How I Automate My Finances

[@Thomasfrank]

🧐 Watch a full-length (47 minutes) companion video to this on on Nebula, where I go through my entire budgeting/financial planning process and custom spreadsheet template: curiositystream.com/thomas 📱Here's my budgeting spreadsheet template: thomasjfrank.com/free-budgeting-spreadsheet-template/ 🖊 Quote of the week: “It is not hard to make money in the market. What is hard to avoid is the alluring temptation to throw your money away on short, get-rich-quick speculative binges. It is an obvious lesson, but one frequently ignored.” - Burton G. Malkiel, "A Random Walk Down Wall Street" 👈yet another great reason to automate your finances.

[@wjrasmussen666]

Is your car loan on auto pay?

[@TienNguyen-vj5yg]

Hi Thomas, thanks for another awesome video! Wondering if this full-length video is going to be on Skillshare too or only on Nebula?

[@Thomasfrank]

@@wjrasmussen666 yep! Auto-pay all the things

[@Thomasfrank]

@@TienNguyen-vj5yg this one's just on Nebula!

[@TienNguyen-vj5yg]

@@Thomasfrank another reason to subscribe to Nebula :) thanks for your prompt reply Thomas!

[@richardujadughele6329]

One thing that I did that helped immensely (which I learned from another finance KZbin video), is call and have the due date for my cell phone bill, my utilities, and all my credit cards moved to the 1st of the month. So you only have to check and track money going out of your account on one day. It makes managing your bill payments sooo much easier.

[@boomergames8094]

I get paid 2x a month, so I moved them into two groups of about equal amounts.

[@eldritchbeauty]

This is really helpful. Thank you.

[@UnicornPizza]

Great advice, thank you!

[@ErcoleBellucci]

you pay bills periodically, what's the point of moving to 1st of month?

[@mstormes]

Great video. I'm 65 years old and have been following this basic plan for my entire life. Back in the day I wrote out the checks and dropped them in the mail. Setting up an automatic payment for your monthly expenses not only makes sure you pay on time but also gives you a clear insight into what you are spending if you are not doing a budget. This approach has saved me many times when life interfered with paying attention to my bills. And believe me, life will get in the way, and automation takes one more worry off the table. If you set it up to pay a little more than your typical utility bill, if you don't have time to review at least the bill is paid. And guess what, the next month the overpayment is deducted from your bill.

[@jxclark13]

Another tip (that I sadly figured out about 20 years into adulthood) is to call your credit card companies and get them all on the same pay date. All of my CCs are due on the 15th. It makes it easy for me to remember when it’s due.

[@mtissink]

It shouldn’t matter, because the money needs to be there. If it is not there, then you shouldn’t buy it.

[@MadMaxJuggernaut]

Not possible in Canada

[@IEHD01]

@@mtissink it may not matter to you, but having everything due on the same day means having to check your accounts less. Automation makes life easy.

[@mtissink]

Here in the Netherlands there are credit cards, but (I assume) 99% of all transactions is debit card.

[@IEHD01]

@@mtissink Ahh I see. Thanks for that! it's way different here in America. We have to worry about building credit here. It's easy if people are responsible, but it's a vicious and predatory system for those who aren't.

[@Cobalt_11]

One thing i started doing for peace of mind really was making my auto investments happen on a pay day. Having to pay rent and utility bills in the first week AND see my investment money leave the account for my bank account down to some low balances and having the floating room for a paycheck so that my balance quite literally stays close to the same is super satisfying

[@ExplainosphereChannel]

Thomas is like the older brother that every late millennial or gen z needs in their life...

[@normaldean]

This comment is amazingly accurate

[@naim2729]

Well said

[@Defeshh]

Exactly! Through our own research and experience let's hope we all become that older brother in the future.

[@BrainyExpressYouTube]

100% agree!! Perfect statement 👍👍

[@francisL2001]

trueee

[@ibendover4817]

Last part is very true. I would definitely still monitor my autopay bills or have it setup to send me notifications when a bill is paid. Worked in telco and i've seen several people randomly get bills that are 100x their usual bills due to billing errors. I've also had a similar bill from my power company that I've disputed and got back $300. After you reach a certain amount in savings these amounts can fly under the radar.

