Automate Your Finances to Spend Less Time Managing Your Accounts
Despite how simple the process can be, most of us are terrible at saving and paying bills. Here's a strategy to effectively automate most of your finances to keep you saving and out of late fee trouble.
Ramit Sethi of I Will Teach You To Be Rich.com has put together a system for managing your personal finances that only takes about an hour of your time each week. The video above fully explains the process in detail, but here's the gist. First, you want to set up your bills and other payments so they're all happening on the day you get your first paycheck of the month (the first of the month for most people). Once you have that in place, you want to set up automatic savings plans (Sethi suggests using Ing Direct) with sub-savings accounts that let you organize your savings into specific categories (vacation, wedding, etc.). You'll also want to send a percentage of your paycheck to your 401k, and have all of this happen immediately so that the money you see when you get paid is the money left when everything has already been saved. From there, you automatically pay as many bills as you can with your credit card (and then pay the credit card bill on pay day). For the bills you can't pay with your credit card (like rent, in most cases), you can use your online banking to automatically issue a check. This will leave a little money leftover in your checking account that you can use to budget for guilt-free spending and cash withdrawals.
As someone who's often fallen victim to the faults of automatic payments systems (despite frequently using them), definitely do not forget to stay on top of your bills nonetheless. Make sure you set some time aside at least once a month to do a little maintenance and make sure there are no bugs causing your automated finance system to break down. Sethi isn't suggesting a set-it-and-forget-it automated finance system by any means, but as someone who hates paying bills I know how easy it can be to procrastinate and ignore the task. If you set up a good automated system like this one, you'll be at a point where all you have to do is watch and fix the occasional problem as the most important things are being taken care of for you.
Monday - When Irish Banks are Ailing
By Phil of Phil's Stock World
$130 Billion!
That's how much money Ireland will be getting in the bailout package they said they didn't need as recently as Friday. I just want to make it perfectly clear that I also DO NOT need a bailout of tens of Billions of dollars so whatever you do - DON'T give me a bailout this weekend. Let's hope that works! The U.K. and Sweden may contribute bilateral loans, the EU said in a statement. Irish Finance Minister Lenihan declined to say how big the package will be, saying that it will be less than 100 billion euros but Goldman Sachs said yesterday the government needs 65 billion euros to fund itself for the next three years and 30 billion euros for the banks.
Ireland's annual deficit is the worst in Europe at 30% of GDP (that would be like the US having a $5Tn annual deficit) and the nation is expected to slash its budget by $20Bn next year just to keep it under that level. Prime Minister Cowen holds a very thin majority and now faces a "no confidence" vote that could lead to further turmoil with a special election coming on Thursday for a vacant parliamentary seat. "The likelihood of this government surviving long beyond the first month or two of next year is virtually gone now," says David Farrell, professor of politics at the University College Dublin.
I already put out a special note to Members early this morning on the Dollar and the markets, so I won't get back into it here but suffice to say we are VERY concerned about any instability that may drive people back into the dollar. I also have nothing to say on the US Economy that John Mauldin didn't say in his great article this weekend "O Deflation, Where is Thy Sting?" so please read that and catch up on Market Tamer's very nice chart series and then we can move ahead with current events. All caught up now? Great, let's go!
Also featured at PSW this weekend was Ed Harrison's note that perhaps some of the great Q3 performance in tech names was the result of good old-fashioned "channel stuffing," where companies inflate sales figures by forcing more products through a distribution channel than the channel is actually capable of ultimately selling. In other words, be it the salespeople or the management trying to get better-looking results, they shove deliveries out the door in overly-optimistic anticipation of demand that is not likely to show up. This goes a long way to explain the discrepancy between reported sales and the lack of actual activity measure in the Baltic Dry Index (down 25% since early September) and rail traffic reports (flat).
Even mighty German export growth is slowing according to the Ifo Economic Institute, which showed October's Export Climate index fell for the sixth consecutive month to 1.0, which is the lowest reading since last December. India is facing a mini crisis as micro-lenders begin to fail en masse and the S&P downgraded New Zealand to NEGATIVE on concerns over that country's finances. Keeping in mind that it's ALL about the Dollar (see note to Members) - the bulls should be VERY concerned about these developments.
Another thing you need to see is this weekend's Stock World Weekly which features, among other things, the amazing Beta 3 tracker and, as we're still in free Beta, I can still print the chart for you here. UNFORTUNATELY, the chart has not let us down so far and woe unto the markets if we hold this pattern through December:
Keep in mind that we are completing the Beta 3 as it's the up-trending pattern we've been following for months. If we begin to break down, that's going to be a different pattern and it's not likely to be driven and distorted by a "flash crash" like our May dip was although we can't discount the possibility and THAT'S WHY WE'RE BACK IN CASH! I'm bored with saying it so you must be bored hearing it but I still see too many people asking "what's good to buy" when my answer is generally "nothing" at the moment. If you think the above chart is depressing, take a look at this little piece of pattern recognition panic:
The big news in the US this week will be the "vast" insider trading probe of US markets that will, as usual, include our friends at Goldman Sachs. US banks are looking at another $100Bn in potential mortgage losses, according to Barron's this week and, of course, China continues to try to flight inflation, which some estimate will move over 6% next year despite measures already in place.
Keep an eye on copper $3.80, that's a canary in the coal mine for the global markets as is oil failing the $80 mark if it comes to that (now $81.67) but today is the last day of December contracts on the NYMEX and our bet is they dump off in the morning and climb back over $82.50 into inventories this week - as long as the Dollar stays below that 79 mark (now 78.67). We will get a lot of data for a short week with GDP and Existing Home Sales tomorrow morning and FOMC minutes, which are always fun, at 2pm. Tuesday is all of the week's data stuffed into one day including oil inventories plus Mortgage Applications, Personal Income and Spending, PCE Prices, Durable Goods, Jobless Claims, Michigan Sentiment, New Home Sales and the FHFA Home Price Index.
As I said this morning to Members in the Weekly Outlook:
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Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
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It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
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shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
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Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
bench craft company scamFacebook Makes <b>News</b> Feed Filters Available To All
It looks like Facebook has made its revived news feed filters available to all users, after initially made them available selectively last week.
Fox <b>News</b> Dubs Elie Wiesel 'Holocaust Winner'
shitlox news........are we morons........you decide? right wingnut garbage...delivered in a carnival barker style ! Reply. 5. 6. Flag as Offensive. Seems fair on Dec 22, 2:03 PM said: Since it never happened. Who cares? ...
Michelle Ryan and a Brief History of the Foot Fetish - AOL <b>News</b>
Foot fetish videos believed to feature Michelle Ryan, the wife of New York Jets Coach Rex Ryan made the rounds on the Internet on Wednesday, and Surge Desk dug up some interesting facts on what Sigmund Freud termed.
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