Llama and Lamb

I rarely log in to my online bank accounts and credit card accounts. Why? Most of the time my online accounts takes care of themselves, and this gets managing money and paying bills out of my life, so I can focus on the activities I want to focus on.

You will want to keep a minimum balance that is greater than your single greatest payment. I like to keep more than $1000 in my checking account, since my credit card statements are usually less than $1000. I use multiple credit cards to get the most cash rewards ($300-500 annually with Chase). Using multiple cards allows spreading the bills across the month and minimizing the risk of over-withdrawal. I have my bank send me my checking account balance every week via email, so I don’t need to log in. Only do this if your email account is safe from hacking. They will also send another email if the balance is less than $1000 (my minimum balance). This means that unless I receive an email from my bank. My checking account will take care of itself.

Suggested actions:

• Spread large items (credit cards, rent, mortgage) across the month
• Set up credit cards to automatically withdrawal payment on due dates
• Setup an email alert to know when each credit card is about to be paid (3 days ahead)
• Setup an email alert to know when each credit card or bill payment has been paid.
• Setup utilities and rent/mortgage to automatically withdrawal payment (or send check) on due date
• Setup an email alert to know what your balance is every week.

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