Pay Yourself First

1
Pay Yourself First

• Financial Capability

2
Pay Yourself First

• Income any money you receive
• Expenses what you spend money on
• Spending plan a plan for managing your money
  during a given period of time
• Why should you track your income and spending?

3
Pay Yourself First

• Why should you track your income and spending?
• To ensure that your spending plan is in sync with
  your income
• To make informed decisions on what to do with
  your money
• To understand what you need to do to achieve
  future goals

4
Pay Yourself First

• Pay Yourself First concept says whenever you
  receive money, you should immediately put a
  certain amount into an account that you will set
  aside to use later to meet a long-term financial
  goal.

5
Why Save?

• Interest Earned On An Initial 100 Saved at 8
  Percent Interest Rate

6
Calculating Simple Interest