The hardest thing to do in any project is to start. Once you start though, it keeps on flowing. The same thing happens in considering paying yourself first. What do we mean? Paying yourself first is an oft-repeated advice, but as they say only the wise profit from it.
Did you notice that as you get used to your employer deducting taxes, CPP, EI, Benefits, etc. from your salary eventually you live with it and spend accordingly? It will be the same if you pay yourself first. It becomes a forced saving for emergency use or for a financial goal you want to achieve. Saving for your retirement is a good one. Advisors will encourage you to pay yourself 10% of your pay. If it is difficult to do, at least start with 5%. Arrange with your bank to do this on a preauthorized basis and before you know it, you won’t even remember doing it. The important thing is setting aside a regular amount and getting it started.
And the best thing is, such ‘small’ amounts over time accumulate due to compounding and you have your name on it!