By Jeff Rose
You’re not taking action.
Often times, people honestly believe they are doing the best they can with their money. They think they’re stashing plenty of money away. They think their savings account is growing. They think they’re keeping up with their bills and avoiding debt.
But at the end of the month, the situation doesn’t look anything like they perceived it would. Despite having good intentions, too many otherwise capable people find themselves out of cash, behind on bills, or worse, spiraling into debt.
Just like anything else in life, good intentions only get you so far when it comes to your money. If you feel positive about your situation but constantly fall behind, a lack of action is probably the culprit.
“One way to manage this debilitating syndrome is to automate,” says Ronn Yaish,New Jersey Wealth Advisor at Yaish Financial Services. If taking action is not your strong suit, you should set up and automate withdrawals to your savings accounts, contributions to your brokerage accounts, credit card payments, and all other monthly financial tasks. You should also sit down with your HR representative to hash out which financial moves can be automated through payroll, says Yaish.
By taking action just one time, you can get the bulk of your finances humming along indefinitely.