In fact there is various ways to improve your financial situation. I always look for the ways plus searching for any related quotes or advices from financial experts on how to improve the financial situation. We might been told with various ways, techniques and practices on how to make our live better through good management and etc but as far as I concern some of us still don’t realize a great way to improve your financial situation – by paying yourself.
This may seem a bit odd for some people but I believe this is a great way to maintain a good financial condition and prepare adequate saving for future use.
Paying yourself is an excellent way to start building a personal savings. You can pay yourself $10-$50 per week and put the ‘payment’ in a safe place such as special box however I recommend you open a personal savings for this ‘payment’ so you can avoid from using it. Imagine paying yourself $50 per month. How much will you get in a year?
Pay yourself before you begin paying your monthly living expenses and making any purchases so you can spare the payment for yourself before using it for something else. Yes, of course we have to pay bill and other expenses along with buying things but your first priority for payment should be to yourself.
Set up savings goals that meet your needs, limitation and capability so you can set what and how much you will achieve for short and long-term. Determining your salary during the planning stages will help a lot as it will help you to determine how much you have to pay yourself per week or per month so it will meet your capability and limitation.
Start paying yourself now and you will realize that is worthy, simple and effective.
8 Comments
Great blog, I am actually again loans and credit cards etc and I think this is a great way for people to have some extra money without having to pay interest or spending money that actually isn’t theirs.
This is great advice, paying yourself first is an excellent way to build some savings a little at a time.
I think that this is a fun way to save up. Maybe this will help motivate people when saving money for something. Great idea. Thanks.
What many people don’t realize is does the proposed ways of solving financial problems really solve the actual problem?
This is such basic and effective way to improve financial situation.I like this idea and I would like to try for it.WE can save more money in long term plan and it is always good to pay ourself.I will also tell this idea to others.
I use three accounts. One for our savings, a second for our spending, and a third to pay all of our obligations. This has been very effective in managing our money and saving for emergencies. We have eight children and live on one modest income, have money saved, and contribute to our retirement account. If we can do it anybody can. Visit my site to learn how we do it.
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