Do You Pay Yourself?
The typical scenario is that you get your paycheck. After you recover from the shock at how little is left after taxes, you proceed to divvy it up among all your outstanding bills, intending to put whatever is left over into your savings.
But there never seems to be anything left over and your savings don’t grow.
A better plan would be to pay yourself first. Don’t let the money get into your hands.
You might find that you actually begin to grow your savings much quicker this way.
If you work for an employer with a 401K plan, the first thing you should do is to fund it to the max. If you can’t afford that, at least put enough in to get the full matching contribution form your employer.
Sphere: Related Content November 16th, 2009 Debt Consolidation, Finance, Investment Tags: Debt Reduction, Financial Planning, Saving And Investment 0 Comment
