Why pay yourself first?

So last time we talked about paying yourself first. Did you come up with a list of reasons to save money and become richer? Here are some of mine:

• Spend more time with family
• To chose to work (instead of having to)
• To be able to visit favorite places more often
• To be able to give more away (to churches, charities, schools, etc.)
• To be free to spend more time learning.

Whatever you listed - and some of your list may be the same as mine, or may be very different - it’s likely that your list centers on the idea of freedom (to do something, be something, or NOT to have to do other things).

Now we have reasons to pay ourselves first, how do we achieve this? If you’re anything like me, most of your paycheck is gone by the time the next one comes along - and often it’s all gone.

Well, actually having the motivation to do so is a good starting point and is what the list is for. Next is the discipline to keep some of your money whenever you get it. That’s what the plan is for - if you’ve followed along so far, you already know:

How much (10% or one tenth of your income)

What for (the reasons listed above)

Next comes the ‘how’ part. How do you know how much is 10% and how do you keep it? Well, that will be the next discussion topic.