Work, Save, and Pay For Yourself

Work, Save, and Pay For Yourself

Part of growing up into a self-sufficient, mature adult is when you are able to pay your bills on your own. Yes, your friends and family may have your back always, and it is not that wrong to ask them for help when you are out money, but is it always appropriate to rely on them for your expenses and bills?

Most of the people have to compromise on their big dreams is because they are not able to control their urge to spend. They like something; they buy it, without giving much thought to the consequences. As the income rises, people start spending more. With so much of unwise spending, they never have enough to save.

Paying yourself is about having enough to make sure you’re prepared for whatever’s yet to come, putting yourself first. The strategy is simple. Empower yourself with financial knowledge. You have to work up some goals, write them down and come up with a savings plan. Have a system where you save 10% of your income every month. Set up a high-interest savings account, and move your funds into this account once a month, before you pay off your other bills. This will help you manage your expenses, by separating your current living expenses and future paychecks. It is important for you to stay consistent, make sure you don’t touch your saving account funds, unless there is a financial emergency. Saving makes you financially secure and independent, opens a world of opportunities for you.

While you maintain a savings account, it is important for you to have personal payment goals. If you want to go for a vacation or buy an expensive pair of boot, you have to keep some part of income aside to meet these goals. You may have to change your current spending habits, avoiding unnecessary expenses in order to save up for the future. For example, instead of going to the salons for facials and spa treatments, you can try those homemade face-packs or other home-made remedies or try getting your own lunch instead of hitting to the nearest restaurant everyday. Learn to keep a budget and track down your spendings. If you don’t know where all your money is going you will always be broke even before the end of the month.

Everyday you should start by working on your number 1 priority. Everything you do either takes you closer to or further from your goals. Look at the long-term. If you don’t have a plan for success, you are at the mercy of other people’s plans. Save your money.