We have all heard “Pay Yourself First” before but what does it mean? Before you spend money on the needs and wants in your budget, you should be putting some money away. Whether it’s a savings account, retirement account, or both!
If you have a short-term savings goal like a vacation, new tires, appliances, or something else, the best way to save up for this goal is with a savings account. Bridge offers a variety of savings account options, and you can open a special savings account for pretty much anything you want to save for. Bridge even offers a Christmas Club savings option where you can set aside a designated dollar amount each month that you can withdraw during the holiday season to get your holiday shopping done. Start saving now and you can relax later!
By downloading online banking, you can complete quick transfers to set aside your funds and pay yourself first. After you set aside whatever amount you are saving every month, then you pay all of your other expenses. If you stick to your savings goals, the final result is well worth it!
Source:
https://www.investopedia.com/ask/answers/12/pay-yourself.asp
