(NewsNation) — Saving money can either feel like you're stashing money away to never touch again, or it can feel like a payday to yourself, but it's all about perspective. The "pay yourself first" budgeting method, also referred to as reverse budgeting, takes the approach of prioritizing savings over expenses. What is pay yourself first budgeting? "The simplest explanation is that paying yourself first means depositing a portion of each paycheck directly into your savings. The remainder is then spent on your expenses," according to Citizens Bank. This common shopping mistake can cost you big bucks over time: Study It's a simple process that involves opening a savings account through a bank or credit union and ensuring it is automated to allocate funds from your paycheck. "This prevents you from forgetting and can ensure your savings continue to grow without you manually moving money every month," according to Citizens Bank. Create a budget and set a fixed amount or percentage you will save right away. Build up emergency savings for unexpected events (recommended three to six months' worth of cost of living expenses) and set up a separate savings account for other major goals, as recommended by Syracuse University. What are the pros of pay yourself first budgeting? The benefits of this method include making steady progress toward savings goals, and it's easy to understand. However, it is not the best approach for those who have irregular incomes and who may have goals other than saving.