Now that Rob is making the big bucks (ha!) we need to get more serious about our savings accounts. I have a spreadsheet I created to keep track of our bills, and one of the things I did was added a row to be allotted to savings each pay period. I have always read that you should pay yourself first and then all of your debtors, but we haven’t done that much except recently. I want to continue this trend so we have a nice nest egg in 20 or so years when we want to retire. Thinking about being retirement age and not having anything in the bank really scares me. It’s one of those things that keep me up at night. Hopefully with my new plan of devoting money to continue to build our savings, I’ll sleep better.
[tags]savings, savings accounts, banks, money[/tags]
I’ve never been good at the paying myself first. Well, I used to be… before I moved out on my own… now I’m afraid if I pay myself first, there won’t be money left for the bills. Sometimes that’s true!
I have never understood the “pay yourself first” concept. I mean, yes, saving money is important, but let’s face it: I’m not going to charge myself 19.25% interest if I miss a payment, KWIM? Are you supposed to go even further into debt for the sake of building a savings account? It makes no sense!
I agree with everyone else. There’s no money left to pay myself. However, if I include my cell phone bill and satellite, those I guess could be counted as paying myself since I really don’t need them.