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Should I Pay Myself First? |
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Submitted by Leann English
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Yes you certainly should! There are no if and or buts in response to this question. You really should pay yourself first. Remember you are the most important person to be paid. That’s right! You’ve worked hard for your paycheck and your name is on it. So, make sure before you start paying your bills or whom ever else you’re trying to pay, start with yours truly first. You say to yourself, I have lots of obligations, so I can’t pay myself first. Don’t say you can’t just do! You’re probably wondering what’s the best way to do this and how much should I pay myself? You may want to consider some of these ideas which may help to lead you in the right direction of paying yourself first:
1) Look at your paycheck, miscellaneous income check or direct deposit or however you get paid for a moment. Take a deep breath and pat yourself on your back for all of your hard work to earn your paycheck! Just relax and take your paycheck all in, that’s right. Take your time looking at your earnings before you start distributing your money. You’ll be glad you did!
2) Make a decision before you start paying any bill how much you will pay yourself. You’re probably wondering, how much you should I pay myself? It really doesn’t matter as long as you pay yourself something! Just get in the habit of doing this each time you get paid money. Just make sure you’re realistic about the amount of money you’re paying yourself and that you are comfortable with that amount. Once you start this good habit, it will be difficult for you to stop paying yourself first!
3) You may want to consider saving a portion of all of the money you have paid yourself in a separate account or wherever you’re comfortable with saving your money.
4) Paying yourself first can assist you in not only establishing or adding to your savings but can assist you in planning and budgeting for your future goals. For instance, if you’re trying to purchase a home or take a vacation, paying yourself first, may be able to assist you with this.
5) You may gain confidence and a better peace of mind by paying yourself first. This may lead to more control over your personal finances and empowering you to achieve other goals that you may have not thought were possible for you to achieve.
So, paying yourself first is a good thing for you to do. Just get in the habit of doing this. You can start with your next paycheck or miscellaneous income you may receive. Go ahead, deduct money for yourself first, and you’ll be glad you did!
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