Paying yourself first, or prioritizing your savings, is the golden rule of personal finance.
Do you care more about the financial wellness of your local coffee shop – or your own? Paying yourself firsts means putting your own needs and your own future, before anything else.
Start small with just $100 each payday, or even a dollar a day and watch your saving grow! Here are five excellent reasons to pay yourself first:
Build A Healthy Habit
When you train yourself to put aside a small amount of money each month, you might find you have more money to put away, even more than you thought possible
Be More Mindful of Your spending
Most people’s needs will expand with their income. Stay one step ahead of the treadmill by paying yourself first!
Build a Nest Egg
You might be starting small but you’ll soon have a sizable nest egg you can use for a dream vacation, to purchase a home or to save for retirement.
Create an Emergency Fund
Don’t let a medical emergency or an unexpected expensive repair throw your budget. An emergency fund will keep you out of the debt trap.
Peace of Mind
You’ll sleep better at night knowing you have money socked away for emergencies or to fund expensive purchases.