There are many benefits to setting up an automated personal finance system, as Gina has previously shown us, and with the new year still fresh, it's a good time to get your own system set up. The Get Rich Slowly finance blog offers one guest writer's solution—set up two checking and two savings accounts, to get the most interest out of savings and keep bills and expenses in separate compartments. One benefit of his system:
... If there are billers who need to (draw from) a checking/savings account, I can completely isolate what they have access to. I can also make sure that the money is sitting in savings until the last possible moment but gets automatically transferred over in time to pay the bill without incurring a late fee.
Have a lean and mean system for automated saving and bill-paying? Share your set-up in the comments.Photo by Roland.