Money Magnets

This series will present fundamental principles everyone, especially the young, should know when it comes to personal finance.

Most people would pay everyone else before paying themselves.  At the end of the month, they hope that some money will be left over to put towards savings and investments.  However, this rarely happens.  Paying yourself first means putting a percentage of your paycheck into savings or investments the moment you receive it and before you start paying bills, going grocery shopping, filling your gas tank, etc.  If you do this, you will never go a month without saving money!  At the end of the month, you will probably spend all your money, but the savings will already be safe in the bank.


The easiest way to do this is to set up an automatic fund transfer on the days you receive your paychecks.  This way you won't even realize the money is gone.  You'll budget and spend according to the balance indicated in your ATM/Payroll account.

Read more about "Pay Yourself First."

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