It’s Hump Day – hooray! I hope this week has been a productive and accomplished one for you so far.
In this post, I want to discuss the expenses I automate to help regulate cashflow, this was briefly mentioned in my Minimalist Budget post. When it comes to Personal Finances, unfortunately there is no ‘one size fits all’, so this is based on a single income, home owner, living in Australia with no children (I do have furbabies.. if that counts). I would love to hear about the expenses you can automate in your circumstances or country.
This list, I hope, will provide you a chance to think about which expenses you could automate to improve your cashflow. When discussing finances with friends, I’ve found very few concentrate on cashflow – they simply pay the bills as they come (I would be a stressed mess, so kudos to you all!). I’ve also included the expenses that are Direct Debit, to help show how this improves cashflow.
- Council Rates
- HECS Debt*
- Mobile & Internet
- Personal Loan
*I have only recently started putting payment towards my HECS debt (Australian Student Loan equivalent). This doesn’t accrue any interest, however there is an annual indexation fee and the debt is paid via tax return. So, rather than taking the rest of my working life to pay off this debt in my tax returns, I’ve decided to make a very small start now.
- House Insurance
- Car Registration
- Car Insurance
Things to Consider
For some expenses, companies will offer a discount if paying annually – if you have the self control (which I will admit that I do not), you could consider dividing this amount by weeks, fortnights, months, etc. to suit your circumstances and saving this amount instead to keep the discount.
As always, I am not a financial advisor, I am simply blogging about what has worked for me… or what I believe is working for me at present, this is an evolutionary process.
Do you automate expenses? I’d love to hear what they are in the comments!
Baby Sloth x