Are you one of those women who finds that herself living from paycheck to paycheck without any real significant amount of savings or investments?
You make promises to yourself saying how you are going to change it, how you are going to start fresh and really take care of your finances, but each week, each month, each year nothing changes.
If you are not one of those women, then good kudos to you. But if you are one of those women, the good news is you do not have to stay that way. There is something that you can do to improve your financial life today.
One of the best simplest strategies that you can adopt to change your financial life and start building wealth right now, is to learn the art of paying yourself first.
Paying yourself is easy, it just simply means that you make your financial health and well being a priority. When you pay your bills each month the first person that you should pay is you.
You make promises to yourself saying how you are going to change it, how you are going to start fresh and really take care of your finances, but each week, each month, each year nothing changes.
If you are not one of those women, then good kudos to you. But if you are one of those women, the good news is you do not have to stay that way. There is something that you can do to improve your financial life today.
One of the best simplest strategies that you can adopt to change your financial life and start building wealth right now, is to learn the art of paying yourself first.
Paying yourself is easy, it just simply means that you make your financial health and well being a priority. When you pay your bills each month the first person that you should pay is you.
Sounds weird doesn’t it? But trust, it works! To get started you need to try it for 3 – 6 months. During that time you need to decide how much you will commit to paying you and how often.
Published: June 2, 2019
Sounds weird doesn’t it? But trust, it works! To get started you need to try it for 3 – 6 months. During that time you need to decide how much you will commit to paying you and how often.
For example Sylvia committed that out of every pay check she would pay herself $40 first. She took that $40, and set up a specific savings account at her bank and deposited it there.
For example Sylvia committed that out of every pay check she would pay herself $40 first. She took that $40, and set up a specific savings account at her bank and deposited it there.
Why You Need To Start Paying Yourself First
Since Sylvia is paid bi-weekly that means she will pay herself $80 per month. If she does that for 6 months she will have saved $480 and that’s not including any interest she will have earned on her money.
You can do this and place that money into a savings, retirement, mutual fund, or money market account. The key is that you have to be consistent. Your payment to yourself should be your first priority. Everything and everyone else needs to come to second to this payment. This means you pay all of our other bills afterwards.
The challenge is curtailing your lifestyle so that you can not only make this payment to yourself but increase this payment as well all the while taking care of your fixed expenses.
To do this effectively you may need to eliminate some unnecessary expenses such as cancelling your gym membership, brown bagging your lunch, cutting back at the hair salon, etc.
Chances are, you are probably saying “That’s too hard!” or something else like that. But the question to ask yourself is Are you ready to change your situation or not?
You can do this and place that money into a savings, retirement, mutual fund, or money market account. The key is that you have to be consistent. Your payment to yourself should be your first priority. Everything and everyone else needs to come to second to this payment. This means you pay all of our other bills afterwards.
The challenge is curtailing your lifestyle so that you can not only make this payment to yourself but increase this payment as well all the while taking care of your fixed expenses.
To do this effectively you may need to eliminate some unnecessary expenses such as cancelling your gym membership, brown bagging your lunch, cutting back at the hair salon, etc.
Chances are, you are probably saying “That’s too hard!” or something else like that. But the question to ask yourself is Are you ready to change your situation or not?
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Paying yourself is easy, it just simply means that you make your financial health and well being a priority.
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If cutting back now on stuff that you really don’t need is too hard for you, then stop reading this and go back to failing financially. But if you are ready to build a better financial future for yourself then start paying yourself first no matter what! The sense of freedom, accomplishment, and self respect that you will derive from doing this will give you a sense of empowerment.
The more you do this and the longer you do this you will find that you will gain a greater freedom and your financial worries will start to fade away because you are now in control of your finances and not the other way around.
The more you do this and the longer you do this you will find that you will gain a greater freedom and your financial worries will start to fade away because you are now in control of your finances and not the other way around.
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