P.Y.F. ("Pay Yourself First")
P.Y.F. stands for "pay yourself first," and
it's a very simple, effective idea. You don't
have a choice about paying taxes. Yes, you
can control the amount to some degree,
but the government still gets its taxes.
P.Y.F. is the secret to getting what you
want and becoming a disciplined saver.
Saving is simply setting aside money to
spend later. It's the same technique the
government uses to collect income taxes
on a regular basis, although most people
never think of it that way. It's a simple
trick almost every self-made
wealthy person uses, and may
also be one your parents use to
save.
P.Y.F. (pay yourself first) fol-
lows the same principle: don't give your-
self a choice. Make it a regular part of
your budget. Think of it as a bill you owe
to yourself. Why? Because it's the P.Y.F.
money in your plan that helps you reach
your goals. Why not begin today to save
10%, or just one thin dime, from every
dollar you get?
25 heurs I week
Assignment 3.2
Create Your Own Budget
Budget for December
#900
Money coming in:
Work (after taxes)
Gifts/Allowance
Other
Total Income
#1900
Money going out:
Fixed Expenses
PYF
Car payment
Auto insurance
Total Fixed Expenses
Variable Expenses
Gas
Food
Clothing
Fun stuff