[@boomergames8094]

100x would not fly under the radar, but I did find over $200 leaked out from stuff that should have been cancelled and wasn't.

[@ibendover4817]

@@boomergames8094 Again, depends on your savings. When I worked for billing in telco I would get several complaints during tax time about 10-100x and higher bills that were several months old. Most of these were business people/high paid professionals and hired accountants only once a year that noticed this/had everything automated. These bills were a drop in the bucket in terms of their overall savings and other expenses.

[@richardujadughele6329]

One thing I do is set up all my auto pay from my bank side versus on the vendor’s side. It gives me the control to dictate when and if the vendor gets their money, versus giving the vendor the permission to debit my account every period. Because how do you revoke that permission? I’ve heard of instances of people canceling a subscription but still getting debited. Also, I send the vendor the same amount every month. For the most part, my finances don’t fluctuate much, so this works out. If it turns out that I’ve overpaid one month, then I can either ask for refund, or just take the credit and pay less the following month. But my budget doesn’t get blown up because I have sent them an amount that I had already budgeted for. But if it turns out that I’ve underpaid because of a mishap similar to what you’ve stated above, they will get in contact, trust me hahaha. But I’m that case, I can dispute the charges with my money secure in my account, versus me being them to give me my money back, and waiting 7 -10 business days for a refund to be processed.

[@jessemiles5856]

I feel like you and I would get along great in real life! This is how I run my stuff as well, great job.

[@1106gary]

Lots a good advice, but one caveat is needed. A healthy 44 year old friend suddenly fell into a coma and died two weeks later. He had everything set up on his password protected laptop- automatic payments, online statements, and billing. But no one knew his password to stop subscriptions, cell phone, or access his accounts to his final bills.

[@brainstormer2520]

In my humble opinion, the most important step in personal finance is to read the book "Millionaire Next Door". It's a real eye opener.

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..••••

[@AakashMehta]

This is exactly what I was looking for, but this video is more about why than how.. I want the how, maybe a Notion template?! :)

[@vincentFGC]

Same here!

[@travis_approved]

Bro I’m on my KNEES for a finance notion template from either Thomas or Ali 😂🙏

[@trentdpt]

His Excel sheet is crazy comprehensive. Not sure that Notion can currently handle what his spreadsheet does

[@Thomasfrank]

The actual automation is pretty easy and doesn't require any special tools. Just set up auto-pay or auto-transfers at all the relevant accounts. Some tools that can help with monitoring all your balances include Personal Capital (what I use) and Mint. Here's the Google Sheet template I use to do all my planning - thomasjfrank.com/free-budgeting-spreadsheet-template/ - unfortunately Notion just doesn't have the feature set to even come close to replicating this yet.

[@trentdpt]

@@Thomasfrank Is personal capital in the same vein as Mint or YNAB? A fee and it syncs to your accounts so that you can manage them?

[@ElliotWeishaar]

Great video. I'm a tech guy so I was hoping the "automate" part was going to be more than just "set up automatic payments / transfers". But still great advice overall!

[@zik1981]

Same here. I have plenty accounts in differents countries (and brokerage accounts) and a real automation would have been a blessing

[@RahulYadav-nk6wp]

Who needs a version 2.0 of this one! 🙌

[@BeardFjord]

This personal finance tech tree is an amazing idea!

[@pjhoody]

This is the video i needed to see to know i am on the right track.

[@ethancloin]

the tech tree concept is a stellar idea to gamify personal finance

[@anastasiassharings]

Technologies are changing quickly, new jobs are being created all the time and schools just struggle to keep up... in 2023 everyone should learn personal finance and teach our kids!

[@Jamesamcclellan]

I was cheesin when I saw the Mark Holcomb PRS that is in my room also being on your wall. Love the content, love the guitars, love the music taste. Keep it up bro!

[@bvbyblu]

i started using your spreadsheet last year, when i was coming off of a work reassignment with a huge pay cut and needed to make sure that I could cut back where needed and keep all my finances in order. as a twenty something fresh out of my parents house, it was definitely a lifesaver. looking forward to the new content on nebula!

