SAVING is the percentage of your income or money you set aside for future purpose in place of squandering it.
Saving has a vital role to play if you want to be financially secure but people find it hard to set money aside monthly. You can be a good saver by reducing your expenses and setting a plan in place to save for the future.
PAYING YOURSELF FIRST is a way to save money and it’s still the best way to save money. Setting a certain percentage of your earning aside which can be between 10-30 percent or even more depending on how you control your expenses. you’re saving for yourself and your future goals before spending the rest on expenses. Doing this seems tough but it’s easy when you put your mind to it. Only when your mind is focused on a particular goal and you take the necessary action that’s when you can achieve it. Anybody can pay his or herself a certain percentage of a his or her earning if the person is unyielding and ready to leave the rat race. When you pay yourself by saving a certain percentage which grows over time, it gives you a level of confidence that you have something to fall back on and you are taking a step of stepping out of the constraint of paycheck to paycheck.
The only way to grow your wealth is to make saving and spending less your habit and that’s one of the key points that distinguish between the poor and the rich. When you save, what’s the aim of your saving and paying yourself for? Is to buy assets or liability? Is it to plan for project, invest? Is it to plan for retirement? “Are you planning on saving for Impulsive buying that don’t add value to you? Your saving is what you do to achieve certain goals in your life and if it’s not achieving the sets goals it’s no more saving but sowing and not reaping. It’s like planting a seed that dies with time because it’s not been watered. When its watered it achieve its aim by growing.
When you live a life style of debt you are living from paycheck to paycheck with no documentation of where your money goes. When your money is not well managed its fades away or either develop wings and vanishes to who knows how to manage it and you have yourself to answer for it as time passes.
It can be very tempting to purchase something impulsively you want today rather than saving up for it and paying cash for it later. Delaying an impulse buying also helps you decide whether it is something you really need, or a waste of money. Denying yourself of those things to plan, live an organized and financially free life pays a lot later in the future.
Money used to purchase to any asset where there is an element of great investment will make you happy and fulfilled with time. Most times, the investment can be risky or even cause losses but when it bounces back most times the return on investment is huge and it pays off. Shift your thinking from living paycheck to paycheck to start saving and planning your finance to achieve financial freedom and plan with the saving to make it an ASSET and thank yourself later for a life of financial fulfillment and freedom.
Learning how to work with the money you earn is so important, it’s kinda funny how they don’t teach us about money management in school
The school never does that. You have to go out there and acquire financial knowledge
Couldn’t agree more!
I am finally understanding the need to pay myself first. I just started earning a steady income and it was all spent before I knew it. Setting an expenses limit has changed that. I even have enough to contribute monthly to investment.
That’s a nice step. Keep that up.
This is so true! There are too many people who just waste their money… we have to be more self aware if we want stability. Thanks for sharing ❤
Being financially aware can lead to the financial freedom you seek.
Good post on saving money
I like this way of thinking.
Thanks a lot.
Thanks, since becoming a mother suddenly there was an need to save. I am lesrning everyday to dpend what i have instead og running to credit cards
That good. It’s living below your means to cut expenses. You can ouy
** you can check out the post @LIVING BELOW YOUR MEANS.
I read an excellent book, “The Millionaire Next Door,” that I highly recommend. The time-tested technique of paying yourself first is an important idea. So is understanding what is driving our consumption in the first place: need or want? For me, identifying what constitutes “enough” makes a big difference in the financial choices I make. Thanks for the post!
You are absolutely right. To be free from the rat race, the first step is paying yourself. Thanks.
Awesome I write about the same topic and can’t read enough about it! Great post!
Thanks. Hope to read your post too.
Ok, now this is a simple and straightforward article that is packed with good ingredients. Thanks for sharing your experience and knowledge, I really find this piece resourceful!
Thanks. I really appreciate
Great post on saving money and paying yourself first. Being frugal sometimes is really helpful, but being selfish is different. I mentioned this because I myselff, sometimes envy those people who are really thrifty and very frugal. I tend to spend whatever I have, either by giving, sharing and buying stuff that I dont really need. I have overcome that issue in my life now. I am more aware on how I spend and learned to pay myself first. Thanks for sharing!
