What does “pay yourself first” mean?
The concept of “paying yourself first” is a fundamental principle in personal finance that emphasizes the importance of prioritizing your savings over other expenses. It involves setting aside a portion of your income before you allocate funds for bills, groceries, or any other expenditures. This approach ensures that you are consistently building a financial safety net and investing in your future, rather than simply living paycheck to paycheck.
In this article, we will delve into the meaning of paying yourself first, its benefits, and how to implement this strategy effectively in your financial life. By understanding and adopting this mindset, you can take control of your finances and work towards achieving your long-term goals.
