The simple definition of this is just to save before doing anything else.
Does this budgeting strategies looks boring? It may be because you’ve been going about it in the wrong way.
Your plans may be to double up your contributions when the next salary comes. But in one way or another, one month is past and another one has come in. But you’re still yet to do that.
This cycle will keep going, because by the time you pay all your bills, your rent, buying of groceries, you sometimes don’t have enough to save anymore. Therefore you shift the plans to the coming month.
But I hope you don’t get me wrong in this aspect of paying yourself first..
what I mean is not spending on yourself first, you could remember my definition at the first line of this article.
You could get more of paying yourself first by
clicking here
You don’t need to wait and save what you’ve got remaining after spending, (paying yourself last) though this is what most people do. Setting aside a certain part of your income the same day you get paid before spending any discretionary money, (that’s paying yourself first).
Research says-
if you want to save, you have to use one of two tactics: be more mindful — or completely mindless.
I see the process of saving money as the same process of weight control.
Take the example of loosing your weight, you ought to quite much calories. In other word, less pizza, less beer and so on.
The same goes with saving as well, you can as well save money by spending less even while you make more money.
Credit card sometimes make spending more easier than using cold cash.
So I’ll prefer you use cash that having credit card in your wallet always.
When you have a plan or a goal, and you tell your friends or a close friend about it, it out gives you more pressure and makes you want to meet up to that goal.
Probably that friend of yours can always check on you and reminds you.
Thanks for reading
