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The Concept of Pay Yourself First

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If you read a lot of investing books or blogs sometimes you may hear the concept of “Pay Yourself First.” I am not sure who coined the term, but as I read the book “The Richest Man in Babylon” I kept hearing the phrase “Pay yourself first.”

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Every Month is the Same

Lined Circle

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Let’s make this a bit simpler. Every month we are often bombarded with bills, expenditures, wants, needs, and self-indulgences. Things cost money, oftentimes we just spend and spend repeating a cycle of massive consumerism.

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At the end of the month, you check your balance sheet, and you find that you just do not have much money at all. This happens every single month. Maybe you will have less than 5% of your take home pay left, and you wonder, “what did I spend all of my money on?” At the end of the month, you are stuck in the same financial situation you were in before.

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Pay Yourself First

When It comes to paying yourself first, you need to set aside the amount of money you want to save then put it away and not touch it. This is quite easy to do.

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Automate your Savings

In  “The Automatic Millionaire,” David Bach, talks about how people can grow their wealth through automation. We are so programmed to spend that we often forget to save. If you can set-up automations with your bank account you can then set it up to invest for you.

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