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Here are some simple tips you can adopt to help you maximise the benefit of paying yourself first

The first tip is to put your “pay yourself money” somewhere it cannot be easily accessed.  To avoid the temptation to spend anyway – do not put this into an account you can access directly from an ATM.

Open up a new account for yourself which you could call your Money Servant Account.

The second tip is to make it automatic.  That’s right, don’t rely on yourself to put this money aside.  Get your pay office to do this for you.  That way the money is already in your Money Servant Account before you can rationalise a reason to spend it.

The third tip, is if you need to, start small.  Maybe just one per cent of your pay packet.  The key is to start.  Like the old Chinese proverb says: “The best time to plant a tree was 20 years ago. The second best time is now.”

Whatever amount you decide to pay yourself first, just start now.

Do you and your family a favour and start taking steps so you can avoid the poverty trap.

Wayne Wanders

The Wealth Navigator

wayne@thewealthnavigator.com.au

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