If you were a late-night TV watcher in the late ’90s and early 2000s, chances are you’ve heard Ron Popeil’s famous infomercial catchphrase: “Set it, and forget it!” It became one of the most memorable lines in television advertising—but it turns out it’s pretty good financial advice, too.
Between work, home life, appointments, and everything else competing for our attention, it’s easy to get overwhelmed. So, if you want to fret less about your finances but still make steady progress toward your goals, take Popeil’s advice. Automating routine tasks like saving money and paying bills won’t replace good financial habits, but it can make them easier to maintain—even when life gets hectic.
Stay on Top of Recurring Bills
Missed payments aren’t always due to a lack of funds. Sometimes, we simply forget. Automatic payments can help reduce the risk of missed payments (and the associated late fees) for recurring expenses like utilities, insurance, or loan payments. Making on-time payments consistently can also help you maintain a positive payment history, which is an important factor in your credit score.
How to Keep it Working: Review your accounts regularly to make sure you have enough funds to cover scheduled payments before they are withdrawn. It’s also wise to monitor your statements for changing bill amounts and verify that you’re still paying for the services and subscriptions you actually use.
Make Steady Progress on Debt
Paying down debt can feel stressful, especially when your monthly budget is tight. But whether you’re paying off a credit card, a vehicle loan, or a student loan, automatic payments can help you stay on schedule and avoid missed payments.
Of course, automation won’t make the balance disappear overnight, but it can help you make consistent progress without the hassle and headache of overthinking it each month. So, if your budget allows, set your automatic payment for more than the minimum. This will help you become debt-free sooner and reduce the amount of interest you pay over time.
How to Keep it Working: Review your payments regularly to make sure they still fit your budget and financial goals. If your income increases or you pay off another debt, consider increasing the amount you’re paying. And once a debt is paid off, redirect that payment toward your next financial goal instead of letting it disappear into everyday spending.
Build Your Savings
Saving money often sounds simple, but it’s easy for our good intentions to get pushed aside by busy schedules, impulse purchases, and unexpected expenses. By automating your savings, you’re automatically checking the task off your list instead of questioning it every payday. Because—no matter what you are saving for—the easiest way to make steady progress is to take yourself out of the equation.
Even modest, recurring deposits of $5 to $10 can add up over time. The important part isn’t how much you start with—it’s creating a habit that continues month after month.
How to Keep it Working: Check your progress periodically and adjust the amount when your income, expenses, or goals change. If you hit one of your savings goals, redirect the transfer to a different savings goal. You’ve already built the habit.
Put Long-Term Contributions on Autopilot
When it comes to saving for retirement, it’s often said, “The best time to start was yesterday.” But, according to the Federal Reserve, roughly one-third of American adults still have no retirement assets set aside for the future.
You don’t need a huge starting sum to begin building retirement savings, but consistency matters. Automatic contributions can help remove some of the emotion and guesswork by allowing you to invest regularly without waiting for the “perfect” moment. And, over time, those recurring contributions can help you build a solid nest egg.
Plus, if your employer offers a retirement plan, automatic payroll contributions can make saving for the future feel almost effortless. Because the money is contributed before it reaches your checking account, it’s easier to “forget it” without feeling like you’re missing out. One tip, though: If your employer offers matching contributions, try to contribute enough to receive the full match, if your budget allows. Contributing less could mean missing out on part of your total compensation.
How to Keep it Working: Periodically review your contributions to make sure they still fit your budget and long-term goals. Experts generally recommend checking your retirement investments at least once a year to make sure they’re still aligned with your goals and comfort with risk.
If your income increases, consider increasing the amount you contribute. As retirement approaches—or whenever your finances or goals change significantly—you may also want to consult a financial professional. They can help you determine whether it’s time to adjust your investment mix, increase your contributions, or make other changes to your retirement strategy.
Don’t Forget to Revisit Your Plan
Of course, “Set it and forget it” doesn’t mean ignoring your financial goals and expenses. Your circumstances are likely to change over time. So, review your automatic payments occasionally and adjust for inflation, shifting goals, and big life changes. This is especially true when it comes to retirement savings. Automatic contributions may be one of the easiest ways to build a nest egg, but the initial setup shouldn’t be the last time you look at your account.
Instead, think of automation as cruise control, not autopilot. It works best for managing recurring habits, but periodic check-ins help ensure those habits are still supporting your goals.