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Organize your finances

You've got a solid base to build from, now let's talk about organizing that budget.

Chapter 6: Automating spending habits

Tactics like using separate or multiple bank accounts can go a long way to help you make your goals a reality.

Check out this chapter's video: Automating Spending Habits and use the Budgeting 101 worksheet to lay out your plan.

03-04-2019

Video Transcript

How to organize finances and bills by automating spending habits

Here are some options to explore:

  • Create buckets. Think about how you'd like to organize your spending buckets, then assign an account to each one.
  • Allocate to multiple accounts. You can use automatic transfers between multiple accounts to allocate your money to separate expenses and goals.
  • Be mindful of spending habits. Only automate expenses that are more routine to help you reinforce and protect good spending habits.
  • Set up automatic transfers. You can use automatic transfers between multiple accounts to separate your various expenses to help make sure you don’t miss payments.
  • Don’t automate a bad habit. Use automation to help build new, better money habits.
  • Fund your accounts. Make sure you have the money in your account when using automation.
  • Set reminders. Set reminders and check-in regularly to make sure the multiple account system works for you.

Your chapter 6 checklist:

  • Watch the Automating Spending Habits video,
  • Download the Budgeting 101 worksheet, and
  • Decide if separate or multiple bank accounts are right for your plan.

Next step

Grab your significant other and watch the video: Money management for couples.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.



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