Do you pay yourself first??

[rob62521]

Re: Do you pay yourself first??

I really should pay myself first, but I always pay the bills first. Thanks for the reminder!

[boefixepa]

Re: Do you pay yourself first??

I guess it depends on the view. I was saving 10%, but then I saw how much interest I was paying each month on my second!!! SCARY!! I took that $$ I was saving and added it to the second payment. It's been nice watching the principle fall faster and the interest each month go down! I still have a small emergency fund and since my second is a HELOC I can always right myself a check if something huge happens. I figure the percecntage I'm getting by paying off my second beats anything else I have so I'm getting that paid off!

[PrincessPerky]

Re: Do you pay yourself first??

I finally get to be in this group! we now actually have automatic savings, it isn't 10% but it is at least there. And I have high hopes of increasing it as we manage on the less we have. For me the only way to spend less is to have less, so taking it out is a way to save.. I tried the 'leftover' approach, but htere never seemed ot be any leftover.

[Gruntina]

Re: Do you pay yourself first??

I have for the past two years had 10% automatic transfers from my pay to a savings account. It did not work for me in the beginning because I would simply transfer the savings account to my checking account when my funds were low. It was too easy to do since it only took 2 clicks on my online bank service.

Now I learn to find one farther away from my bank that has checking account, and to make goals with the savings. If I have a goal with my savings, then it’s easier for me to save it.

[Great to be Debt Free]

Re: Do you pay yourself first??

My DH and I do pay ourselves and the church first. We are about to finish fully funding our emergency fund, and we have been making car payments to ourselves to save enough to buy a new-to-us minivan within a year. I am just about to take advantage of the high APY savings thru online banking. I've been reading a lot of positive info. on Emigrant, so I think I'll go that route. That way as we get ready to sell the house, I won't be tempted to splurge on too many unplanned extras. Having it in Emigrant will make it tougher to shift than if it's at my day to day bank.

[Broken Arrow]

Re: Do you pay yourself first??

I guess it depends on the view. I was saving 10%, but then I saw how much interest I was paying each month on my second!!! SCARY!! I took that $$ I was saving and added it to the second payment. It's been nice watching the principle fall faster and the interest each month go down!

I'm doing the same thing as you. So far, I've managed to clear up to 25% of my paycheck for some kind of use. Ordinarily, I would pay myself, but for the moment, it makes more financial sense for me to pay down my debts as much as I can. So, that's what I've been doing so far....

[Bookie]

Re: Do you pay yourself first??

I'm doing the same thing as you. So far, I've managed to clear up to 25% of my paycheck for some kind of use. Ordinarily, I would pay myself, but for the moment, it makes more financial sense for me to pay down my debts as much as I can. So, that's what I've been doing so far....

That's good thinking. The return made by "investing" in debt reduction is hard to beat. Plus, it's all tax-free.

[Ima saver]

Re: Do you pay yourself first??

Having it automatically withdraw form your pay check is the smart way to go. Unfortunately when you are self employed, you pay yourself. So, I have to take that cash out and put it in the "savings envelope" This was a good week. I was actually able to pay myself 20 of the paycheck this week. That doesn't happen often. DH has been getting lots of hours in.

[Ima saver]

Re: Do you pay yourself first??

I meant 20% of his paycheck , I saved this week. Staying home for dinner, is making us money. He is working longer hours. (trying to get a widow into her new home this month)

[rob62521]

Re: Do you pay yourself first??

Although I spend quite a bit on groceries, we have found it is much cheaper to eat at home. We don't do fast food so we usually frequent restaurants that are sit down establishments. Using leftovers makes it more economical too.

[Ima saver]

Re: Do you pay yourself first??

I started this habit my first paycheck when I first got married. I wanted to save and buy a house so badly I could taste it.

[Roupey03]

Re: Do you pay yourself first??

I make between 100 to 200 a week.

I have an automated savings plan that withdraws 50 of that every friday.

It is working great.

[Ima saver]

Re: Do you pay yourself first??

Wow, you are saving 25-50% of your pay, you must not have a family to support??

[Roupey03]

Re: Do you pay yourself first??

I am 21 and I live at home right now.

Gas - average about 100 a month
Cell phone - 10 a month on family plan.
Insurance - 100 a month
YMCA membership - 22 a month.

So yeah right now is good. I graduate in March 2007 so things will soon change seeing I will have to pay back like 25,000 in student loans.

[Ima saver]

Re: Do you pay yourself first??

Well you are doing great to save so much. At your young age, you should open a Roth Ira!!