When you do your budget in a manner of keeping the rest of the money after all the expenses have itemized, you are paying yourself last. However, when you do it the other way – factoring in your savings first and itemizing the expenses after, there’s more guarantee that you can cushion yourself from financial struggles.
Paying yourself first ensures that you are on track in achieving your financial goals. Whether you want to have more money in banks or settle short-term debts from family and friends, you know you are certainly doing something to achieve this status.
What happens too often when you pay yourself last is that you end up with little to zero money to keep after you received your paycheck. Without some money to hold on to, life’s surprises may lead you to borrow more money or getting online loans.
But that’s not to say getting loans is always a bad choice. For instance, when you don’t know where to get instant cash fix, you can always apply for online loans. These loans help you get the amount you need in a very fast, easy and convenient way. Online loans can help fund your medication, school fees or car repairs in a less stressful way than you would apply for loans from the banks.
Further making online loans more appealing is the fact that most lenders can accommodate you even with bad credit and accept your loan application with no credit check. While you may have to establish your capabilities to repay the loan, online loans prove to be more accessible than traditional loans offered in the market today.
When you’ve paid off your online loans, you should begin paying yourself once again to prevent further surprises in the future that can set you back financially.