Family Budget & Automate Payments and Investments

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Budgeting is the process of creating a plan to spend our money. This spending plan is called a budget. Creating this spending plan allows us to determine in advance whether we will have enough money to do the things we need to do or would like to do.

Family budget is the best way to prepare for emergency; it plays a vital role in savings and wealth creation. Budgeting gives clarity in every aspect.

Framing a budget and tracking expenses on a regular basis is a powerful exercise to build awareness about our spending patterns, and take control over it. It helps in reducing the fear of unknown expenses that may spring up in near future.

While moving towards taking these actions for financial well being, we can simplify the process of recurring payments and investments by introducing automation techniques.

Ø  It will give us more free time to use for other productive pursuits.

Ø  It reduces instances of late payment charges, insurance policy lapse etc.

Ø  Most important it inculcates a saving discipline.

All this is done through Electronic Clearing Service (ECS) that makes payment and investment easier.

It can be used for:

Ø  Utility payments like telephone, mobile, internet, gas, electricity, etc.

Ø  Credit card bill payments

Ø  Mutual fund investments (SIP’s)

Ø  Insurance premium payments (if opted monthly)

Ø  Loan EMI’s.

After following procedures through banks for ECS, handling these transactions becomes easier. And it provides peaceful mindset.

“Your budget is the tool that helps you play by the rules your logic set down when your emotions demand that you break them.”