5 Ways to Put Your Cash on Cruise Control

October 6, 2015|By David Lester

crusie control

It’s Fall now and there is so much to do that is more fun than paying your bills.  Wouldn’t you rather carve pumpkins, shop for new turtlenecks or take the kids for a drive to see the changing  leaves?  Why not set up your money tasks so that they are off your to do list PLUS make some bonus money while doing it?  I always live a win win philosophy when it comes to money and you should too!   Think of all the more exciting things you can do with your family or friends instead of paying bills or transferring money into your savings.  You should be “investing” in what you love.  Here are five ways to put your money on auto-pilot and do what you want.  And we’re going to build credit, never miss a payment or accrue interest, and get paid for doing it!  This is “how we do”:

  1. Put all of your bills on one credit card.  I charge my gym membership, mobile, Netflix, internet, fuel, and insurance to mine.  This strategy won’t benefit you if you pay interest on the charges.  Now you don’t have to pay them one at a time with the chance of missing the due date. Set up any payments that you cannot charge to your card and have them come automatically out of your bank account.  Be sure to budget for them but having them automatic will help you never miss one and hurt your credit rating.
  2. Use a credit card that gives you something will really and truly make you happy – money.  Get a no-fee Cash Back credit card and you’ll receive 1-2% money back on bills you had to pay anyway.   There are a ton of Cash Back cards on the market so find one that gives you the most amount of cash back.
  3. Calculate how much you need and can afford towards all of your goals.  Make a list of them automatically by priority.  Trips, cottages and kids RESPs would be at the top of your list.  Ask your bank or investment company to take the payments off automatically by adding up the annual amount you need to contribute and dividing by 12. You’ll be shocked at how your goals get achieved one after another – automatically!
  4. Visit your HR person and start auto contributing to an RRSP or TFSA from your pay cheque.  Many times there is an extra employer contribution plan your company will make so make sure to take advantage of that free money.   It is normally 100% of the first 6% of your salary you contribute.  If you work for yourself you can set it up on your own and take advantage of any business tax deductions.
  5. Round up all of your debt payments and pay off your debts faster automatically.  If you have mortgage payments that are $934 every two weeks, set them at $1,000 and your debt will plummet faster without you even missing the $66 each pay. It’ll also save you tons in interest over 25 years.

By setting up all of my expenses on cruise control I’ll be able to spend more time with my family and friends and do what I really want to do. I’ll also get paid a few hundred bucks over the year in cash back from my credit card and know that all of my goals and retirement and being saved for.  I’ll also build my credit rating, pay back my debt faster and never pay interest or miss a payment on any of my money matters.  Set it up and go play in the Fall leaves!


David Lester
About David Lester

David Lester is a best selling author and professional Financial Coach, helping people be better with their money. David has written a personal finance book that breaks with traditional attitudes towards finance and describes his own philosophy to money that he has gained through his personal and professional experiences. His philosophy on money applies to many areas of everyday life, including banking, investing, goal setting, shopping and entertainment.