Let's Try Something New: Before We Pay The Bills, Pay Ourselves

I've been doing this for years now! Seems like everytime, payday comes around, first thing I think about is: "Let's pay off all the bills according to this little list of to-do's called a budget and then I'll have money to spend on myself and hopefully, just hopefully, there will be enough left over so I can save some money..."

How many times have you felt the same way? Maybe not? Then you're on the road to financial stability.

But for any of you who are exactly like me, this approach probably only works 10% of the time and that savings account we have always gets tapped into or sits right at the minimum balance.

Ever wonder why 401k's are the best thing to implement for retirement planning??? I think and I could be wrong about this but I think it's because it's taken out of our paychecks before we can think about spending it! AND if we touch it, we get penalized! Hell, I wouldn't even know how to touch it if I really wanted to!

But how about this?? How bout saving first??

Quick suggestion: Create a goal. For example "My monthly expenses are roughly $2800 dollars a month and I make roughly $4000 a month! If I want to have a 3 month cushion, I need about $8400! If I'd like to have that saved up in a year and a half, I'd have to put away 8400/18 months!" (please whip out the calculator cuz I couldn't do the math in my head quick enough)

A little tip I use myself: Aside from your checking and savings account, open up a savings account at a separate bank and leave that ATM card at home. As soon as you get paid, make that deposit. Forget about that money!

I don't know if you like this idea but maybe, just maybe it might work! This is not a retirement savings plan but I think if you want to put away those emergency funds in case of a rainy day... it could work!

I'd love any opinions and criticism!