Personal Finance: Pay Yourself First
Tuesday, April 8th, 2008If the concept of “Pay Yourself First” is foreign to you, don’t worry, the concept was also greek to me during my YUPpy (young urban professional) days. Working as an associate in a Makati law firm, I had the means to spend, nay, splurge. I had my own condo unit, go out whenever I want and splurge on anything I fancy. I spend so long as there’s cash in my wallet, or, more appropriately, ATM. Whatever money is left, I told myself, will be my savings. This strategy appeared to be sound. I realized later on that I had no savings, primarily because by the end of the salary/pay cycle, I had spent all I had and nothing is left for savings. (more…)