Why You Should Pay Yourself First

[moonchild]

We read in a lot of savings literature that paying yourself first is very important, you might wonder why it is important to pay yourself.

By paying yourself first you are making a commitment to long-term financial commitment, the money you paid yourself will help you when an emergency expense comes up.

Automatic savings is advised when it comes to paying yourself, because you won't have access to the money talk less of spending it.

When you set a goal of buying something important or paying fees, paying yourself helps you in fulfilling this type of goals.

If you feel like you are paying too much, you can cut it off by a percentage, this helps in easing the burden of saving.

Emergency expenses can come up anytime and if you don't have the personal savings you will be stranded, which can cause damage in health in time, paying yourself first will make sure you never fall into these type of problems.

Also you should not think about the short term when savings personally, because your mind can rationalize a lot of things that you can do with the money you saved already, have a long term goal in view like financial independence are starting a business.

 

[Etini Willie]

It is important to pay yourself as a business person. Don't just work and work and possibly pay others without paying yourself. That is what business people do. They work themselves to the ground and are just focused on growing the business. It is important to pay yourself a salary as an entrepreneur

When I started out in business, I would spend sleepless nights, taking care of the birds, and doing the litter, and after everything, I would plow everything back into the business. As wise a decision as that was, I never realized that I was hurting the business because when needs arose, I went to touch the capital of the business.

If I had been laying myself no matter how little, I could have had savings that I could draw from to solve my personal problems. As an entrepreneur, learn to lay yourself a salary off the profits of your business.

 

[Augusta]

it is always good to pay yourself well and first in the scheme of things. Remember that the money was made by you and if you don't pay yourself who will so when once you get your income the first thing you will do is to get some money out of it and pay yourself so that you can achieve your personal goals with the money

When it comes to finances it has different areas that it needs to accomplish so before you do all of that you should first give yourself some money and now use for however you deem fit.