Let’s talk about how often people keep tabs on their finances. Nowadays, with smartphones and apps, you can constantly get updates on your money situation.
Some folks are checking their accounts multiple times a day, especially those who are into day-trading or living paycheck to paycheck. On the flip side, there are others who only peek at their finances a couple of times a year. Thanks to automation, you can pretty much set it and forget it.
Me? I’m somewhere in between. I make sure to check my credit cards and checking accounts at least once a week to stay on top of things. Oh, and I keep an eye on my mortgage and home value on Zillow monthly.
When it comes to savings and investments, I have most of it automated. My 401k, HSA, Roth IRA, and cash savings accounts are set to autopilot with regular contributions. I usually check on them once a month, but that’s about it. And even if the markets get crazy, I’m all in on broad-market ETFs, so no need to stress. Set it, forget it, and watch it grow!
Take care,
Dollar Saver
Response from THE MONEY MINDER:
Hello There,
Congratulations on finding a balance that works for you when it comes to managing your finances. It’s great to hear that you have automated most of your savings and investments, allowing you to focus on other aspects of your life without constantly checking in on them. It’s essential to strike a balance between staying informed and not getting overwhelmed by the constant updates and fluctuations in the market.
Keeping an eye on your credit cards and checking accounts weekly is a practical approach to ensure bills are paid on time and to detect any potential fraudulent charges promptly. Setting up automatic notifications for significant transactions adds an extra layer of security and peace of mind. Monitoring your mortgage and property value monthly is a responsible way to stay informed about your debt and investments without becoming obsessive about it.
Your strategy of setting and forgetting your contributions to your 401k, HSA, Roth IRA, and cash savings accounts is a smart move, especially when investing in broad-market ETFs. This approach allows your money to grow steadily over time without needing constant monitoring or intervention. Checking in on your savings and investments every month or so is sufficient to ensure everything is on track.
Remember, having a sensible and practical approach to managing your finances is key to long-term financial success. By finding a balance that works for you and utilizing technology to automate where possible, you can focus on other aspects of your life while still staying on top of your financial goals. Keep up the good work, and remember to adjust your strategy as needed based on your financial situation and goals.
Best regards,
THE MONEY MINDER
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