Automating Your Finances

Putnam Bank offers easy ways to automate your finances, so you can save time and better manage your money.

Putnam Bank offers easy ways to automate your finances, so you can save time and better manage your money.

The “Terminator” movies were set on the premise that machines and technology had risen up against the humans who created them. While it may make a great plot for a movie, technology and automation help us be more efficient at our work, as well as in managing our finances.

Perhaps the largest barrier to proper financial management for most people is a lack of time, real or perceived. Using technology to help automate some of the processes surrounding our money helps cut down on the time it takes to get these things done.

Putnam Bank offers many ways to automate your finances through Online Banking, Mobile Banking and other services. Check this short list of ways to automate your finances to see where you could save more time.

  1. Set up a recurring transfer from your checking account to your savings account on paydays- this helps you save money automatically. By taking out the “human element” of saving, it increases the chances that you will actually save.
  2. Sign up for direct deposit- if your employer offers it, be sure to enroll in direct deposit. Instead of having to deposit your check in person every payday, your money will already be in your Putnam Bank checking account.
  3. Use Bill Pay for recurring monthly bills- stop wasting time and money purchasing stamps and mailing in checks. Bill Pay allows you to send bill payments electronically to vendors. It’s quicker and easier than snail mail.
  4. Set up account alerts in Online or Mobile Banking- if you don’t want to your checking or savings accounts to dip below a certain amount, you can set up an alert to notify you when you are approaching the limit.
  5. Automate other monthly payments- other monthly payments such as student loans or credit card payments to other lenders can be done easily online in most cases. Save yourself the time and hassle of mailing checks every month.
  6. Contribute to your retirement- if your employer offers a 401(k), you can make contributions to it every payday. A set amount of your paycheck is automatically taken out each month to go to your 401(k).

Of course, you can’t simply “set it and forget it” when it comes to your finances. You need to check in on your automated finances regularly to see if they are working correctly or need to be adjusted.

Learn more about Putnam Bank’s Online and Mobile Banking services today to see how you can introduce simplicity to your financial management.

Putnam Bank, Member FDIC and Equal Housing Lender