What does the strategy "pay yourself first" emphasize?

The strategy of "pay yourself first" emphasizes the importance of prioritizing savings before addressing other financial obligations such as expenses and bills. This concept encourages individuals to set aside a portion of their income for savings or investment purposes as soon as they receive their paycheck rather than waiting until all expenses are paid.

By adopting this strategy, individuals ensure that they are actively contributing to their financial goals rather than leaving savings as an afterthought. This principle is rooted in the idea that saving money automatically helps build financial security and can lead to wealth accumulation over time. As a result, by treating savings as a necessary expense, individuals can cultivate healthier financial habits and create a buffer against unexpected expenses or emergencies.