A simple piece of advice from my mom has helped me save thousands. (via CNBCMakeIt)
Starting out on an intern's salary, I wasn't able to save much. Even so, I set up an automatic transfer from my checking account to my savings account for the first of every month, and I gradually increased the amount.By treating my savings like a bill, I don't even consider it money I'm allowed to spend. I've put a mental block in place, so I know this money is off-limits the same way I know I can't spend the money earmarked for rent.
My mom's not the only one doling out this winning advice. Writer and self-made millionaire David Bach refers to it as "paying yourself first," which he says is a"What most people do when they earn a dollar is pay everyone else first. They pay the landlord, the credit card company, the telephone company, the government ..." Bach writes in "
. " At the end of the day, they pay themselves whatever is left over. He calls this strategy "positively financially backwards.", which he says is another key element of building wealth. "There's no getting around it. In order for 'Pay Yourself First' to be effective, the process has to be automatic," Bach writes. "Whatever you decide to do with the money you're paying yourself … you need to have a system that doesn't depend on your following a budget or being disciplined."This is an updated version of a
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