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Paying yourself first
– moneysense.ca
There is perhaps no single piece of financial advice more frequently repeated than “pay yourself first.” And with good reason. It’s tough to grow savings if you prioritize all your spending needs and wants ahead of putting money away. While some of us fully intend to stash whatever is left at the end of each month, too often that leaves nothing to save.
This tendency to spend everything we earn is something governments understand well.That’s why they make sure they get their share—income taxes—before you even set eyes on your paycheque. Saving with the “pay yourself first” method follows the same principle. And this step-by-step guide shows you how to do it.
Step 1: Zero in on your savings goals
It’s easier to commit to paying yourself first when you know the purpose of your savings. Are you building an emergency fund? Saving for a down payment on a house? Are you hoping to pay for a wedding? Or fund your retirement?
Perhaps you are saving for all of these goals, or different ones…
This tendency to spend everything we earn is something governments understand well.That’s why they make sure they get their share—income taxes—before you even set eyes on your paycheque. Saving with the “pay yourself first” method follows the same principle. And this step-by-step guide shows you how to do it.
Step 1: Zero in on your savings goals
It’s easier to commit to paying yourself first when you know the purpose of your savings. Are you building an emergency fund? Saving for a down payment on a house? Are you hoping to pay for a wedding? Or fund your retirement?
Perhaps you are saving for all of these goals, or different ones…
