Do you pay yourself first by putting money in the bank before spending any?

@ladym33 (10979)
United States
October 5, 2009 3:03pm CST
Most experts agree the best way to save money is to pay yourself first by putting money in the bank to save before spending any. The best way is to have it taken directly from your pay check and direct deposited in the savings, but you could do it yourself too. So do you pay yourself first?
5 responses
suzzy3
@suzzy3 (8341)
•
5 Oct 09
Our money goes straight into the bank anyway so we never get any.only take out for bills but I can see what you say and it is a very good idea,If it is not available you cannot spend it,it is a good way to save.
1 person likes this
ladym33
@ladym33 (10979)
• United States
5 Oct 09
That is how we do it. We have college accounts for each of our kids, a mortage account where we save money to pay our home taxes, a braces account for our kids braces, and Christmas account, and an emergency and savings account. We have managed to save quite a bit of money on top our profit sharing accounts. All from paying ourselves first.
1 person likes this
suzzy3
@suzzy3 (8341)
•
7 Oct 09
sounds like you are very organised ,we try to be the same.Then there are not so many shocks or what are we going to do.It is a sensible way to live especially these days.
highflyingxangel
@highflyingxangel (9225)
• United States
6 Oct 09
I've been trying rather hard to start putting money away in my savings account whenever I know that I'll be getting paid. I plan on putting away a little extra cash so it'll actually be in my account by the time payday arrives. I know the importance of saving money and I know the importance of continously putting more money into the savings account but sometimes I get sidetracked.
1 person likes this
ladym33
@ladym33 (10979)
• United States
6 Oct 09
If you decide to save a certain amount money every month and put it in the bank before you spend any money at all that way it is already in the bank and you will only spend what you have. It really works well.
gitfiddleplayer
@gitfiddleplayer (10362)
• United States
15 Oct 09
I should, I do spend very little so when I save I'm pretty tight about it. I used to do this but then I had kids and I forgot about me and started saving for them.
hmkoct5
@hmkoct5 (2065)
• United States
29 Oct 09
I wish I had extra money to pay myself first. We pretty much use every penny we make right now. We have so many things to pay for. I know that we should put some money into savings, but it is nearly impossible right now. I really need to make more money. I used to put my whole check in the bank when I had a job. We called it our fluff money. But, since I'm unemployed and going to school, things are pretty tight!
vas4all
@vas4all (8)
• India
6 Oct 09
Hey putting money in the bank provides safety for our money as well as it increases our amount (through interest rates).Savings in bank can help us in future requirements.