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Pay Yourself First

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Always pay yourself first by having savings automatically taken from you check and deposited to a savings or retirement account.

- Submitted by GETHEALTHY135 12/24/2011 in Saving Money | 6 Comments
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SMARZ16 1/9/2012 12:40:00 PM

    This is a great idea! After I finished nursing school and got my first job I started doing this with my very first paycheck and have continued every paycheck since. It's also a good idea for anyone who hasn't done this, that if they get a raise to continue living on the old amount and put away the extra dollars they now receive. We used to be a nation of savers, we're now a nation of spending above our means. Need to turn it around and be fiscally responsible.
KRISAMZ 1/30/2012 12:54:00 AM

    yes pay yourself first. Most payroll direct deposits will allow more than one account. Set one up for savings. When it comes out of your check first, you barely notice it.
Then make sure 1/2 of your next raise goes to savings.
DMJAKES 5/30/2012 11:31:00 AM

    This is one of the most important and EASIEST ways to discipline yourself to save. I almost completely forget about my automatic deposits and I certainly don't ever "miss" them in my everyday spending.
TINKBOT2077 4/11/2012 1:16:00 PM

    I set up an emergency savings account through ING and I transfer $50 each pay period to this account. It's really helped me save for those true emergencies like a car repair or dental work. Since the bank is online, I can't go to the ATM or easily withdraw the money. I have to wait 3 business days before the money can be transfered into my checking account.

When I get a raise, I automatically increase my 401k contribution by 1%. That way I save more for my retirement and I don't miss the extra money because I never really saw it.
MOBIUS56 1/10/2012 2:53:00 PM

    I've been doing the same thing. I pay myself first and any increases I get in wages goes to paying myself first.
PATRIOTS4ME 1/6/2012 5:14:00 PM

    now this I like

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