Paying yourself first is a council proposed by several authors and experts in personal finance is to allocate a portion of our earnings to a stock savings before making any payment, or more urgent it seems that even though certainly not could meet him.
For example, if a person has set aside each month 10% of total revenue, according to the idea of ??paying yourself first, that person must meet the savings before paying any service tax or debt, more are urgent or even if you think that then could not meet them.
The pay yourself first allows us to acquire the discipline to save (and thus meet our financial targets), but also, if that money is not sufficient for us other payments, requires us to strive to devise new ways to get more money.
Paying yourself automatically
A tip related to the idea of ??paying yourself first is make this payment automatically, ie, to make our savings bag is made up of a savings account at the bank, and that the money is deposited in it every month, is done automatically without us take the trouble to do it.
To do this, if you work for a company, we could approach the area of ??benefits and ask them to deduct a portion of our salary and deposited in our in our savings account or, in any case, have them directly deposited all our salary a checking account and then ask the bank to transfer a monthly sum of money from that account to our savings account.
Or, if you have income sources other than employment, could open a checking account, and then ask the bank each month to transfer a certain amount of money from such bank account to our savings account.
The same pay us automatically, allows us to meet our savings plans without falling into the temptation to spend before the money we save, and without even having to be disciplined.
The idea of ??paying yourself and do it automatically applies mainly to form a bag of savings which can then be used to invest, however, this idea can be applied also for other exchanges form of savings or make other payments, example, to form a bag in case of emergency savings, saving for a house, making payments into a retirement account, make payments on a mortgage, make any significant debt payments and so on.
And in the case of automatic payments can also create automated systems to make frequent payments, such as payment for services, so stop worrying about it, to avoid wasting time on it, and achieve more efficient management of our finances personal.
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