Pay Yourself First: Treating Yourself as an Expense

Have you ever felt like your finances are out of control? There’s money coming in, but it never seems to be enough to cover all the bills and enjoy life, let alone enough to start saving.

It’s time for you to pay yourself first. Start managing your finances, so they don’t consume your life. In this blog post, we’re going to talk about how a “pay yourself first” mentality can help you reach your money goals.

What does “pay yourself first” mean

Usually, when money comes in, you pay your bills first, and then whatever is left, you spend on yourself or save. But this way of thinking keeps most people with very little money left for saving or investing.

Why should you “pay yourself first”

With a “pay yourself first” mentality, you know that you can’t spend what you don’t have, so you pay yourself first, and whatever is left is put towards your expenses.

How to pay yourself first

First, you need to automate your finances so that money is transferred from your paycheck or checking account into a savings or investment account before you have the chance to spend it.

How to automate payments

Automatic payments are perhaps the best way to ensure that you always pay yourself first. Set up an automatic transfer on payday, so there is no need for any decision-making. It’s automatic.

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