If you’re busy with work, running a household and raising kids, it can seem like there’s no time left to actively manage your finances. Luckily, financial services are increasingly available to individuals without an extremely high net worth. Here are four services you should look into that will help you manage your finances without taking up too much of your time.
Investment Robo Advisors
For those who are just getting into the world of investing, robo advisors are extremely convenient and easy to use tools. A robo advisor is a computerized system that constructs a diversified portfolio for you based on your investment goals. Generally, the portfolio is made up of a mix of stock and bond ETFs. Most robo advisors will allow you to set up automatic payments on a recurring basis, making your additions to your investment account entirely passive.
Automatic Bill Payments
Almost all utilities and phone companies these days offer automatic payments. If you’re tired of having to actively pay each individual bill monthly, signing up for automatic payments is a quick and easy way to automate your finances. If you do this, though, be sure to budget carefully so that there will be enough money in your account when your bills come due.
Wealth Management Services
When it comes to building your net worth and planning for your financial future, few tools are as helpful as private wealth management services. Wealth managers can help you invest for long-term growth and build your wealth over time. Although many investors mistakenly think of wealth management services as a tool for people nearing retirement, it’s best to get a good wealth manager while you’re younger so that your money has more time to grow.
Thanks to the proliferation of smartphone apps, there are now any number of digital tools that will let you construct yearly, monthly and weekly budgets. Having a budget is one of the most important aspects of reaching financial success. By using an app to construct a well-balanced budget, you can track every dollar you make and ensure that your spending is in line with your long-term financial goals.
With these four services, you can take a great deal of the labor out of managing your finances. While you’ll still have to put some effort into your personal finances, the right mixture of services will make things much easier and free you up to spend more time with your family.