Core Concept - The article emphasizes the importance of the "pay yourself first" strategy, especially during economic hardships, to ensure savings and investments are prioritized over discretionary spending [1][2][3]. Summary by Sections Definition and Importance - "Paying yourself first" means allocating a portion of income to savings and investments before covering other expenses, countering the tendency to spend first and save what's left [4][5]. - This strategy is crucial during economic strain, as many Americans face financial challenges due to high interest rates and inflation [2][3]. Economic Context - The financial landscape has worsened since the coronavirus pandemic, with significant increases in the cost of living; for instance, food prices have risen by 25% since 2020 [7]. - The ongoing economic pressures create a cash crunch, particularly affecting those living paycheck-to-paycheck, making the "pay yourself first" approach more relevant [3][7]. Implementation - To effectively implement this strategy, individuals should immediately set aside a specific percentage or dollar amount from their paycheck for savings and investments, then budget their remaining income accordingly [6].