Should You Pay Yourself or Your Bills First? Plus, More November Money Questions

Each week, we answer money questions from around the web on the NerdWallet app. Here are three trending questions from November.

Should you always pay yourself first?

Paying yourself first is all about making sure you’re prioritizing saving. It usually means putting money into savings and investment accounts before it gets claimed by other needs (or wants).

In many ways, that’s an upside-down way to budget. Typically, spending plans focus on expenses first. Once you’ve allotted money to needs like housing, transportation and food, you see how much is left to put in savings.

By doing the opposite, you guarantee that you’re making progress toward those longer-term savings goals. But it’s important to make sure you’ll still have enough money to cover necessities.

If you want to pay yourself first, consider these steps:

• Take a close look at spending. Review where your money is going each month by checking your bank and credit card statements. 

• Choose your savings goals. It’s helpful to write out a list of short-term and long-term goals. These could include investing for retirement, boosting an emergency fund or planning a vacation. 

• Make adjustments. If you find that you’re running low on funds by the end of the month, you might want to scale back your savings to ensure you have enough left for other bills. Or, you might find you want to save more aggressively to reach your goals faster.

Can I really stay healthy on a budget?

Pursuing wellness can come at a price. Trendy fitness products like protein powders and workout gear are expensive. But what you really need to build a healthy lifestyle might not include those purchases at all.

Here are low-cost ways to build healthy habits:

• Try free workouts. YouTube and other streaming services offer thousands of free workouts. Some might even come with subscriptions you’ve already purchased. Plus, going for a walk, bike ride or hike doesn’t have to cost a thing.

• Consider a trial period before committing. Many fitness apps and subscription programs offer free trial periods before you start paying. Just make sure you hit “cancel” in time if you don’t want to make the first payment.

• Check workplace benefits. Some companies offer discounts on gym memberships or other types of wellness coverage.

• Time your gym membership to an annual sale. These typically happen at the start of the year. Some credit cards also offer wellness benefits, including rewards on fitness clubs or purchases from sporting goods stores.

• Work out with a buddy. Sometimes walking with a friend — whether they are physically next to you or on the phone — can help make a workout go faster. You can also share your workouts on social media or meet a friend at the gym for extra motivation.

How can I spend less on groceries?

Rising grocery prices have forced many consumers to get creative about how they shop for food. If you’re looking for ways to lower the bill, here are some ideas:

• Seek out low-cost grocery stores. Some discount chains like Aldi or Lidl offer lower prices on everyday items. If you’re used to going to one grocery store, it might be time to change up your habits and try something new. Dollar stores also offer discount options, especially for snacks.

• Comb through meal-planning subreddits. People share low-cost recipes and other food ideas on subreddits like r/DinnerIdeas, r/recipes, r/tonightsdinner, r/budgetfood, r/EatCheapAndHealthy and more. Chefs on TikTok and Instagram also share ideas.

• Join loyalty programs. When you sign up for a loyalty program at your local grocery store, you often get access to additional discounts and deals. Some stores even have their own app so you can check sales before you go and plan your meals accordingly.

• Find lower-cost alternatives. If you're shopping for protein, then chicken tends to cost less than beef, although it depends on the specific cut. Buying whole vegetables instead of pre-chopped packages keeps costs down. And putting together your own trail mix from bulk ingredients can also help you save.

• Avoid waste. Turning fruit into smoothies before it goes bad, freezing leftover veggies and using chicken pieces to make stock makes it easier to stretch your food budget.