College Media Network

The Observer

The Student Newspaper of Case Western Reserve University
  • Home
  • News
  • Sports
  • Opinion
  • Focus
  • About Us
    • Info
    • Staff
  • Archives
    • Sept. 2008 - Present
  • Options
    • Login
    • Register
    • Write to the Editor
    • Syndication
    • Search
  • Advertising

Save time by automating your finances

Bill Boyer

Issue date: 11/12/10 Section: News
  • Print
  • Email
  • Page 1 of 2 next >
Most people run for cover when they hear personal finance advice because it's viewed as complex and dull. Personal finances do not have to be complicated, frustrating, or even time-consuming; in fact, people who have control of their personal finances do not spend much time worrying about them. Their accounts automatically invest, save, and manage themselves with limited maintenance.

Automating your finances provides a couple of advantages over maintaining them manually. The obvious benefit is that it is a no-hassle solution: no more moving money between accounts, paying credit cards online, or writing checks for rent. Also, you will never forget to make a payment and risk receiving a late fee. Whether you are partying on the Jersey shore or attending a conference in Las Vegas, your money will still manage, save, and invest itself.

The advantages of automating your finances are most apparent when you are out of school, working a steady job, and dealing with several monthly payments. However, many of these saving and investing strategies are relevant to students as well. The process can be accomplished easily online in a couple of hours and requires only a few simple steps:

1. Set up direct deposit with your employer so that your paychecks appear automatically in your checking account. By now, this is a very standard process and is mandatory in many companies. If you need any help, speak with your employer's human resources representative.

2. Enroll in a 401(k) account which automatically removes money from your paychecks (before taxes are taken out) and places it into a retirement account. This process is very standardized and most employers encourage you to save for retirement. If possible, contribute the full amount so that you take advantage of any employer-match benefits (speak with your human resources representative about this).

3. Set up automatic payments to a Roth IRA account. This can be set up easily on the investment account's website. Simply link your checking account to your investment account and tell it to contribute a specific amount per month (up to $5000 per year).
Page 1 of 2 next >

Article Tools

Be the first to comment on this story

Issue Summary


  • A conversation with Ted Steinberg
  • CWRU law students' bar exam passage rate best in Ohio
  • Former cop suggests new approach to drug policy
  • IMPROVment draws huge crowd for first ever alumni show
  • Relay for Life kicks off today
  • Runners brave hail and rain for hole in the wall camps
  • Save time by automating your finances
  • University forum addresses online bullying
  • USG Brief


  • Cross Country travels to Great Lakes Regional
  • Fighting Gobies take home titles at North Coast
  • Spartan swim team host Veale Classic this weekend
  • Spartans drop final match at Rochester, miss out on NCAAs
  • Spartans earn best UAA finish since 2000, grab first ever NCAA berth
  • Two blocked field goals in final minutes doom 4-peat
  • Women's soccer drops match to Yellow Jackets after early lead


  • Editorial: Something to complain about
  • Freedom of speech is dying - and there's nothing you can do about it
  • Honesty after our election tsunami


  • "Hunk, Hustler, Hard-Ass" seminar an eye-opening look at masculinity
  • A trip to Tremont
  • CIM president Joel Smirnoff leads CIM orchestra through exquisite performances of Mozart, Bartók, Beethoven
  • Dance Marathoners to stay on feet for 12 hour benefit
  • Happiness is a warm campus
  • Hitting the Spot: Gold Motel
  • Medical students band together for ShowCASE of campus musical talent
  • You're trying to seduce me
National College Advertising and Marketing | Privacy Policy (9/9/09) | Terms of Use (9/9/09)
Content Submission Agreement (8/23/07) | Copyright Compliance Policy (4/27/09) | RSS Terms of Use