Saving is the backbone to any sound financial plan.
As the saying goes, a penny saved is a penny earned, but sometimes just finding that penny to save can feel like a challenge. Many who struggle to start saving for their future find the “pay yourself first” method to be a simple yet powerful approach. While most people will go through their monthly expenses and try to save what is left over, the pay yourself first plan reverses the process and forces you to meet your savings goal before spending money anywhere else.
If you’re having problems jumping on the savings bandwagon, try these pay yourself first tips and tricks to get on the right track:
The most important thing to recognize about paying yourself first is that it won’t be easy. Self-discipline is essential. If you really want paying yourself first to work, you will have to cut back on your extraneous expenses throughout the month.
Once you get into the swing of things, the benefits of paying yourself first are innumerable. Whether you’re looking to start an emergency fund or building the foundation to purchase a new home, paying yourself first is a habit you will never regret.
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