Close this search box.
Blog » Money Tips » Are You Automating to Reach Your Financial Goals?

Are You Automating to Reach Your Financial Goals?

Many of us start businesses or branch out into freelancing so that we can live more flexible lifestyles and make money on our own terms. As part of this effort, it’s important to consider your financial goals. Are your efforts paying off in a way that allows you to have the money you need?

Saving up to reach your financial goals is a vital part of what makes your life successful in the long run. If you hope to make the most of your savings, it’s a good idea to automate your efforts.

How Automating Helps You Reach Your Financial Goals

Automated savings are a big part of helping you reach your financial goals. The biggest reason automation helps is the fact that you don’t have to think about moving your money around. When you have to take that money and consciously put it aside, it’s easy to short-change yourself. Automation keeps things moving without your conscious effort.

Figure out how much money you need to set aside on a regular basis and automate. You can automate by:

  • Having money automatically taken from your paycheck. If you have a regular job on top of your side business or freelancing efforts, see if you can have money automatically taken from your paycheck and put into a retirement account or other savings account.
  • Move your money automatically from one account to another. Most accounts allow you to set up automatic transfers. Check to see if you can set up regular transfers. I use them for my investment accounts, as well as for other financial goals. I don’t have a regular paycheck, so it helps me to automate these transfers.

Being able to have the money moved into your accounts (you can even set up sub-accounts to help you manage your financial goals) automatically prevents you from skimping out and ensures that it moves quickly and easily.

Make Sure to Plan Your Automation and Financial Goals

You do need to make sure that you are careful to plan your automation, especially if you are on a variable income. Once you quit your “real” job to run a business and/or freelance full-time, you will need to figure out how to manage your cash flow differently. This means looking ahead to make sure you have the money in your account to move around. I usually make sure that all of my priorities are accounted for as soon as I receive money from clients. It’s a good way to stay ahead of the game and plan for my financial goals.

It also makes sense to have backup systems in place. I have a line of credit connected to my checking account. If clients are late, it means that money is automatically transferred so I don’t miss the transfers associated with my money goals. Then, when the money comes in, I can pay off the line of credit before interest is charged (or if it is, it’s a very small amount).

Running a business or side business, or doing freelance work, can all be great ways to earn extra money and help you reach more of your financial goals. Use automation as a way to make sure your efforts are paying you.


About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More