There are a couple of strategies to save money depending on your situation and personality. One way is through self discipline, by being able to manage your money without being tempted to spend before you save or spend what you save. This is more of a manual approach to saving and paying yourself first.

If the manual approach of self discipline doesn’t work well for you, the automatic approach by utilizing your employer’s payroll deduction program is another helpful strategy. If that is an available option for you, arrange for a fixed amount to be deducted from your paycheck into whatever retirement and/or savings plans your company may offer.

“You must learn to save first and spend afterwards.” – John Poole

With the automatic approach the funds will be sent to your account(s) by your employer before you even get your check. Having money taken out of your check through payroll deductions before you get your pay is the simplest way of making sure to pay yourself first. Not to mention the added benefits of being pre-tax deductions and in some cases employer matched.

No matter which strategy you choose, whether the manual approach of self discipline or the automatic approach of payroll deductions, the end result is the same. Saving by paying yourself first means exactly what it says and it is the one proven, simple way to financial freedom and wealth building. 

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