How to Save Money

PAY YOURSELF FIRST (P.Y.F.) -

This is a very simple and effective idea.
You don’t have a choice about paying your taxes.  You are in control of the amount to some degree, but the government still gets its taxes.  P.Y.F. is the secret to getting what you want and becoming a disciplined saver.

Saving is simply setting aside money to spend later.

It’s the same technique the government uses to collect taxes on a regular basis, although most people never think of it that way. It’s a simple trick almost every self made wealthy person uses, and may also be one your parents used to save.

P.Y.F. follows the same principle:

• Don’t give yourself a choice.
• Make it a regular part of your budget.
• Think of it as a bill you MUST pay to yourself.

Why? Because it’s the P.Y.F. money in your budget that helps you reach your goals. Why not begin today to save 10%, or just 10 cents, from every $1 you get.

Have you heard of the 10/10/10/70 philosophy, remember?

• GIVE 10%,
• SAVE 10%,
• INVEST 10% and
• SPEND the other 70% WISELY.

With a limited income, and in tough economic times, you have to make tough choices about how you spend your hard-earned money.
Having P.Y.F. money in your budget makes it possible to reach your long-term goals. Without it, you’ll probably never get past your short-term goals, and you may not even reach those.
P.Y.F. is another one of those lifetime money-management principle. You’ll be dealing with money the rest of your life, so consider P.Y.F. as the gift of a lifetime. The earlier you develop this habit of saving, the better off you’ll be.

“Change is not made without inconvenience, even from worse to better.”-Samuel Johnson

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