CTC tips: pay yourself first.

CTC - Pay yourself first

Many people intend to save. But there are bills to pay, groceries to buy, and social obligations to oblige. In the end, there may not be anything left to save, or maybe the intention to save is all but forgotten.

If this is your struggle, try paying yourself first. In other words, instead of saving what you have left after spending, spend what you have left after saving.

If your employer offers direct deposit, have part of your paycheck deposited directly to a savings account. If this is not an option, you should be able to set up a regular, automatic transfer of funds at your bank from your checking account to your savings account. Just be sure to deposit your paycheck before the funds are transferred.

By saving first, you’ll avoid spending the money that you should be saving.

One thought on “CTC tips: pay yourself first.

  1. Pingback: CTC tips: create an emergency fund | Covenant Trust Company

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