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5 Ways to Put Your Cash on Cruise Control

10/07/2015 12:43 EDT | Updated 10/07/2016 05:12 EDT
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Smiling young woman shopping online with credit card and laptop computer

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 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 so you can do what you want, all while building credit, never missing a payment or accruing interest -- and getting paid for doing it!

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 ensure you never miss one and hurt your credit rating.

2. Use a credit card that gives you something that will really and truly make you happy -- money. Get a no-fee cash back credit card and you'll receive one to two per cent money back on bills you have 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 to afford 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 paycheque.Some employers offer a contribution plan, so make sure to take advantage of that free money. It is typically 100 per cent of the first six per cent 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 doing 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!

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