Get into the habit of saving and investing by paying yourself first. The easiest way to do this is to have your bank automatically deposit money from your paycheck into a high yield savings or investment account. You then use the remaining funds for everyday expenses.
If you wait for “what is left” after spending, it can be challenging to find enough money to save and invest. This method reduces impulse spending, is low maintenance, and less involved compared to (even better) zero-based budgeting. Pay yourself first is a reverse budgeting strategy in which your spending plan is built around your saving and investment goals. Start conservatively to avoid overdrafts and then increase amounts.
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