The idea
When you save what is left at the end of the month, there is often nothing left. Pay yourself first reverses it: on payday, you move your savings amount straight away, and live on the rest.
How to set it up
Make it automatic so you do not have to decide each month.
- Choose a monthly amount for each goal.
- Pick the day your pay arrives.
- Set up a standing order at your bank for that day.
- Check once a month that it arrived.
How Wollie helps
Wollie cannot move your money, and that is on purpose. You choose the amount for each goal, and set up the standing order at your bank. Wollie sees it arrive and ticks the month off, so you can see at a glance whether you are on track.
Questions
How much should I pay myself first?
Start with what feels easy, even 5% of your pay, and raise it when you can.
Why not just save what is left?
Because spending tends to grow to fill the month. Saving first protects the goal.
This guide is general information, not financial advice.