” that you may have experienced and how those classrooms may influence your life today.
Learning Module 1: Consider Using a Password Manager
On your journey to take charge of your finances you will be accessing all your accounts. This is the optimal time to sign up for a Password Manager such as LastPass or Keeper.
Learning Module 2: Consider Enrolling in Autopay for Everything
CNBC reports that overdraft fees and late payments cost Americans an average of nearly $250 a year. Avoid this expense by enrolling in AutoPay for as many of your services and utilities as possible.
Learning Module 3: FIND YOUR MONEY!! – Consider Online Net Worth Tracking Tool
This week you will decide which method to try first to track your net worth and connect/track your primary checking and savings accounts.
Learning Module 4: Consider Using an Online Budgeting Tool
As we get older our money may be more complicated. We have monthly expenses like rent, annual expenses like life insurance, and expenses that we know will happen someday, but we don’t know when like home and car repair. Keeping track and allocating money for all the different expenses at all the different times, can become impossible without a system.
Activity – Decide which tools you will use to track your finances.
Decide what tools you feel comfortable with and get started.