Do you ever wonder why it seems that you can never get your savings and investing going in the right direction? You sit down at the end of the month to sort through all of your bills and ask yourself: where is all of my money going and why don’t I have anything left to invest to have a secure financial future?
You are not alone. This situation happens to many of us. The problem is that our approach to saving, and investing is all wrong. We need to change our thinking and take a different approach.
To Grow Wealth: You should Pay Yourself First and Automate It. You work hard for your money. Why not make yourself a priority? Paying yourself first is how you have your money work for you!
The most important thing to remember about securing your financial future is to pay yourself first and automate it. This concept is thinking about preparing for your future before you take care of your other day-to-day obligations.
Paying yourself first is essential for building wealth because it prioritizes saving money for the future. In addition, it will create the funds to start building emergency savings, start your investing, or to cover other major purchases that you may want. Which of these you choose depends on your personal situation and the goals that you are aiming to achieve.
Savings and investments secure your financial future by allowing your present-day money to grow passively. You can choose financial instruments that create much higher returns that accumulate throughout the years.
We have to start thinking about paying ourselves first as another monthly bill that becomes our top priority. If your budget does not allow you to pay yourself first while still meeting your other monthly expenses, then you have to either reduce the amount of some bills or eliminate some of your discretionary expenses like monthly streaming services or cutting back on dining out. Additionally, you may have to find other sources of income by working overtime or taking on that side hustle that you have always dreamed of doing. Whatever you decide, paying yourself first has to be your priority without compromise. It can be as little as $25 to $50 a month. Whatever the amount is up to you. The important thing is to start with something and do it automatically each month.
When you take on the mindset of paying yourself first, you will find joy and be on the road to financial success. Your life will change in a positive way. Your confidence will grow when you start achieving the secure financial future that you deserve.
Paycheck to Wealth is here to help
Everyone should pay themselves first, regardless of their income. However, learning the skill by using your current income is always the best way to start on your financial journey. Get in touch with us here at Paycheck to Wealth to learn about resources available to help you automate paying yourself first to get you on the right track to reaching your financial goals.