When it comes to saving money, one of the biggest hurdles for most folks is the lack of cash available after paying all the bills at the end of the month. Fortunately, this seemingly impossible problem is easily fixed by paying yourself — instead of your creditors — first. One of the best ways to do this is via automatic paycheck deductions, such as those for 401(k) retirement plans.
The bottom line: It’s easy to build up an emergency fund, and save for your retirement — and even big-ticket discretionary items — when you pay yourself first. Best of all, you won’t even miss it.
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