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PAY YOURSELF FIRST

Sticking to a savings plan can be trickier than you might think. So put 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, 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 it’s not there to spend.
  • Planning to save what’s left over can often lead to saving nothing.
  • As long as you set some money aside as soon as you get it, you’ll likely be surprised how much you DON’T miss the amount you put away AND you’ll be surprised at how quickly it adds up.
  • Separating your savings money from your spending money can help keep your savings intact. If it’s all in 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 cheaper way to do or buy something keeps more money in your pocket. Think sales, food deals and cheap movie night.

 


 

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Any advice in this information is general and has been prepared without taking account of your particular objectives, financial situation or needs. Before you act on any advice you should consider whether it is appropriate for you. IMB Ltd trading as IMB Bank ABN 92 087 651 974 AFSL/Australian Credit Licence 237 391