THE 7 PLACES YOUR MONEY SHOULD GO WHEN YOU GET PAID | how to spend your paycheck to save money

Are you wondering what to do with the money you get when you get paid so you can stop living paycheck-to-paycheck? Here are the 7 places your money should go whenever you get paid!
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If you're living paycheck to paycheck, it can feel impossible to save money and pay off debt. Part of the struggle may be just knowing how to organize your money whenever you get paid to make sure you are living within your means. Here are the 7 places your money should go whenever you get paid! This will help you to automatically save money, invest and pay off debt.
1. 401(k)
If you have a 401(k) option at work, especially if you have a 401(k) match, take advantage of that! These retirement contributions are made before you ever see the money from your paycheck. This can help to automate investing so you never miss that money!
2. High yield savings account for emergencies
This is another place your money should go before you ever see it. Ask your employer if you can automatically deposit a portion of your paycheck into a savings account. Keep this separate from your checking (at a separate bank) to keep it out of sight and out of mind. Save this money for emergencies
3. Checking account
This is your hub for everything else. Once you've moved your money into the next 4 places, the money left here is your spending money!
4. High yields savings account for sinking funds
Sinking funds are all of the non-monthly expenses we can save for on a monthly basis (like Christmas and car repairs). Use a HYSA with buckets, like Yotta or Ally, or a zero-based budgeting app like YNAB to track your savings goals inside of this account.
5. Credit cards
If you spend money on credit cards, ideally you want to pay them off in full. If that isn't possible, you at least want to make sure you're setting aside enough money to pay off the minimum payment every month.
6. Roth IRA
I love a good Roth IRA! This is a tax advantaged retirement account separate from your employer. See the link above for the difference between a Roth IRA and a 401(k) to decide which one is better for you!
7. All other debt
You want to make sure you're making the minimum payments on all other debt that you have. Bonus tip: put extra money toward the debt with the highest interest first!

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Views expressed in this video are my opinion and should not be interpreted as professional financial advice. I am not a certified financial advisor.

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YNAB Open Ended Savings ❗️❗️There’s something about seeing it in my budget that makes my mind think hmm, maybe I can spend less on going out this month and I’ll budget that cash to a savings goal within that category and then deposit the cash to my savings.

Your videos have taught me so much and made me really understand YNAB literally in just a few days and I’m so excited to continue learning it

[mistydavis]

Nicely put together video! Great job!!!

[planmepretty]

Lexa, great video! I recently found your channel and it’s has opened my eyes more about personal finances thank you so much for all that you do. I wanted to ask is there anyway to get the image you used to show how to branch off your money as a printable? I would love to add it to my budget planner

[punkerjessica]

I really need help !!! I get paid an then am like why do i now just have $70 bucks

[frankbonet]

Working with the School District it doesn't give me the option of 401K neither HYSA, so those 2 are not an option, bummer.