Paying yourself first is about setting priorities for your finances and determining ways to always make sure you invest in your financial future. If you look at your list of monthly expenses for a moment try to find out where YOUR payment is.
Of course you are probably able to buy yourself a shelter over your head by paying off your mortgage or paying the rent, to buy food and clothes and financial security through your insurance, but whilst you are purchasing these items, somebody else is also benefiting from you buying these products through your payment. Sometimes the one person who does not seem to be getting paid in any way is YOU.Continue reading →
When looking at all of your expenses in the various categories, you have probably become aware of how many different payments you have and to how many companies. Bills don’t just come in for your utilities and groceries, but also for bank fees, taxes and insurance, and even if you only pay them once a year, there are a lot of bills that need attention.
Many people spend a good amount of time “paying bills” each month and whereas there is an excuse to say that this is a way to more or less know how much you are spending and what you are spending on, there are two major disadvantages:
Time investment: going through the various bills and writing checks or making payments online can be very time-consuming;
Extra costs: bills not paid on time often result in extra fees.