What Is Automated Financial Planning?

We all want to know where our money is, down to the last penny, when it’s not in our hands. It makes sense that you trust your banks and financial advisors—to a degree.

You’re still going to check your receipts and log into your accounts occasionally to make sure your balances are what you think they should be. So when the thought of automated financial planning comes up, it’s understandable that you’re curious but cautious.

How Your Money is Already Automated

Over the past decade, the industry of finances has made small adjustments to help you get used to the automation of your money.

Consider the little advantages that make life easier for you. You probably have your monthly installments on automatic withdrawal and your paychecks are direct deposited. And if you do have a paper check, you can take a picture of it and the funds go into your account without you stepping foot in the bank.

All of these tools are small in the grand scheme of your economic goals. Now, automated financial planning helps you make your money work for you with hardly any effort on your part.

What Does Automated Financial Planning Mean?

How much more could you get done in your week by setting your monthly recurring expense to be paid and automating the time-consuming parts?

That’s where automated financial planning comes in handy. It’s a form of data & analytics services that allows you to set your budget and put everything on a schedule.

Once you link your bank account and online bill payments to the program, the rest is done for you. No more late fees or rushing to pay a bill at the last minute.

Even your 401(k) benefits if you choose to allocate part of your income to that fund.

Fintech Continues to Advance, and You Should, Too

Fintech is a massively competitive industry with thousands of businesses trying to improve automated financial planning. With the right software platform, you can put your money on a schedule and go on about your daily activities.

So why should you be on board with this innovative system of financial planning? As with all the other tools we’ve gotten used to (and, let’s admit, a bit spoiled with), it’s the next level of economics and banking.

By automating your finances, you make sure that the money you wanted to put into savings really goes there. You set up the contributions, and when your paycheck hits your checking account, that amount goes straight to your savings or 401(k). Before you know it, you’ll have a healthy nest egg started.

Living your life without the worry of forgetting a payment hanging over your head is freeing, as well. Enjoy your time off, relax on your weekend, or take a vacation, and never have to stop what you’re doing to pay a bill.

As your on-time payment rate goes up, so do other financial factors, like your credit score. It’s all tied together, and automated financial planning makes it happen seamlessly.

All you have to do is set your accounts up within the program and allow it to the authority to pay your bills. The rest is history—or, in this case, the future.