November 8, 2014
When saving money, should you do it at the beginning of the month or the end of the month? Why?
When saving money, should you do it at the beginning of the month or the end of the month? Why?
You should do it at the beginning of the month to make sure that you have money to save. If you wait until the end of the month you could blow through all your money if you aren’t careful and you won’t have any to put aside for savings.
You should pay yourself first, it is important to have a savings and many people try to save at the end of the month and put away what is left and there is not much left over. You should set aside a percent of your gross pay at the start of the month. 20% is the goal to be able to set aside and save. You can invest that or pay off your higher interest debts to get out of debt sooner. You can also put that in your emergency account if you still need to build that up. If you can save 20% of your money at the start of the month you can pay off your bills with the rest and keep and use the leftover for yourself or save that also if you want to be a high achiever. Saving the money in a retirement account is normally the wises use of that money so you make sure to max out all of those accounts.
Well said, gentlemen. I have nothing to add. Nice work!