The key to successful financial management is developing a few good money habits like savings before spending, paying bills on time, investing for the long term so that compounding can work its magic and so on. But in today’s hectic life where everyone is busy working and handling multiple chores, unfortunately, money management takes a back seat and one is not able to keep track of all the bills, investments, etc.
The commonly suggested solution for such scenarios is the automation of your finances. This means setting payments of your bills and investments on autopilot so that you won’t have to remember all your due dates and can avoid timing the market. You could do it with just a few clicks. Fintech or Financial Technology is the new “in” thing and new apps are springing up left, right and center. But, here’s the thing: If your income is irregular or if automation for you means “set it and forget it”, then this solution can cause more harm than good. Read More