Remi Sethi has a great chart laying out what fully automated finances would look like.
While I really aspire to reach that level of automation, I'm really happy with a *nearly* automated system that's been about a year in the making.
What is Automated
- income is direct-deposited into our checking account, monthly for me and weekly for the hubby
- my retirement contributions (15%) are automatically deducted from my check before I ever see it
- savings is scheduled once a month from my check (12%) and once a week from hubby's check (7%)
- started a Roth IRA for hubby with small monthly scheduled deposit, will ramp up when the truck is paid off
- most of the bills are automatically paid: electric, gas, cell, student loan, child support, truck loan
- credit cards are automatically paid in full at the beginning of the month
What is Not Automated
- some bills are manually entered into billpay because the amounts change from month-to-month or they are not delivered electronically: cable, water, insurance, mortgage
- union dues for the hubby are paid by mailing a physical check and are due monthly
- church tithes are paid with a physical check each week
Our savings aren't broken out into several sub-goals yet. There are currently two piles, emergency savings (untouchable) and regular savings (spendable). The goals I'd like to set up as separate funds are: next car, gifts, and home improvement. I'll try and set those up in my Ing account soon and report back with the math for setting those goals.
You also might be interested in:
- another post from Remi on how to set up sub-goal accounts using your Ing account
- comment or email me to get a $25 bonus when you sign up a new Ing account