Building Good Money Habits

Pay Yourself First Habit

The pay yourself first habit is also commonly referred to as the reverse savings plan. It’s a simple concept and one every household should employ. It entails nothing more than making savings accounts the number one expense. Rather than doing the old-fashioned thing and saving the money left over when everything else is spent, it’s the art of saving money and spending what remains. It looks like this: savings first, monthly expenses such as mortgage and utilities second, necessities such as gas and groceries third, and then entertainment last. Savings should always come first because everyone is their own biggest investment. Starting with ten percent savings and making it higher as often as possible is the best strategy to start with.

Keep going to reveal information about the looking ahead savings habits.