[@Thomasfrank]

I'm so glad it was helpful in that situation! It came in similarly handy for me a couple years ago when I needed to reduce my publishing schedule - having all that data at hand made me way more confident about doing it :)

[@Philipp.S]

1. Tutoring 2. Counseling 3. It 4. Field Research 5. Media Skills

[@SimplisticallyDigital]

Nice! I am on the right track. I am already automating investments and bills. I need to look into credit card rewards. Thank you 🙏🏿

[@edward.abraham]

I wasn’t financial free until my 30’s and I’m still in my 30’s, bought my second house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing is a grand choice I made. Great video! Thanks for sharing! Very inspiring! I love this

[@james.atkins88]

Nice one Chris. Any investment tip?. I would love to know how you made it this far.

[@hunter-bourke21]

Well having monitored edge my portfolio performance which has made a jaw dropping $473k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it's the boldest decision I've taken since recently.

[@Believer292]

@@hunter-bourke21 I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.

[@hunter-bourke21]

Mary Onita Wier, Maintains an online presence. just make a simple search for her name online.

[@rebecca_burns14]

Thank you for the information. I conducted my own research on Mary Onita Wier, It appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.

[@keithellis5297]

The Civ comparison is hilarious and brilliant!

[@iangrant3615]

Basically use direct debits to automatically pay bills you can't avoid and standing orders to ringfence money into savings or investments to prevent you from spending it mindlessly. It's been a mainstay of banking for decades, and can be done without even having internet banking.

[@FilipWaal]

we actually already have this integrated in our banks native app in Norway. Nice video! :D

[@petersimon5263]

Love the idea of the tech map.. I want to do that for so many things now

[@viickandrade]

awesome tips, Frank! thanks for sharing

[@avoidingbroke]

Thanks for a clear, considerate video. Doing a regular review of what youve automated really is key, as it keeps a connection with your finances and helps us not to be scared of managing money 👍🏾

[@boomergames8094]

Absolutely true. I've found stuff that I should have stopped months ago, but its automated so gets lost. I now check quarterly.

[@sacdaabdurhman]

Everything you do, see and feel is a reflection of not who you are, but how you are You got this bestie keep striving

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..•••

[@DemetriPanici]

I automate my monthly Roth investment and S&P 500 index fund. It’s the best thing you can do for your long term financial success

[@coldestpodcast]

I want to invest like you. Where are you doing it?

[@killianmerdrignac2077]

Very insighful, thank you so much for your help 🙏🏻

[@This_Is_Not_My_Username]

Half a million views, 14K likes and only 228 dislikes. He just said "automate your finances" without telling how to do it and then spent about 30% of the video telling use about a sponsor and how you should buy a book. This is pitiful.

[@gm2407]

I remember a time where banking was done in person, with cash. Imagine every week taking money out of an account and transferring it to another account either in the same or another bank. That is a long time queing. Been there done that. Whilst I miss using cash, I do find it more convenient to automate.

[@johnnyede]

I am a sentient bear watching your video! 😂 Great Video Mate

[@monsterenergyaxe]

8:40 the robots got me as a gamer. Where is the personal finance tech tree? Can I download it or is it posted?

[@rickgaston7505]

Thumbs up just because you put a Civ reference in a finance video.

[@Erginartesia]

I figured a few of these only recently .. for instance only this past year have I posted both income and due dates. I keep both due date and closing date which IS NOT the same. And I always put the renewal date for subscriptions, many of which come up annually.

[@Seolhwaneul]

My sister’s adamant about finance automation because she doesn’t trust the biller, thinking they might overcharge her or something oof

[@Robert723]

Very interesting topic, thanks!

[@gitarzzan1]

Super hard to save with me seeing the fender acoustasonic in the background. 😆 I’m kidding. I do like it though. Good informational video!

[@NathalieLazo]

Extraordinary person reading this, you are not define by your circumstance or your past. It’s not what happened to you that determines your success in life; it is how you deal with those circumstances that determines your success in life! You are strong, you are capable and practice forgiveness and gratitude everyday. This will change the course of your life forever! Love you always and I believe in you wholeheartedly ❤️- Nat

[@meow-says-the-cat]

Thank you for the video, this will ensure i will not be disturbed and I'll have a stress free hibernation :))

[@TheGoldenLad7]

Who else wants to gib thomiss a smooch 😘 man is really out here securing future's.

