What do you think of paying yourself first? Does it sound sensible? Do you do that? Have you thought about it? Did you ever realize that you should pay yourself first?
I hope You do pay for yourself first and then others. What I mean by pay yourself first is, if you have a budget as explained here then accordingly make investments or savings. Before paying any bills or debts make sure that you pay for yourself. If you don’t take care of yourself, it is highly possible that none might be interested in doing so.
I know that we all have various commitments but it is equally important to pay yourself first. Consider you have Rs.100 and you need to pay electric bill for Rs. 75 and make a monthly saving of Rs. 50 then most of you would prefer to pay the electric bill and make the remaining as saving. What my suggestion is Save up Rs. 50 and pay Rs. 50 for electric bill and carry that Rs. 25 for next month. In simple terms do things that are important for you and your future.You can ask me, is it not important to pay bills in time. My answer is, it is important but not that important that your savings and investments take a back seat. Your preference should be savings and investments and not in paying bills. I do understand that it is important but not very important.
Life should not become a Rat-Race. Keep earning money just to pay bills and debt and live a life to do just that. It will really become boring after a while. Instead if you make your life better by making certain financial decisions then it would be great. Try not to be a part of Rat-Race. Your situation should be at any point of time in your life, you should be able to do what you want to do and not bound to do. If you want your life to be a Rat-Race then go on pay everyone in the world and lastly treat yourself otherwise start paying yourself first.
One more good thing about paying yourself first is “Your money will start working for you even if you don’t want that to happen”. That is a very good thing about money if it is in the right place such as in a savings account or in investments. It just starts growing, isn’t that wonderful? When you start having less money for expenditure, you may start thinking about other sources of income which is really a cool thing according to me. By paying yourself you are indeed securing for your future, this is really a good move towards your financial freedom.
Think over it. Try to pay for yourself from now on. Make an attempt to do that and you will see wonderful results. Be disciplined, don’t worry about payments other than yourself. It is worth it and am sure that you will see your money grow right in front of your eyes.
Engineer's Finance 