This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Financial Fitness - Automating part 2" (Wake Up Today segment) dated 2011-02-01. The excerpt is a short financial-advice segment on KHON2 in which an announcer introduces money expert Alan Akina, and Alan provides tips for automating finances—using direct deposit, online bill pay, and a credit card (paid in full each cycle)—to reduce late payments and stress.
Paying every bill on time every month really helps your credit rating.
In today's Financial Fitness Tip of the Week, money expert Alan Akina gives you 3 tools that can help. Here's Alan.
Good morning, everyone. Last week I had you write down all of your paydays, bill due dates, and debt payments on a single blank calendar. Now that you got it all in front of you, This week, I want you to go through each and every item to see if we can automate it using the following tools: direct deposit, online bill pay, and the credit card. So first, your paycheck. If you don't already have direct deposit, ask your employer if they can set it up for you. No matter what else comes up, your money is in your account, and it's also gonna save you a trip to the bank each month. Next, find all of your bills and debts that can be paid with the credit card. Set up each vendor to automatically charge that card on the appropriate due date. Now, a word of caution: this credit card should not carry a balance and should be paid in full at the end of each billing cycle. Now lastly, those bills that do not accept a credit card, see if they'll take online bill pay from your checking account. If you follow these tips, you should go from writing 12 checks a month down to just 2 or 3. And because it's automatic, you're gonna save a ton of time, there's less chance of being late, and it reduces stress. All of our tips are on the Wake Up Today webpage at khon2.com. For Wake Up Today, I'm Alan Akina. See you next time.
