Too many people today don’t have an emergency fund or a savings account. Your emergency fund is the safety net in the event you get sick, loose your job, have unexpected car repairs, medical expense, etc. General guidelines you’ll hear from financial planners as to how much you should sock away into your emergency funds […]
There are a couple of ways to go about paying yourself first depending on your situation and personality. If you have the discipline of being able to manage your money without being tempted to spend before you save or spend what you save, then a more manual approach to paying yourself first can work. It’s […]
When it comes to paying yourself first, the typical rule of thumb is to save at least 10% of your income. 10% is an ideal place to start and over time, if possible, gradually increase that amount. If 10% seems like too big of a stretch, then start with any percentage you’re comfortable with. Something […]
A lot of people have a hard time understanding the phrase “pay yourself first”, let alone applying the concept. I’ll admit, even I struggled with it when I first heard it. Let’s face it, after paying the rent/mortgage, utilities, car payment, insurance, credit cards, etc., more often than not, there is never anything left over […]
Even though you might develop your financial style early, it can change with time or due to circumstances. It isn’t uncommon for somebody who is undergone significant life change to adopt a very different relationship with money. Our personal relation to emotional interaction with money is probably the most crucial relationship in the life of […]
Even if you’re employed by someone else, you’re actually still in business for yourself. And to get a rate of return from your business should be expected. For those of you who may be self employed, this thought might make sense, but for most of the people who are employed by someone else, you may […]
There are many different facets to saving money. Aside from saving to pay yourself first and saving to invest, there is also another key area of savings which is saving to give! Saving to give can be a difficult concept to grasp, especially if you’re struggling just to keep your head above water…and understandably so. […]
When you set up your budget, you find ways and areas to reduce your expenses. You get your spending under control, you live below your means, you find ways to increase your income, you get your debt snowball rolling, you learn to pay yourself first to save for your emergency fund and of course…..you also […]
Whether or not you’ve ever given it much thought, the phrase paying yourself first is probably something you’ve heard at some point. The principle of paying yourself first means exactly what it implies…which is to pay yourself first, and your emergency fund is the first place to start. Having an emergency fund is the foundation […]
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 […]