Warren Buffett Money Lessons
If you want to make saving a priority, take a look at how you budget.
Don’t save what is left after spending; spend what is left after saving.
This might be Money 101, but it’s a lesson a lot of people don’t consider. Let’s say you have enough monthly income to cover your basic needs, and you want to start saving. Budget for your needs and bills, then figure out how much you want to save. Whatever is left is spending money.
Paying yourself first is basically an automatic way to prioritize your savings. To do this, you can set up automatic monthly deposits into your savings account. And think of your savings and investments as a monthly bill, if that helps.
It’s not brilliant, but it seems to make sense. The money is put away automatically.
In other words, you can have your automatic deductions from your check into various accounts: paying bills, paying debt, savings, et cetera. And you learn whether you want to put what’s left towards taking cabs, or going to the beach … or medical priorities.
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