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Struggling to Save? Pay Yourself First!

Jul 25, 2017
 

 

 

We all have great intentions. We get paid at the beginning of the month. We spend money throughout the month and we hope that at the end of the month there’ll be some money left over and, if all goes to plan, you’ll save whatever is left into a separate savings account so you can build a nice little nest egg for your future. That’s great in theory, but I’m going to ask you one important question - how often are you able to do that? How often do you get to the end of the month and there is actually money left over? I’m sure for most of us, the reality is that there is a little bit too much month rather than money and that’s where the problem comes.

So I want you today to make one fundamental change to your saving habits. I want you to start paying yourself first. Yes, I want you to think in advance about how much money you believe you can set aside each month for your financial future and I want you to set up a standing order and transfer that amount into your savings account as soon as you get paid. That way you’re paying yourself first. Then, as the month goes on, whilst you might have to make some little adjustments to what you’re actually spending, what will happen is that by the end of the month, by hook or by crook, you will have managed to live within your means but more importantly you will have also have managed to set some money aside for your future. This is a really simple yet incredibly concept that works every time.

Once you’ve done that, there’s just one other promise I want you to make to yourself. That is, once you put your money into you savings account, whatever you do, don’t keep dipping into it. That’s the second thing that many people do which is why their savings don’t build up as quickly as they should. You need to get into the mentality of thinking that once a pound goes in, it doesn’t come out. If you can do those two things, you will start to make a very big difference to your financial future.

 

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