Pay myself first

I first came across the concept of pay yourself first in The Barefoot Investor by Scott Pape in 2016. At that time I was saving for a house deposit, I had an online savings account with an online bank (it had the best interest rate at that time, and no fees). Over the years, I have set up “bucket” accounts with other online banks. The buckets have their own purpose, they all have one thing in common no account keeping fees. Being a sole trader I am responsible for my own superannuation contributions.

I have made a commitment to invest consistently each month come rain or sunshine. When I started on the FIRE journey I wasn’t sure which way to go. I liked Vanguard Personal Investor as I could have fortnight direct debits. Later on I added Pearler as they have auto invest feature which I have a set amount deducted each week then the total invested at the end of each month.

Paying myself first means:

• each fortnight there is a direct debit contribution to Vanguard Personal Investor
• each week there is a set amount to Pearler account that is then invested at the end of each month
• each week I will make Superannuation contributions