What does it mean to “Pay yourself first”?
You might have heard the saying before but do you know what it means? According to Investopedia, paying yourself first means that you automatically save a portion of your paycheck before you even begin to use any of it. This strategy is important for you to budget yourself and not spend all your money on discretionary expenses. Paying yourself first is an effective way to ensure that you are properly saving and that you have enough money to cover your expenses in an emergency situation. Healthy saving habits will make you financially stronger and keep more money in your pocket.