What does it mean to "pay yourself first"?

Question

A.
Deposit money into your savings account before spending on anything else.
B.
Purchase an item you want before something you need.
C.
Pay all of your mandatory expenses before paying for optional expenses.
D.
Obtain an additional job to supplement your income.

Answer 1

The phrase "pay yourself first" refers to the practice of prioritizing savings and investments before covering other expenses. Therefore, the correct answer is:

A. Deposit money into your savings account before spending on anything else.