Cashology by FNBO

Pay Yourself First

Episode Summary

If you’re struggling to save, you’re not alone. Three quarters of us save 10% or less of our monthly paycheck and the rest of us don’t save anything at all. Asked why, most people will point to the high cost of living – saying that recurring bills and expenses eat up most of their paycheck. But a “pay yourself first” approach can help you build your savings and get you on the road to following a budget.

Episode Notes

Help us understand the “pay yourself first” approach to budgeting

But how do you figure out how much to save?

What are some ways to make setting aside that 20% easier?

What if you don’t have enough left over to pay your expenses?

Sounds good but what if you just can’t do it?

Earlier you touched on where to put the savings. Can you expand on that?

What about a budgeting tool or software program?

Useful info/links

  1. FNBO: https://www.fnbo.com/insights/personal-finance/pay-yourself-first/
  2. NerdWallet: https://www.nerdwallet.com/blog/finance/pay-yourself-first-reverse-budgeting-explained/
  3. Investopedia: https://www.investopedia.com/ask/answers/12/pay-yourself.asp