Paying Yourself First
Not everyone is, savings savvy, but with one easy tool everyone can be a professional money saving guru. Paying yourself first is , I feel, the best way to save any amount of money under any circumstances. As soon as you were to get any pay, putting a percentage or a set amount into any savings account is to summarize what paying yourself first is all about.
When you put this money into savings your future self is already thanking you. Doing this will put you into a very good habit and routine to be in. Most banks have an automated system making it effortless to be placing this money away on any set day you wish to. I for one have been doing this for a few months now and yes it does decrease my amount to sped but it is always worth it in the long run or an emergency when I need this money. Once the money has been put away in a sense its not going anywhere its just going to your future self and once you have put it away over and over it starts to feel normal and you wont even miss the money you are putting away.
http://heatbypump.com/additional-savings-limited-time/
http://moneycoachescanada.ca/blog/paying-yourself-first/
The Smart Savvy Young Consumer - How to Save and Spend Wisely (Pat Foran)
When you put this money into savings your future self is already thanking you. Doing this will put you into a very good habit and routine to be in. Most banks have an automated system making it effortless to be placing this money away on any set day you wish to. I for one have been doing this for a few months now and yes it does decrease my amount to sped but it is always worth it in the long run or an emergency when I need this money. Once the money has been put away in a sense its not going anywhere its just going to your future self and once you have put it away over and over it starts to feel normal and you wont even miss the money you are putting away.
How To Do It
The easiest way to do this is to set up an automatic savings account that drags a certain amount of money out of your chequing and into your savings. If you were to need some of the money to pay your bills you can easily take out ONLY WHAT YOU NEED to pay those bills. If you are saving for school it might take just a little longer but you will get to that right payment. If you are my age, 16 and you start now while working a part time job, you need to work your ass off and not spend anything but you will get enough money to not have huge school payments. You just have to Pay Yourself First.- Have a Steady Income
- (optional) Set up automatic withdrawal and deposit into savings account
- Pay bills or liabilities
- Pay Yourself First
- DO NOT TOUCH MONEY UNTIL EXTREMELY NEEDED
- Enjoy the money in the future and thank yourself
How It Can Help
Having this money set away will never have a downside. It can only help you later on in the future. Money is money and can be used for anything so saving enough money can really help you to do anything as long as you have done this right and saved up enough money throughout the days, weeks, years.http://heatbypump.com/additional-savings-limited-time/
http://moneycoachescanada.ca/blog/paying-yourself-first/
The Smart Savvy Young Consumer - How to Save and Spend Wisely (Pat Foran)
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