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Paying yourself first is one of the best ways to build your retirement fund.
You pay your bills every month, likely through automatic withdrawals from your bank account. However, there might be someone you’re forgetting to pay – yourself. Paying yourself first simply means committing part of your regular paycheque to savings before you pay your mortgage, utilities, credit cards and other monthly bills.
How do you find the money to pay yourself first? First, figure out how much you can afford to save and invest each month. The best way to do that is through a budget that lists your monthly income and expenses. Subtract your expenses from your income to see how much you have left over for investments. Secondly, see where you can cut down on expenses like eating out to divert more money to your investments.
Pay Yourself First Calculator