One of the fundamental pillars of any personal finance strategy is to pay yourself first. However, for many of us this simple approach to our finances appears to be the hardest to master.The phrase “pay yourself first” is by no means new. In fact it is right up there with “take care of the pennies and the pounds will take care of themselves” and other such idioms. However, the advice really does work and should be the foundation of any personal finance plan.
“Back from the Brink!” and “Record Gains!” have been just two of the headlines that have been touted by the mainstream media in relation to the global financial crisis recently. They are in stark contrast to some of the other headlines we have seen of late – such as “Crash” and ‘Meltdown”. It just goes to show what a difference a few days can make when it comes to dealing with the world economy! It also shows that we are living in uncertain and volatile times when it comes to finance.
It seems impossible to turn on the news nowadays without hearing the words credit crunch, mortgage crisis and recession. In this ongoing saga the only question many of us have is “when will it all end?” If recent events are anything to go by, the answer is not any time soon.
