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Learn how to structure your paychecks around paying yourself first. You might have heard people say "you should always try and pay yourself first". The phrase "pay yourself first" generally refers to the idea that when you receive income, you should prioritize saving money for yourself before paying bills or other expenses. So, let’s walk through how …
Breaking down savings goals into smaller pieces is a very powerful saving strategy for any type of planned expenses. What are planned expenses? Planned expenses are any type of expenses that are predictable and occur on a repeating basis. They can be as frequent as daily, like buying lunch, or yearly, like car registration. Because you know that …
Savings are like a guardrail for your financial plans – they ensure that even if something unexpected happens, your plan remains in place and you are still building a better financial future. Emergency fund If you are following the 50/30/20 rule for budgeting, you are already setting aside 20% of your income for savings. Now, let’s break …
Learn the reasons and strategies for saving money. Saving money is very important for a number of reasons. First, it allows you to have a safety net in case of emergencies. For example, if you suddenly lose your job or have an unexpected medical bill, having money saved up can help you avoid falling into …