Test 2

Most people follow the traditional approach to money management—getting paid, covering expenses, and then saving whatever is left. But what if you flipped that mindset? "Pay Yourself First" is a simple yet powerful financial principle that ensures you prioritise savings before anything else.

✅ Step 1: Decide how much to save

Not sure how much to put aside? Follow this guideline:

💰 Start with 10-20% of your income—if that feels too high, start with 5% and increase it gradually.

📌 Example: If you earn Rs. 30,000 per month, setting aside Rs. 3,000 - 6,000 can build your savings quickly.

💡 Pro Tip: Use MCB’s Standing Order feature to automate your savings and eliminate the temptation to spend first.

🏦 Step 2: Automate your savings

Making savings a habit is easier when you don’t have to think about it.

🔹 Set up an MCB Savings Account and schedule an automatic transfer on payday.
🔹 Consider opening multiple accounts to categorise savings: Emergency Fund, Retirement, Travel, and Investments.

💡 How to Automate with MCB:

✔ Use the Juice App to set up recurring transfers to your savings account.
✔ Open a high-interest MCB savings account to maximise your savings growth.

📊 Step 3: Save before you spend

Instead of saving what’s left after expenses, move money into savings first and adjust your spending accordingly.

✅ Treat your savings contribution like a mandatory expense (just like rent or a loan payment).
✅ Reduce discretionary spending (like dining out) if necessary to maintain your savings target.

📌 Example: If your budget is Rs. 50,000 and you pay yourself first with Rs. 10,000, you then allocate the remaining Rs. 40,000 for bills and expenses.

💡 Pro Tip: Track your expenses using MCB’s online banking dashboard to identify areas where you can cut back and save more.

📈 Step 4: Invest your savings for growth

Saving is just the first step—growing your money is the next.

🔹 Consider MCB Mutual Funds or investment accounts to make your savings work for you.
🔹 Look into MCB Fixed Deposits if you prefer low-risk, high-security returns.

💡 MCB Capital Markets offers a range of investment products for different risk levels and financial goals.

💳 Step 5: Increase your savings over time

As your income grows, your savings should too!

✅ If you get a raise, increase your savings percentage before adjusting your lifestyle spending.
✅ When you pay off a debt, redirect that payment into your savings or investment account.
✅ Set milestones—reward yourself when you hit a savings goal to stay motivated.

📌 Takeaways: Make paying yourself first a habit

✔ Set a fixed savings amount (10-20% of income).

✔ Automate savings through MCB Standing Orders and the Juice App.

✔ Prioritise savings before expenses.

✔ Grow savings through investments with MCB Capital Markets.

✔ Increase savings as income grows.

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