It seems like it gets harder and harder to save money
. The cost of living is increasing steadily and most annual increases are not keeping up with the cost of living and rate of inflation. But it is essential that you save money for retirement, for an emergency and possibly for a child's education.
After getting your paycheck each payday and paying the bills and paying for other necessary expenses, it seems most of us have little or nothing left for adding to a savings account. The only way you can do this is by following the advice of the financial gurus and paying yourself first. The government follows this practice. Why shouldn't you. The government gets their money before you see your check and you can set yourself up to do the same.
Since almost every company that issues checks to employees gives them the option to have direct deposit, it is very easy to pay yourself first. You simply fill out a form with the information of the account that you want your money to be deposited into and submit it to your payroll department. Doing this will allow the requested amount to be deposited into a savings account before your income for the pay period is issued to you. It is much easier to save money when you never see it than it is to try to save money after you have it in your hands.
You should also have a retirement savings plan that is setup the same way. Whether it is a 401K account or another type of retirement vehicle this money should come out of your income before it ever hits your hands. For many people, saving money is not easy. But it is necessary and the best way to ensure that you save money is by paying yourself first.