Pay yourself first
Lesson 2 of 13 in our free Build Wealth the Boring Way guide: a 5-minute money game with the key points below.
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Questions you'll answer
Mo gets paid on the 28th. Which set-up makes saving most likely to happen?
Illustration: Mo sets up £50 a month by standing order and never touches it. Ignoring interest, how much has he paid in after 3 years?
Quick facts
- Savings move the day your pay lands → Automatic habit. Automation does the work for you.
- 'I'll save if there's anything spare' → Willpower trap. There rarely is. Spending expands to fill the month.
- Raising the standing order by £5 when your pay goes up → Automatic habit. Saving some of each pay rise, painlessly.
- Keeping savings in your everyday spending account → Willpower trap. Out of sight is out of spend. A separate pot helps.