Pay Yourself First

Definition: Pay yourself first is a financial strategy where you prioritize setting aside money for savings, investments, or debt repayment before allocating funds to other expenses. This ensures that you consistently work toward your financial goals.

Example: If you earn $3,000 a month, you might automatically transfer $300 to your savings account as soon as you receive your paycheck, leaving the remaining $2,700 for bills and other expenses.

Learn More:

• Read our guide on how to pay yourself first to build wealth and financial security.