This post is part of a series called the 30 Steps Program to Financial Independence.
**STEP 8: AUTOMATE YOUR FINANCES**
To achieve financial independence, you’ll need significant savings and smart investments to generate passive income over the years. However, saving has to be consistent and regular. You can’t save $20 at the end of the month only to spend it the next month on something you don’t really need. This approach won’t help you reach your financial goals.
Sometimes, the reason might be that deep down, you don’t really want to be financially independent. Or maybe, you just lack organization. I am not the most organized person either, but I’ve automated my finances to ensure that side of things is handled without me having to intervene every month.
All my bills are paid automatically, including taxes. I’ve also set up my tenants to automatically deposit their rent. When I owned another property, the managing agency would deposit the rent directly into my account. Part of my income is also automatically transferred into a savings account every month. This way, I don’t even notice the money leaving my checking account. It’s as if I never had it, so I don’t miss it or spend it!
If I face an unusually high number of bills in a particular month, I can always access my savings account and transfer money back. But most of the time, I try to manage my spending within what remains after all the automated payments. This approach has simplified my life and helps me make steady progress towards financial independence without much effort.
