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Pay Yourself First

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 first 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 savings grow!

 

Here are 5 excellent reasons to pay yourself first:

 

  1. 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.
  2. 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!
  3. 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.
  4. Build a nest egg - You might be starting small, but you’ll soon have a sizeable nest egg you can use for a dream vacation, to purchase a home or to save for retirement.
  5. Peace of mind - You’ll sleep better at night knowing you have money socked away for emergencies or to fund expensive purchases.
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