The Saving Habit
Your #1 Priority — Paying Yourself First
The Savings Habit
- Some of us save.
- Some of us don't save enough.
- Some of us don't save any.
If you fit into any of these categories
you're not alone.
The time is now. It's time to take up
the habit of saving.
Your #1 Priority
Establishing a habit simply means doing something regularly. Whether it's walking your dog or brushing your teeth, the habit becomes a part of your life. The "saving" habit is no different. Make it your #1 priority. Reward yourself first every paycheck.
How to Get Started
- Determine the best time to make your savings deposit. It's often easier to make your savings deposit the same day you receive your paycheck. Remember: Pay yourself first!
- Add the "Pay Me" date to your calendar. Examine when your largest bills come due (house payment, car payments, etc.) requiring the most cash and plan your regular "Pay Me" date with this in mind.
- Make it a "must be paid" expense. Treat your savings deposit with as much importance as your other regular expenses.
- Decide how you'll make the deposit. Does your employer offer direct deposit of paychecks to a checking account? If so, many banks can automatically schedule a transfer of funds from a checking account to a savings account.
TIP! If you don't use direct deposit, carry savings deposit slips in your wallet or car. Developing a habit means empowering yourself to succeed.