Author Topic: Account Set Up - Pay Yourself, Pay Your Bills, Fund Your Goals  (Read 1797 times)

price_iswrong

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All,

I'm currently trying to streamline my monthly money movement. Ie direct deposit, transfers to my retirement accts, paying off my monthly CC bill, etc etc. Doing the best I can to optimize where the money goes and when. Does anyone have a MMM article to reference that could help me out, or any of their own examples?

Much appreciated!

kpd905

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Re: Account Set Up - Pay Yourself, Pay Your Bills, Fund Your Goals
« Reply #1 on: August 22, 2021, 07:18:57 AM »
If you have a 401k, set up those contributions through their site.  If you have IRA's, you can set up monthly contributions to be pulled from your checking account.  Then set your credit card to automatically pay your statement balance each month.

Steeze

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Re: Account Set Up - Pay Yourself, Pay Your Bills, Fund Your Goals
« Reply #2 on: August 22, 2021, 08:58:25 AM »
401k comes out automatically then...
Auto deposit into checking on payday
Next day auto transfer to IRA, 529, Taxable
All bills get paid auto from credit card (or checking)
Credit card gets auto paid from HELOC
Heloc gets auto paid (fixed amount) from checking
Once in a while I sweep the extra in checking into taxable
All my day to day spending is on the credit card - little or no cash / debit.
Everything is automatic, just show up to work.
All the auto transfers to investments also auto purchase. This way I don’t have to log in and click ‘buy’. I use mutual funds for this instead of ETFs.
« Last Edit: August 22, 2021, 08:59:57 AM by Steeze »

Virtus3

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Re: Account Set Up - Pay Yourself, Pay Your Bills, Fund Your Goals
« Reply #3 on: December 21, 2021, 09:04:35 AM »
Credit card gets auto paid from HELOC
Heloc gets auto paid (fixed amount) from checking

Sorry to bump an old thread but I'm curious why you wouldn't just have CC autopaid from checking instead of adding the HELOC step in? Only thing I could come up with is if you need semi-regular activity on your HELOC to keep it open.

Steeze

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Re: Account Set Up - Pay Yourself, Pay Your Bills, Fund Your Goals
« Reply #4 on: December 21, 2021, 04:02:54 PM »
Heloc to credit card is a fixed amount, and checking to heloc is a fixed amount. Spending is flexible so the fixed amount is an average. The checking account has a small balance with a fixed deposit, so the spending could cause me to overdraft. Adding in the heloc step allows some dampening in the system.

I don’t know if that makes sense... haha. Basically I don’t want a ton of cash in that checking and I don’t want to manually make payments of any sort.

I guess one detail is that the checking that pays the heloc is a 2nd account at a different bank than the auto deposit checking.