Am really happy for you that could different between being frugal and being selfish and went on to become financially aware of where you are at that point in your life and made an effective change. That’s great.
I definitely need to learn to save more, thanks for this
I knew this, but reading it put so clearly is helpful to reset my mind-set and get to saving! Thanks!
That’s good to know.
I feel like the post is actually talking to me specifically. I started saving few bucks since July, thank God i made the decision then, now i have a huge opportunity in front of me that requires alot of money
That’s a nice start. With time, make the money an ASSET that grows your finance.
This is really very great article and I really appreciate your thoughts of expression. Yeah what you said here is right
It is hard to save money, i mean, these days there are so many distradtions in shops that you must have..But i’ll try to start saving..i’ll
Please you really need to start . In a couple of years, you will feel bad not doing that.
Lord I definitely need to save
You really need to.
Being financially aware can lead to the financial freedom you seek
Financial awareness opens you up to your financial state and you know where to start from.
Great post, i found myself in this.
Great tips on saving money.This is much-needed information.
Thanks. Saving information to take steps on.
I totally agree. I am trying to save a ton of money from my paycheque so that I can invest and grow my money passively.
It’s very vital. That’s when the money is an ASSET.
Great insights! when a family starts growing it gets a little more difficult! nonetheless, saving is a MUST!
Thanks. Saving is a must.!
Wow. Very interesting. I have to learn to pay myself.
Paying yourself first is the first step to financial freedom.
It really is important to save. Thank you for pointing out the pros and cons!
Its really invaluable to save and plan ahead.
Money is a very useful tool to get our necessities. We must have enough money to prepare for the worst possibilities in the future.
Manage the money well and plan ahead.
Thank you for sharing! I understand the need to pay yourself first but sometimes I need the money I payed myself with to pay bills! I am wondering if I should just stop touching this money
Stop touching it, reduce what you pay yourself a little and introduce a level of discipline and change your habit. With time, you will adapt to your new habit and it will yield result.
Also read other post on my blog like LIVE BELOW YOUR MEANS(1) and (2) know what is eating deep into your finance and know how to cut your excesses
Yep Is quite good to save for feature expense, experience taught that lesson and i won’t neglect it
You speak from experience and that’s good. You can now grow your finance and thank yourself later for that.
Thanks for the great info! Saving is so important is I don’t think enough people know how do it in a way that works for the long term. Thanks again for the great read!
Yep. It takes commitment and discipline to do it for the long term and achieve personal goals.
Thanks for sharing this! It’s so tempting to splurge when pay day rolls around, but controlling our spending turns into an investment for our future!
You are absolutely right when you control your spending you can control the future.
thank you for sharing
You are welcome.
I defitnely follow the pay yourself first rule. If I can pay all my bills on time, I can pay myself too!
That’s good because when you pay yourself first and pay the bills you begin to leave the rat race in steps
Hay Rawlings, you have nicely put before the world the need of saving. Your article made me realize that today’s saving is tomorrow’s investment. You have taken great efforts to put things together. Thanks for sharing.
Thanks for this great support. I really appreciate it.
Great post! Thank you for sharing it with us!
Thanks too for reading
Hello Rawlings. this is such a great post. if everyone is to read this, then our future is guaranteed to be bright. excellent job
Thanks a lot. That’s totally undeniable.
yeah right. Totally undeniable
Great! It seems you read the book “The Richest Man in Babylon” by George Clason who simply said “The secret to personal financial success is believing and practising this axiom: Part of all you earn is yours to keep. Learn to live on less than you make and save the balance for yourself.” This is such a helpful and practical book, everyone should read. And you should mention about it too. All the best!
Thanks. Nice one here … To become financial freedom one must pay his/herself.
I save but have a plan to save more and get more ambitious with me retirement investment program.
That is absolutely great. When you save you secure yourself financially. Thanks