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Financial advisors will often tell you the most important thing you can do for a healthy financial future is to "pay yourself first". This can seem impossible to do if you're just barely making enough to pay your bills, like many people, but it's even more important for people who are living paycheck to paycheck to find a way to pay yourself first.

How can you pay yourself first when creditors are calling for their payments or you use your entire paycheck for necessities before the following payday? Try one of the following methods to ensure you pay yourself first:

401K Plan: If you are lucky enough to work for an employer that offers a 401K plan, you absolutely must take advantage of it! In some cases, the employer will match all or a percentage of what you put in, which is free money. Even if your employer doesn't match your contributions, the benefits of a 401K plan include automatic deposits- before you even get your paycheck the amount you specify is placed into your 401K plan. Even if you use every last penny of your check now; you would get used to the slight reduction in your check if it was taken out before you even got your hands on it. Best of all, the money you contribute into your 401K is taken before your taxes are paid.

Automatic Savings Account: If you don't have a 401K plan option, you can create the same type of automatic-deposit situation with a savings account. Look for one with high interest- many online savings accounts offer higher interest rates than your local bank. Every week, set it up so a specific amount of money is taken from your checking account (or wherever you deposit your paycheck) and placed immediately and automatically into your savings account. The idea is- if you don't see it, you won't miss it. It is much more difficult to physically make a savings account deposit every week if you have to do it manually. Also, to reduce the temptation to withdraw money from your savings account, don't have it connected to another account and don't get an ATM card for the account.

It's not important how much you save at this time, only that you get into the habit of saving every week (or bi-weekly if you're paid every other week). After you get used to it, you can slowly increase the amount you "pay yourself". It's not important how much you save at this time, only that you get into the habit of saving every week (or bi-weekly if you're paid every other week). After you get used to it, you can slowly increase the amount you "pay yourself".

Learn more about this author, JQ Adams.
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