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Pay the First Bill of 2010 to Yourself

Holiday cards from friends and family probably filled your mailbox in December. Unfortunately, something a lot less enjoyable and amusing to read may take their spot in January—the dreaded post-holiday bills.

However, if you entered this holiday season with a realistic budget and the determination to partake of the festivities while still living within your means, there should be room to squeeze one more bill at the top of the stack. That bill, the most important one of all, will be paid directly to yourself.

"Pay yourself first" is perhaps one of the most overused clichés in personal finance, but there's good reason why it's repeated over and over again. It's the basis of any good financial plan and should be the first thing you do each month. Saving last is never a good idea if your long-term goal is to build wealth.

So, whatever amount you can manage to put away after this holiday season, take the initiative to open up a high-yield online savings account today and pay the first bill of 2010 to yourself. Happy New Year!

on Mon, 2009-12-28 16:00