Getting your finances automated comes with its own pros and cons. The list is exhaustive, but we have outlined some as starters. It may help you decide better if this automation works for you or not.
Pros
Here are some pros of having your finances automated.
Organized Billing
When your finances are automated, you have everything organized. For example, all the cash is collected in one place and you are able to have your information saved in one place. It means you don’t have to look around for your resources and data when it comes to making transactions. That saves you a ton of time and energy. If you are someone who struggles with keeping their finances in one place, then it might be better to have your finances automated. After all, it makes your life quite easy and convenient.
Save it Up
One advantage that automated finances give you is that you can get savings to account for your total money. So, if you decide to save your money, all you need to do is to select the link for the savings account. You can use this money as emergency funds or as a way to achieve the dreams that you want to live. So, if you are doing the 80-20 budget principle, then having your finances automated seems to be a good idea. However, it can be a bit difficult when you have to take care of your money manually.
Cons
Getting your finances automated is not only sunshine. You have some cons with it as well. Let’s see some of those:
Impulsive Shopping
When you have all your finances automated, you have the feeling that you can buy anything with a few clicks on the websites. That feeling of convenience often makes it impossible to resist the temptation of impulsive shopping. As a result, you may come across a product you think you need and then get it ordered to your mail address. If not controlled, this cycle of consumerism makes your pocket light and in some cases, you can even go into debt. This is not a such issue when your purchasing power is not too handy.
Billing Errors
With automated finances, you don't need to look through all the billings and checks all the time as you do a transaction. The automation facility does it for you. However, it can lead to some errors in finances. For example, it might be possible that someone might overcharge you. It might be possible to have extra products in your order if you have not ordered them in your bill. Such billing errors can take a toll and if you are not cautious about such errors, someone might end up committing fraud against you and you might end up getting out of cash.
Final Words
As you can see, automating your finances has a list of different advantages and disadvantages as well. It’s important to understand first what works for you so you can make your financial decisions accordingly.
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