Question

In the "pay yourself first" budgeting strategy, what is the first thing you do with your money each month

Treat yourself to an item you've been wanting to buy
Put money into your savings account
Pay all of your bills
Take cash out to have in your wallet

Answer 1

Put money in a savings account

Step-by-step explanation:

While t’s critical to pay all your bills on time, planning for your future can’t always take the back seat. When you pay yourself first, you pay yourself (usually via automatic savings) before you do any other spending. In other words, you are prioritizing your long-term financial well-being.

You may not immediately see the benefit of paying yourself first, but don't get discouraged. If a financial emergency arises, this strategy can help you weather the storm. Ultimately, paying yourself first is about putting yourself first, which helps make sure you’re prepared for whatever’s yet to come.