Step 1 – How to start automating your finances

The starting point of getting my financial information organised was to try and track my expenses and income – yes the dreaded Budgeting word

I have done comprehensive research on how to do this – many of the financial bloggers tell you to do a spread sheet and track you expenses   – this is too cumbersome

Yes -there are many apps out there that will also do this for you but the answer I believe is installing an accounting package

Why do this?

Well if you are going to run your personal finance like a business and be your own director of finance and monitor the building of your balance sheet – you need an accounting package

The package I am using is called Saasu as it is relatively cheap and has all the features I need to build my balance sheet

There are many accounting packages out there including Xero – you can choose any accounting package you want but you will definitely need the following functions

  • auto bank feeds so that you do not have to code your income and expenses each month
  • built in budget facility
  • cost effective and good support for the package

I have found this in Saasu and have downloaded all my bank account information and am coding all my credit card and cheque account info into the package – really easy to do

Lessons for your kids 

I explained to my kids that research is important in order to find the best solution to help one build a system to make your financial life easier