Prepare for Anything: Pay Yourself First
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Paying yourself first now can help set the foundation for financial success at any time.

Paying yourself first means:
Budgeting ____________.
It’s possible to change the due dates of your bills.
Which is NOT an effective step toward paying yourself first?

Right!

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The Pay Yourself First Challenge

For one month (typically two paychecks), deposit your entire paycheck into your savings account first, and only take out what you really need for bills and living expenses. By starting out with all your money in savings, you may find yourself thinking a little more before making smaller purchases on things like clothing or dining out, or other impulse buys. See how much you’re able to keep in savings vs. how much you typically transfer into that account on normal months. Then, decide if you want to continue to pay yourself first by primarily using your savings account each month, or, if you want to go back to using your checking account like normal, at least you’ll have a better handle on what a realistic amount to contribute to savings each month might be.

Session Q & A

  • A. Paying yourself first is about more than setting aside cash for emergencies or creating a nest egg for the future. It’s about putting you in control of your finances once and for all so you can create the financial future you want.

  • A. The difference is in prioritization. Whether you already have automatic deposits set up to your savings account, or just save whatever you have leftover each month, making it a point to pay yourself first makes saving money just as important as paying your mortgage, rent or any other bill. Rather than savings being a “nice to have,” it switches priority to “must have,” thus hopefully helping to make you more successful in reaching your goals.

  • A. It’s simple. First, make a budget of all your monthly expenses so you can see what’s coming in and going out. From there, decide how much you want to start paying yourself then set up automatic deposits into your savings account for the same time each month.

Adrianna Domingos-Lupher

Adrianna is the founder of the blog, Military Money Chica. She is an Air Force spouse, mother and an accredited Financial Counselor with over 6 years of experience in financial education and counseling. She is also the Editor-in-Chief of NextGen MilSpouse, the online destination for today’s military spouse. Adrianna lives in Tampa with her husband and two daughters, who she refers to as “La Rubia y La Grande”.

Adrianna is the founder of the blog, Military Money Chica. She is an Air Force spouse, mother and an accredited Financial Counselor with over 6 years of experience in financial education and counseling. She is also the Editor-in-Chief of NextGen MilSpouse, the online destination for today’s military spouse. Adrianna lives in Tampa with her husband and two daughters, who she refers to as “La Rubia y La Grande”.

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