It’s no secret that the medical profession is one of the most challenging and rewarding careers out there. But it can also be one of the most financially demanding, especially when you’re just starting out. Between student loans, rent, and bills, it can be hard to find enough money left over to save for a rainy day.
But what if there were a way to put your finances on autopilot, so you could focus on your career without having to worry about money?
Thanks to advances in technology, there is a way. In this article, we’ll discuss how to automate your finances so you can focus on what’s important — providing quality care for your patients.
What Is Automation and Why Is It Important?
Automation refers to the process of setting up automatic payments and transfers from your checking account to savings, investment, and debt accounts. This can include recurring payments for things like rent, utilities, and student loans. It can also include contributions to index funds and retirement accounts.
The goal of automation is to make your financial life easier and less stressful. By automating your finances, you can avoid the temptation to spend money you shouldn’t, and you can make sure that your bills are always paid on time.
How Automation Can Keep You on Track
There are a few different ways that automation can keep you on track financially. You can do this by setting up a direct deposit into your savings account, so you won’t be tempted to spend the money instead. You can also set up payment alerts for different amounts, so you’ll know exactly when a bill is due.
Additionally, you can automate contributions to index funds and retirement accounts, so you can make sure that your future is taken care of. And finally, you can set up notifications for things like credit checks, low balances, and overdrafts. This way, you’ll always be aware of what’s going on with your finances and you can take action if necessary.
All of these automation strategies will help you keep your finances on track so you can focus on your career.
7 Easy Ways to Automate Your Finances
There are a few key tips to make automation a part of your life as a busy medical professional.
1. Stopping the “See Money, Spend Money” Mentality
One of the biggest challenges medical professionals face is the temptation to spend money as soon as they see it. This is known as the “see money, spend money” mentality, and it can be a tough habit to break.
One way to combat this temptation is to set up a direct deposit into your savings account. This way, you won’t be tempted to spend the money because it will already be out of sight and out of mind.
Another way to combat this temptation is to set up payment alerts for different amounts. This way, you’ll know exactly when a bill is due and you won’t be able to forget about it.
Finally, you can automate contributions to index funds and retirement accounts. This way, you can make sure that your future is taken care of and you won’t be tempted to spend the money now.
2. Split It Before You Get It
This is the advice of one of our favorite Docs Outside the Box guests, Tiffany “The Budgetnista” Aliche.
One of the best ways to automate your finances is to set up a direct deposit into your savings account. This way, you can split your paycheck into savings and spending money before you even see it.
Direct deposit is a great way to make sure that you’re automatically transferring money into your savings account. And, it’s also a great way to make sure that you’re not tempted to spend the money instead.
Another benefit of direct deposit is that it can help you avoid late fees and penalties. This is because the money will already be in your account when the bill is due.
Finally, direct deposit can help you stay on track with your budget. This is because you’ll know exactly how much money you have to spend each month.
3. Putting Money in an Online Savings Account
One of the best ways to automate your finances is to put money in an online savings account. If possible, have your paycheck deposited in an only savings account. Without a card to swipe, you’ll have less access to spend it.
An online savings account can help you stay on track financially because accessing the money usually requires a transfer to a checking account. This way, you will (hopefully) transfer only the money you need to pay bills to your checking account.
If you do feel tempted to spend the money of something you don’t need, the act of transferring might also make you think twice about spending the money.
4. Recurring Payments for Debt and Bills
One of the best ways to automate your finances is to set up recurring payments for your debt and bills. This way, you won’t have to worry about forgetting to pay a bill or being late on a payment.
Recurring payments are a great way to make sure that you’re not forgetting to pay a bill. And, they’re also a great way to make sure that you’re not paying any late fees or penalties.
Finally, recurring payments can help you stay on track with your budget. This is because you’ll know exactly how much money you have to spend each month.
5. Payment Alerts for Different Amounts
One of the best ways to automate your finances is to set up payment alerts for different amounts. This way, you’ll know exactly when a bill is due and you won’t be able to forget about it.
Payment alerts are a great way to make sure that you’re not forgetting to pay a bill. And, they’re also a great way to make sure that you’re not paying any late fees or penalties.
Finally, payment alerts can help you stay on track with your budget. This is because you’ll know exactly how much money you have to spend each month.
6. Automated Contributions to Index Funds and Retirement Accounts
One of the best ways to automate your finances is to set up automated contributions to index funds and retirement accounts. This way, you can make sure that your future is taken care of and you won’t be tempted to spend the money now.
Automated contributions are a great way to make sure that you’re not forgetting to contribute to your retirement account. And, they’re also a great way to make sure that you’re not tempted to spend the money instead.
Another benefit of automated contributions is that they can help you avoid late fees and penalties. This is because the money will already be in your account when the bill is due.
Finally, automated contributions can help you stay on track with your budget. This is because you’ll know exactly how much money you have to spend each month.
7. Notifications for Credit Checks, Low Balances, and Overdrafts
One of the best ways to automate your finances is to set up notifications for credit checks, low balances, and overdrafts. This way, you’ll know exactly when something happens with your account and you can take action accordingly.
Notifications are a great way to make sure that you’re not forgetting to check your credit score or monitor your account balance. And, they’re also a great way to make sure that you’re not paying any late fees or penalties.
Bottomline
There you have it. These are some of the best ways to automate your finances in 2022. By following these tips, you can make sure that your finances are taken care of and you won’t have to worry about them.
If you are in mounds of debt and are looking to get a better hold of your financial situation, check out Dr. Caroline Clerisme’s Doctors Out of Debt Course and use code dotb which will help Docs Outside the Box make a little extra income. Thanks in advance!
What are some of the best ways to automate your finances? Do you have any tips to share? Let us know in the comments below.
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