Friday, October 03, 2008

Investing 101: Pay Yourself First

Pay Yourself First

Most people would pay everyone else before paying themselves.  At the end of the month, they hope that some money will be left over to put towards savings and investments.  However, this rarely happens.  Paying yourself first means putting a percentage of your paycheck into savings or investments the moment you receive it and before you start paying bills, going grocery shopping, filling your gas tank, etc.  If you do this, you will never go a month without saving money!  At the end of the month, you will probably spend all your money, but the savings will already be safe in the bank.

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