I've decided to finally automate the living shit out of my finances.

I have two checking accounts. My paycheck is direct deposited into my first account. The first account automatically puts some of it into savings accounts right off the bat. Then, it deposits $84 into my second checking account every single weekday. Lastly, the first bank account pays off a virtual credit card, which in turn pays all my bills and subscriptions.

The second checking account is the one that's actually attached to my debit card, which I use for everyday, manual spending. I like this approach because it means the number in my regular bank account actually reflects how much money I can spend, and does not fluctuate wildly due to massive automatic payments going in and out.

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MarkPaul · 26-30, M

I actually like this idea. Would you mind if I copy it?

BlueVeins · 22-25

@MarkPaul I don't own the idea, have at it! (:

MarkPaul · 26-30, M

@BlueVeins Well, what if you did own it? Can I assume you would still let me have at it? I need to know.

BlueVeins · 22-25

@MarkPaul I would have patented it and sold the royalties to get filthy rich. But I'd make an exception for you.

MarkPaul · 26-30, M

@BlueVeins Awwww. Thanks!

BlueVeins · 22-25

@MarkPaul I'm using Capital One btw, and I've decided to use a high yield savings account as my direct deposit. That way, if I forget to change my other transaction amounts after a raise, I'll still be making interest on that at least.

MarkPaul · 26-30, M

@BlueVeins I got on this right away and ended up going with Chase and set up their "money market account" which I think is high yield savings (I should have checked to be sure)... as the repository for my direct deposit. If it isn't I will change it because that's a good idea. I am in the process of setting up all the monthly automatic payments and should be all ready to go at the start of the year.

I owe you one for this because this really is a disciplined way to ensure I don't overspend (that's been an on-again/off-again problem) while still making sure I have some flexibility balancing saving and spending. I know it probably sounds crazy, but I am actually excited about having this all set-up and working.

BlueVeins · 22-25

@MarkPaul Money market is very similar to high yield savings, you're probably good. Check the interest rate, I'm currently at 3.8% but don't worry too much about pinching pennies if you're slightly off.

Good on you for being proactive. A lot of us have spending problems (including me) and yeah, automation can really help with that. (: