How much money are you currently saving each month? What if I told you that you may be able to save even more and all you have to do is pay yourself first?
Seems simple enough, yet not many do this. Many families just save whatever amount they have left over at the end of each month.
Yes, many bills and expenses are necessary each month, but there may also be a lot of unnecessary spending going on in your life as well.
Spending money isn’t a bad thing, but if you aren’t saving for your future as much as you should then you need to reevaluate what you are doing.
Paying yourself first before you pay for your monthly expenses may be a scary thought. No one wants to over withdraw from their checking account or be unable to pay their monthly bills.
However, your future is just as important too, so it is much better to think about saving money as a need as well instead of something that can be pushed aside.
Sadly, there are many out there who do not save enough money when preparing for retirement. According to Zacks Investment Research, 72% do not save enough for retirement each month.
Also, according to a different survey done by Bankrate.com, 36% of people in the United States have absolutely NOTHING saved for retirement.
These numbers are very alarming.
I believe that if more paid themselves first, that retirement and other financial goals wouldn't seem so impossible.
Below are some of the things you may want to think about when it comes to paying yourself first. [Read more…]