This series of blogs will talk to you about the importance of paying yourself first - the most powerful money management system I have ever known. Introduced to me in a seminar by a success coach last year, then tested and proven by the best selling personal finance authors I have come across in my self-education, this simple-yet-effective wealth management is the best thing that I've ever known about money and this can help me and you keep track of on the road to financial prosperity and freedom. And I wouldn't preach about this if I don't walk the talk.
If you got here by accident, I advise you go back to the introductory post about paying yourself first here so you could go along with the ride smoothly.
Honestly, in my experience, paying myself first was not as easy as it started. During the times when I received allowance from my parents, I always end up on two situations at the end of the day - one is that I would still have money because I learned to "save" for some useless thing. Another is that I end up with enough money just to get home.
Imagine if I had learned about paying myself first during my younger years when I was still studying. Think about how broke I have been in high school in college. Very little to no savings to say the least. If you had told me to pay myself first during that time, I would never hesitate to shake my head and not talk about it.
"So I'm not good at my money. It drains out of me almost every day. Then you expect me to save? Or pay myself first just as you said?"
I was sort of a loser at saving. At money. At finance. Nothing.
As I grew a little older - and wiser - I realized that things like these had to stop. All I ever thought of was that while you have money, you might want to spend it because it only comes to you once in a blue moon.
I was wrong.
I later realized that money had an immense value in each and every one of us. And the only way to harness its true value is to manage and take care of it before it leaves our hands and wallets.
When I learned about pay yourself first, it opened up my opportunity to learn how to save for the right reasons. To save for something bigger than myself in the near future. To become more goal-oriented financially and prepared for any inevitable use of my money for emergencies and protect myself and family.
Like I said above, when I started paying myself first, it was not that easy. I had to make a lot of adjustments with the expenses I have to make daily and the sacrifices I had to do in order to fit my budget. Talk about trying to live with less than 70% a month and an income that may not be as big as yours right now!
Can you handle that percentage for cost of monthly living?
While I am currently living around 70% of my income - because I pay myself 30% of my income - I still, somehow, end up still having enough or more than enough money at month's end. While there are some setbacks, unexpected expenses, parties that end up spending more money than usual, paying myself first has remained constant to me and will always be a part of my financial responsibilities every time I receive income.
Paying myself first has always been a lesson to me that has to be learned, relearned, and learned by the people close to me and everyone in pursuit of financial responsibility.
It's not too late to start. Spend only what's left after saving.
It's better to get used to it when times are not that easy, than to never to it and regret for not making good use of your money.
Honestly, in my experience, paying myself first was not as easy as it started. During the times when I received allowance from my parents, I always end up on two situations at the end of the day - one is that I would still have money because I learned to "save" for some useless thing. Another is that I end up with enough money just to get home.
Imagine if I had learned about paying myself first during my younger years when I was still studying. Think about how broke I have been in high school in college. Very little to no savings to say the least. If you had told me to pay myself first during that time, I would never hesitate to shake my head and not talk about it.
"So I'm not good at my money. It drains out of me almost every day. Then you expect me to save? Or pay myself first just as you said?"
I was sort of a loser at saving. At money. At finance. Nothing.
As I grew a little older - and wiser - I realized that things like these had to stop. All I ever thought of was that while you have money, you might want to spend it because it only comes to you once in a blue moon.
I was wrong.
I later realized that money had an immense value in each and every one of us. And the only way to harness its true value is to manage and take care of it before it leaves our hands and wallets.
When I learned about pay yourself first, it opened up my opportunity to learn how to save for the right reasons. To save for something bigger than myself in the near future. To become more goal-oriented financially and prepared for any inevitable use of my money for emergencies and protect myself and family.
Like I said above, when I started paying myself first, it was not that easy. I had to make a lot of adjustments with the expenses I have to make daily and the sacrifices I had to do in order to fit my budget. Talk about trying to live with less than 70% a month and an income that may not be as big as yours right now!
Can you handle that percentage for cost of monthly living?
While I am currently living around 70% of my income - because I pay myself 30% of my income - I still, somehow, end up still having enough or more than enough money at month's end. While there are some setbacks, unexpected expenses, parties that end up spending more money than usual, paying myself first has remained constant to me and will always be a part of my financial responsibilities every time I receive income.
Paying myself first has always been a lesson to me that has to be learned, relearned, and learned by the people close to me and everyone in pursuit of financial responsibility.
It's not too late to start. Spend only what's left after saving.
It's better to get used to it when times are not that easy, than to never to it and regret for not making good use of your money.
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