Question

what is PYF? State its importance​

Answer 1

Answer:

Pay yourself first (PYF) means automatically setting aside money from each paycheck, as soon as you receive it, rather than waiting to see what, if anything, is left over to save at the end of the month. In other words, savings is treated as an “expense” and given a high priority.

Explanation:

importance:-

Many personal finance professionals and retirement planners tout the "pay yourself first" plan as a very effective way to ensure you continue making your chosen savings contributions month after month. It removes the temptation to skip a contribution and spend the funds on expenses other than savings.