Pay yourself first

Sticking to a savings plan can be trickier than you might think. Consider putting yourself at the top of the list and as soon as you get any money, put some aside for your savings. It doesn’t need to be all your money or even half of it, but a little bit every time can add up. We call it Paying Yourself First and here’s why it’s important:

  • There are all sorts of temptations just waiting to part you from your hard earned cash. Clothes, food, movies, games, concert tix and your phone can smash your weekly income before you can say “I’m going to start saving this week.” If you’ve already put your savings away, the money is not there to spend.
  • Planning to save what’s left over can lead to saving nothing.
  • As long as you set some money aside as soon as you get it, you may be surprised by how much you don't miss the amount you put away and how quickly it adds up.
  • Separating your savings money from your spending money can help keep your savings intact. If it’s all together it can be all too easy to spend the money you’re supposed to be saving.
  • Another way to pay yourself first is to watch your spending. Finding a less expensive way to do or buy something keeps more money in your pocket. Think sales, food deals and discounted movie nights.

Articles on Financial Wellbeing

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This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal,  financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.