I know we have all heard this thousands of times, and if you’re like me the common response is how? That use to be my response. However I have learned that there is always somewhere to cut back, and if you get paid by direct deposit then it’s even easier to start this process. Start small, figure out the least amount you can put to the side automatically and still get by. I would say a good starting point could be 10%. Have that automatically go to a savings account that you absolutely refuse to touch. Start an initial goal to make that account hit $1000 and then buy something small to celebrate. Cut out things like cable in exchange for Netflix or some free streaming apps like Pluto, Zion Tv and etc. Checkout any discounted internet services in your area. Also shop off season for clothes and buy one size up for kids so they have room to grow into them when that season comes. Grocery shop with coupons and with the sales. Take the money you save from cutting back and put 10% towards your savings goal and the other towards a bill you want to pay off, continuing doing this anytime you get extra funds. You will slowly notice your savings growing and your debt decreasing.
I’m one of those people that I always pay my bills first and than get my daughter everything she needs than if I have any extra money I will buy a little something for me all while still saving money.
Awesome I have to try this
I started paying myself first by setting up a separate bank account (savings only) and having the money automatically withdrawn 3 - 4 times a month. This makes it easier and I am not thinking about it.
I’m one of those people that I always pay my bills first and than get my daughter everything she needs than if I have any extra money I will buy a little something for me all while still saving money.
Sounds just about right always the bills the kids and and then something for myself
I love saving money, it gives me a sense of security as a woman and a mother of four. Being able to supply their needs without any stress is a blessing.
By making sacrifices now and paying yourself first, you set yourself up for the future and have an opportunity to be an example for your children. I learned a lot of my money management habits from my parents.
I start by paying bills first, then afterwards, I get what my kids need and always put my needs last on the list.
That's how I learned how to budget.
My Budget formula: Tithing+Giving+Saving+Spending. Consider I have four jars, every time there is an income I fill the jars in order above.
I started doing this recently after opening an online savings account. I have money automatically transfer to the account 1 weeks. So far so good. I just need to set a goal for myself.
Yes, always pay yourself first and make yourself a budget list to help you with reaching your savings goal.
I have a portion of my payroll check deposit into my savings account.
For the first time in my life, I actually paid myself first this month. Which was good then things took a turn. My spending exploded and before you know it, I’d purchased all of these Wants, paid utilities, but forgotten to pay for childcare. I don’t want to dip into my savings to cover me for the rest of the month. One step forward and two steps back.
For the first time in my life, I actually paid myself first this month. Which was good then things took a turn. My spending exploded and before you know it, I’d purchased all of these Wants, paid utilities, but forgotten to pay for childcare. I don’t want to dip into my savings to cover me for the rest of the month. One step forward and two steps back.
That's unfortunate, but it's good that you've recognized the issues (spending on wants and forgetting about a need). Learn from this and avoid these mistakes next month. You can do it!
This Is one of the most up hight accounts I had in a while and its great . Saving is turning into a habit!
It's a nice enough saying, but if there's not enough money for everything, you'll end up shorting someone no matter who you pay first. I'm at a point of thinking maybe I should "pay myself" less, because only having money for needs and savings, especially when the cost of your needs increases but your bucket of money does not, is horribly stressful.
Obviously, you've got to cover your needs, but I think the idea of paying yourself first is a way to prioritize where you make those cuts and avoid lifestyle inflation. By committing to paying yourself first, maybe you reassess what constitutes a need versus a want for you. Maybe within those needs, you find less expensive options to fulfill them.
I would have to agree with Aaron G. With paying ones self first, it should make you assess your needs against your wants. And, if your wants out weighs your needs; then you need to rethink your spending habits. With anything changing ones mindset starts with the individual.
I need to spend more on needs not wants
I haven't been able to get the "automatic savings" thing to work. I itch to have that money in my savings account and always end up transferring the money myself. It feels good to move those dollars, so I have just started to do a transfer to savings every pay day. It's gotten to be a reward in and of itself. Paying myself first feels GOOD!
