Pay Yourself First. I've often heard those words, wanted to do just that. In fact for quite a while a few years back, I was going strong on keeping aside 10% of every check I deposited, squirreling it away in a special savings account I had opened for that purpose, but then a few things happened that changed everything:
1. I got a merchant account and so figuring out the 10% wasn't so easy as when I was depositing the checks myself.
2. I hired people for my company, so part of what I earned went to paying them, and figuring out 10% got confusing.
3. I had an emergency situation that drained my savings account, and for some reason, I could never seem to get back in the habit.
That habit, that 'pay yourself first' habit, is crucial if you want to get out of debt and have the experience of financial abundance. All the money gurus I have read agree, paying yourself first is essential. Just do it!
One of the other reasons that I haven't been so determined to pay myself first is that I got confused as to exactly how to do it. Lucky for me, today I came across a great blog called Women'sPersonalFinance.net, an excellent resource for anyone who wants to keep their financial act together. In a recent post about paying yourself first, the author tells us:
When you set yourself down to pay your bills each week, every other week, or at the end of the month, the first payment made should be to yourself. Decide beforehand on an amount that you can commit to for at least six months, and deposit it into an account, maybe one that you can’t access that easily if you like to spend, like an IRA.
The trick is to do this even when you think you can’t afford it. After this important bill is paid, pay your other bills as usual. If you find out that you don’t have enough cash to cover your monthly expenses, you’ll need to find some way to raise the extra funds. Maybe have a yard sale, work a few extra hours, cut back on your cable/satellite TV bill, etc. Whatever you need to do, do it-and do it each and every month.
Photo courtesy of Maybank2u.com
If this sounds too hard, ask yourself if being in this same financial situation for the rest of your life sounds like a better alternative. No matter how much money you make, there will always be bills that need your attention, so you can’t wait until you get that big raise or promotion to start saving- you need to do it now. (read the full post here)
So...bottom line: start today. Just do it! I'm gonna.
Here are some great books on financial abundance:
From Zero to Zillionaire by Chellie Campbell- a practical look at how to manage your money. An easy read that can help you get from point A to point B.
Rich Dad, Poor Dad by Robert Kiyosaki- the classic. This book changed that way I perceive my relationship to work and my business. Ya gotta read this book. Period.
The Energy of Money by Maria Nemeth- a spiritual, not 'woo woo' look at what money is and how it shows up in our lives.
Think and Grow Rich- Napolean Hill. This timeless classic comes to you as a free download of the entire book! If you've never read this book, take the time, it will change your mindset. Every financial guru I know has read this book many, many times. It can be tough to slog through, but well worth the effort. (ebook courtesy of Financial Freedom Made Simple)
The Science of Getting Rich by Wallace Wattles. Another timeless classic. Another free download. There is something mystical about this book, anyone who reads it starts to see money pouring in. Let me know what happens to you!
This just in: a recommended author, Dave Ramsey...
((¸¸.·´ ..·´ Jessica -:¦:-