The end of the month means payday for lots of people – so we thought it’d be a good opportunity to explain how to pay yourself first!
Thats what I do, find it to work the best when all my bills are separated into individual pots (council tax, water, energy, travel etc.)
This is what I do and I find it to be the most effective way to save.
Personally not much of a fan of round-up or algorithmic savings methods.
10% to investments and 10% in my Monzo Pots!
Also do a round up into a pot and the 1p savings challenge because why not!
I put 60% aside for bills, save 25%, spend 12% and the remaining 10% goes towards extra maths lessons.
Might want to use more than 10% for those maths lessons
I do it the flip side,
pay bills first
then know my budget for the month.
Then end of month excess goes back to savings.
All in all I think the above methods are all credible however so much easier to achieve if you destroy your debt first.
Been doing it for years now, and it’s highly efficient. Save first - future you will thank you.