[@DrSporea]

Can confirm. It doesn't have to be complicated, but putting these things on autopilot gets it done for the long term with no hassle and with less temptation to "adjust" yourself out of a good outcome.

[@nickmanning4prez]

I would pay for that spreadsheet

[@Thomasfrank]

It's free! thomasjfrank.com/free-budgeting-spreadsheet-template/

[@siliconhawk]

as a sentient bear i never miss my fish subscription payment because of this metal box that does things. 🐻🐻

[@theyisgreen.9883]

I read the title as "How I Automate My Furnaces" and thought this was a Minecraft Redstone video.

[@Tanicorn]

You're a real one

[@snapdragon2441]

Wow, I have never seen anyone create a tech tree for personal finances before. Would you be willing to share this with us mere mortals? And yes, I use my credit card the same way, to get the perks and pay off in full each month.

[@trevormuhlestein8516]

great first take, you have about 1/3 of it automated right. there is still a lot more you can do

[@unholy7324]

This is the first I've seen of you and I must say you'll be getting my views. I'm always in my books and I'm always looking for bigger/better/different ways to expand my techniques.

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..••••

[@LivingGuy484]

Hey, this is my first time seeing your channel, do you still have the Excel template? I checked the description but could not find it

[@No-Userrfound]

When you're early but don't know what to comment

[@alexandarvarchev5137]

Is this teck tree you showed in the video available anywhere?

[@DorasBeautyReviews]

Great video!

[@southern7766]

For all the late teens/early 20 year olds: Credit cards are A DANGEROUS THING! What Thomas says is 100% true. You should treat it like a debit card. Credit card companies will be reaching out and offering you larger and larger credit lines. DONT USE THEM UNLESS IT IS AN EMERGENCY! You can wait to save up for the new xbox. I know this goes without saying, but take it from someone who is now paying back for all their mistakes they made in their early 20's because I wanted to live outside of means.

[@Tyrone-Ward]

At 2:25 what type of account did you set up at Vangard?

[@Thomasfrank]

I just opened a regular taxable account at the time. I believe I picked their STAR fund, as back then it had the lowest minimum investment which was $1,000. Things are WAY different (and better) for beginner investors now. There are so many great ETFs that have no minimum investment, and it's way easier to set up a Roth or Traditional IRA now too.

[@Tyrone-Ward]

@@Thomasfrankcool thanks for the response. Just discovered your channel and there’s SOOOO much info here. Subbed!

[@ardiris2715]

Seconding the cash buffer. I have used that method since the mid-80s and now into my retirement. (:

[@naim2729]

Your mic sounds good

[@michaeld954]

I want to find a way to automatically pay my property taxes

[@jonatancloutier1415]

Dont know for you but i usually receive a yearly bill with 4 or 5 due date, then I schedule payment and don't have to worry about it until next year. Not 100% automatic, but it's 30 min a year...

[@jabassboy]

Is the Personal Finance Tech Tree available somewhere as a resource?

[@DinaTiffany]

Very very helpful video! 👏🏻👏🏻👏🏻☺️ Thanks a lot for sharing with us 🙏🏻 ☺️

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..•••

[@ananddaswani]

What app does he use to map out his thoughts like that anyone know?

[@markstanchin1692]

Thanks!

[@apeterson23]

What is your tech tree app your using? Looks awesome! And thanks for this budget info...

[@achrafgr5449]

Dope video

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..•••

[@Sam10X]

Automation > self-discipline! Ramit Sethi's "I will teach you to be rich" gives a great process for those looking for the HOW!

[@NykoCentral]

Scrolled through my watch history 2 months ago to find this

[@whiteyxdplaylit5945]

Subscribed just by reading the comments!!

[@Shrilaraune]

Is it possible to get access to the personal finance tech tree, Thomas?

[@Thomasfrank]

Yep, it's in the description but here's the link again: thomasjfrank.com/techtree/

[@Shrilaraune]

@@Thomasfrank Thanks so much! I totally missed that!

[@Shrilaraune]

@@Thomasfrank Ah final question! Does your nebula video talk at all about the interplay between your personal finances and your business finances? That's something I've been struggling with!

[@joelbeauchamp6687]

First part he missed... make sure you have a consistent amount of minimum income that can be automated.

[@michaelcruz3753]

Would you share the "Tech tree" you talk about?

