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Home » Random

Pay your self first and other money lessons

It is now almost the end of the March is Money series and I thought it would be useful to look back at the previous 22 posts and recap the key lessons.

The most important lesson I’m going to start with is pay yourself first. When you get your money from either your employer or you get paid by clients, you need to pay yourself first by transfering money to either your emergency fund or your savings account.

Saving becomes a lot easier if you set yourself goals. If you’re struggling to get started with savings then you need to set yourself some clear goals. Ben Lumley from 6aliens.com showed us how and also how to learn form others.

Millionaires typically save around 20% of thier income. So once you’ve got into the habit of saving a regular 10% of your monthly income each month, you need to look to ways to increase this to 20% of your monthly income.

The key to saving money each month is to understand where the money goes and develop a conscious spending habit. The good news is some big savings can be achieved without pain by focusing your spending on just the things you love and being ruthless with the things you don’t care about.

For many people clearing debt is one of their most immediate financial priorities and in how to control your debt we covered how to pay your credit card debts more quickly which many of you found of use.

In our Wenesday Wisdom series we have featured book reviews covering Rich Dad, Poor Dad, Multiple Streams of Income and I can Teach You To Be Rich which have been some of the most influential personal finance books I’ve come across.

But, whilst managing money can be seen as a complicated process, we featured a prescription to manage your finances which several people have emailed me to say how much it has inspired them to get started. Fantastic.

In this special month dedicated to making the most  of your finances what lessons have you learnt?

We have written one more post which is going to appear as a guest post on another blog. However, you can get that post if you’re a subscriber to the mailing list.   Sign up now!