Why Paying Yourself First Pays Off
Your gateway habit to financial freedom
Wouldn’t it be nice if we could forget budgeting?
Paying ourselves first is an excellent way to save money. In fact, it is the way to save money, especially for those looking to plant a seed and get started. It’s your gateway habit to financial freedom. Maybe you can’t completely blow off budgeting, but once you pay yourself first, it becomes much easier to manage the rest of your money.
So we’re clear, here’s what paying yourself first means to us: save a portion of every paycheck before you do anything else with your money. It’s similar to how 401k contributions are pulled from your paycheck before you even see the money, but this idea goes way beyond retirement. This is cash in a savings account that is accessible when you need it, not 40 years from now.
These are our favorite reasons for paying yourself first:
- You build really, really good habits. With good habits, you’ll tend to increase your savings over time. So even if you start with $20 per month, you’ll gain the motivation to save more as you see your savings grow.
- You can learn the ecosystem. It might seem overwhelming but merely exploring different products and savings accounts will teach you lots about managing your money.
- You have money for unexpected expenses. Whether they’re fun opportunities or emergencies, money saved up front lets you react in the event of all sorts of surprises without taking on debt.
- You open doors. By building up your savings, you gain access to higher interest or lower fees.
Putting this idea into motion.
If you’re itching to start saving money, that’s awesome! Unfortunately, existing tools make the process cumbersome and downright intimidating. We’re here to change that.
Our team is hard at work to make paying yourself first effortless, regardless of your comfort with money or your bank. We’ll help you choose smart financial goals, allocate money toward them, and best of all, we will automate everything else.
Gathering empowers young people to meet life’s goals and challenges through smart money decisions. We are on a mission to make money work for all of us.
Sign up to be part of the movement and join us on this journey.