[@ismaelthesilva]

Hi Thomas! Do you use Excel for personal finance instead of Notion? I’m checking your free file!

[@jacobs.9696]

160 hours averaging 14$ an hour net = 2,240 a month. Any part time / full time night jobs you (Thomas) or anyone else would recommend for me to improve my situation? I keep ending up close to zero after rent, cell phone, medical insurance, car payment, and food.

[@maemae9534]

Do you have a video on how to invest for beginners?

[@CercleDali]

Hey, as a creator, I was thinking of posting on skill share but is nebula better ?

[@brightstuff3519]

I love this guy.

[@jackykuk4436]

👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..••

[@matthewhoward1958]

How do I access the free budgeting excel sheet?

[@ghassanalshareef8337]

Its been almost a year now that i didn't see new video. I hope you are doing well brother

[@somedragontoslay2579]

Your spreadsheets and Notion templates are the most useful things I've found on the Internet. I use them daily. Btw, I don't know if I have said this before. But my mum says you look like Ricky Martin's little brother.

[@jeremymetcalf2502]

Was gonna watch the video because I'm looking for information on how to square away my finances, and as soon as I heard the word "investment" (red flag) I left.

[@WolfPack-fj4lk]

Do you have the flowchart somewhere? Checked the article and didn't see it either.

[@investingbookfast2221]

Optimizing your finances is the stress free way and typically more effective than actively managing your finances.

[@zacharysherry2910]

This video is so crazy watered down.

[@fliteshare]

I didn't know it was possible to turn 100 poopy diapers into $ 500.00.

[@SamuelPeiffer]

What’s the name of the Mindmaps tool? At 5:17?

[@Thomasfrank]

Whimsical!

[@ErrorOptik]

What app do you use that does all this?

[@fransinigiraldo4695]

I am a credit card deadbeat just like you Thomas and proud of it. Thanks for your awesome videos

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..•••

[@kolbihuntergrayson4054]

Hey Thomas, awesome video! I was wondering, what is the software you use to do voiceover when sharing your screen? I am helping people make courses and this looks like a valuable tool if you're able to do it live!

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..••••

[@devonrd]

I think most creators use audacity to record voice-overs :)

[@tunn0fish]

That looks like fun 😄

[@rickmiles5297]

Studies show if using a credit card people usully spend more than if not.

[@sarawilde7493]

Thank you so much for creating this video! So helpful! 😊🙏🏼💛

[@lakshmi1994-d4t]

If you automate bills. You won't get best offers on the payment sites

[@Tmccord15]

Yo bring back that podcast dawg

[@byehello8258]

This is more of an ad for the nevula video than the actual video.

[@glacious0640]

How to purchase same amount of stocks and etfs every month without going to each stock each time. I want it automated with just spending $$ each month if possible.

[@hanananf]

thanksss

[@nk52358]

Thomas, you are amazing man! You are helping countless people achieve something. I watch your videos regularly, but after watching this one, I had to comment to show my appreciation. Excellent job brother!!

[@jackykuk4436]

👆👆Thañks för watchîng, Reaçh oút för persönalized finànciàl cöaching..•••

[@conan_der_barbar]

as an European it's crazy to me that Bill payments like rent, mortgage and utilities are NOT automatically payed from your bank account, this is the norm here since forever

[@elinn1405]

Wait what? :/ where do you live? Personally I've never come across this, I'm sure you can set it up easily but I've never had it set up by default nor would I honestly want it to

[@ecos889]

I just set up direct debits lol

[@KidNapPingNo1]

But how do you name all those automated transfers? For example my bank doesn’t have the option to name those automated transfers in a specific pattern. For example I would like to name the transfer as “savings for month xxx” and xxx should be the name of the month in which the automated transfer happens. Do you have some solution for that?

[@Thomasfrank]

In my experience, you don't set them up directly with your bank - you set them up at the service where you pay or deposit. So there's no list of transfers in your online banking software. I'd recommend creating your own list, perhaps in Notion, or perhaps in budgeting software that does it automatically for you (like Rocket Money)

[@irfanbhuiyan620]

I've never really commented on an ad but paying the same amount of money in a YEAR for curiosity stream + nebula that most people do for a MONTH of netflix is a steal. If I wasn't a broke high schooler, I would have subscribed