Sahaj, the most tech savvy team member in an EduTech start up is quite a favourite in his office. The 33 year old knows every new device launched, tells apart minute features among different brands and is a champion of automating. He knows a barrage of apps and tools that make his life simpler with just an instruction. Like when many of his experienced colleagues wonder where their salary has vanished, Sahaj conveniently leaves it to the e-wallet app that tracks and manages all his spending.
Here are the top 5 things that Sahaj has automated for his #FinancialFreedom
- Sahaj is aware of the power of “save first before you spend” quote. Thus he has automated his investments via Systematic Investment Plans (SIPs).SIPs not only make him a disciplined investor but also provide him the power of compounding and rupee cost averaging.
Automate Tax Savings
- To avoid last minute tax saving rush and investing in haste in the eleventh hour, Sahaj is doing a SIP in Equity Linked Savings Schemes. Automating it for monthly payment saves him from the stress in the last quarter
Automate Credit Card payments
- Sahaj knows that Credit Cards levy hefty charges if payment is delayed even by a day. Manual tracking is not fail safe and leads to unrequited charges. Hence he has automated these payments to permanently address this problem.
Automate Insurance Premium
- It is recommended to take life and health cover to provide for any untoward eventuality. Insurance premiums are therefore critical and missing them can create problems in case of claims. Sahaj has automated his premium pay-outs to keep the Insurance alive and kicking, without being a pain.
Automate Utility Bills
- Utility bills are like a never ending loop. The next one is always ready. Sahaj has made a list of important and recurring utility bills and automated these bill payments using either payment apps or by giving standing instructions to credit cards.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.