Are you paying yourself first?

 

Safety rule #1

Ever been on an airplane? My favorite part is when the plane takes off – those rocky moments as the plane begins its ascent. My second favorite part is the safety spiel. The reminder that there are “exits here, here and here…” There is also the part about what to do in case the oxygen mask deploys. We are reminded to don our masks before attempting to help others. It is good to know that I have choices and that it is okay to take care of myself first – so I can help others.

This concept applies to our finances as well. We have choices and we MUST take care of ourselves first. This means paying ourselves first. The earlier we develop that habit, the easier it becomes. If you are just getting started it may seem like you do not have enough – this is an illusion. I know it seems counterintuitive. However, when you think about it – if not today, when? Tomorrow? Why put it off? If you started today and saved $1.00 a day, in one week you would have $7.00. In 30 days you would have $30. 00. After a year you would have $365.00 and a savings habit. Chump change? How about $3,652.00?  That is what you would have in 10 years. If you had saved $20.00 a day, you would have $73,040 in 10 years. That is without interest or compounding. What could you do with that? What could you do without in order to accumulate that?

Every day we make choices about what to do with our money. Many of these choices we make on auto pilot. We do what we have always done and wonder why there is more month at the end of our money. Why not try something different?

If you find yourself stuck – ask yourself this question, “If I believed this were possible, what could I do?” Then get quiet. The answer will come to you. Be patient. It may take some time. Rome was not built in one day. In the meantime, remember to pay yourself first. What could YOU do?

 

2 Responses to “Are you paying yourself first?”

  1. Toni Harris

    Congratulations Dedra on creating your blog! Let’s swap sometimes!

  2. DedraM

    Thanks Toni! Would love to swap.

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