This is the final series of a three part discuss on How To Make Money Work For You And Not You Working For Money centered on the theme Pay Yourself Self. You can find part one here and part two here to keep you abreast.
WHY YOU SHOULD PAY YOURSELF FIRST
We are in difficult moments of our economy. So many people are going through hardships feeding from hand to mouth and what so many people would say is that, it is only one who has eaten to satisfaction can think or talk about savings. But it is said that we become adults at our worst times and trust me, this is even the time we need to flex our savings muscles the more because tougher days maybe ahead of us. No one envisaged difficult moments as this and no one knows what tomorrow holds for us, therefore, we need to make the very best of today to have a better tomorrow.
PERTINENT REASONS TO ENSURE OUR SAVINGS ARE AS FOLLOWS;
1. FOR RAINY DAYS : Saving for rainy days is to ensure you have something to fall back on when you are left high and dry financially. I had just finished organizing an event Rhoda's Motivational Talk Show that consumed lots of funds. Though I got some sponsors and support fir the event but personally, I had exhausted my finance. But after the event, what came through for me was the money I had saved through PYF International to help me bounce back and to begin executing other projects at hand.Saving for rainy days is very essential for your financial prosperity.
2. TO ACHIEVE SET GOALS : PYF helps you achieve set goals through your savings. There is no dream, goal, vision or purpose that is without financial implications. Paying yourself first, gives you an edge over financial difficulties in achieving your set goals. Your goals could either be short term or long term goals, either one is achievable through PYF International.
You are only able to execute projects with money at hand and that is made possible with money you have saved over time. It is commonly said that your wealth is not determined by how much you spend but how much you keep or save. It is specifically on how much of your income you have been able to save and accumulate over time.
3. RE-INVEST YOUR SAVINGS : 'The second story told about The Richest Man In Babylon' we saw Arkad being told by Algamish, the money lender to always ensure he re-invests part of his savings. Just as you ensure a certain amount or percentage is kept for your savings from your earnings, you are also to ensure that part of your savings is re-invested. This way you ensure constant cash-flow of your finances. And this was what Algamish meant, when he said to Arkad to ensure the children of his savings bring in more money for him.
For me, this is the most important aspect of PYF, making sure your money brings in more money for you. Learn and look for ways to invest and reinvest your savings. Don't spend all your savings because you feel you have arrived at a certain financial destination. Grow your money by re-investing your savings so the children, grandchildren, great grandchildren of your savings continue to bring in more money for you.
HOW TO STAY MOTIVATED IN PAYING YOURSELF FIRST
Paying Yourself First won't always come off easy. It does not just require discipline and determination to do so but a motivation to do so as well. But what could serve as a motivation for you to always Pay Yourself First?
Below are some ways to to help you stay motivated in paying yourself first always
1. HAVE A GOAL IN MIND : One major way to stay motivated in Paying Yourself First is having a goal in view. Attach a goal(s) to every saving you make. Don't just save to gather money without a tangible reason or goal attached to your savings.
Your goal could be owning your dream house, dream car, to pursue a career or attain a certain educational status. Whatever your goal, fixing your eyes on the price will keep you motivated in Paying Yourself First. Without a goal in view, you will end up wasting whatever little money you have been able to save.
2. CHALLENGE YOURSELF : Challenging yourself to keep up with Paying Yourself First will always keep you motivated in ensuring your savings. Ways to challenge yourself is deciding to save a particular amount from your earnings daily, weekly or monthly. You can decide to cut down on your expenses to meet up with your savings. You can also challenge yourself by deciding no to spend on a particular day but to save. If for instance, you are the type that eats out, you can decide to cut down on how much you eat out and put part of the money into savings.
3. SAVE WITH A FRIEND : To ensure your savings, you can decide to save with a friend to reach a financial goal. Having a disciplined friend in savings can keep you motivated in ensuring your savings.
4. BE INSPIRED BY OTHERS : Let the stories of people on savings such as the stories told above serve as inspiration and motivation for you to begin your savings journey or for you to keep saving.
5. CELEBRATE YOUR LITTLE WINS : It is not easy to always Pay Yourself First especially in this harsh economy with so many needs and wants staring us in the face every day. Also, seeing our contemporaries living the good life like they have it all can also be tempting and challenging to not want to save but being disciplined enough to delay every gratification to reach a mile stone financially no matter how little is worth celebrating however you deem fit such as spoiling yourself a little by eating or making a nice meal, getting a cloth, shoe or jewelries you have longed for or simply by telling others how you reached a mile stone with your savings. But in celebrating, ensure not spend all your savings but re-invest part of your savings so it generates more money for you.
Kim Kiyosaki, one of the business men talked about in the story in part one who is also the author of 'Rich Dad Poor Dad' talked about his experience of having two dads in his life and the privilege of analyzing the mentalities of this two dads paraphrasing his words he said that when both dads are somewhat in financial difficulties, the poor dad will say "I can not afford this." while the rich dad will ask "How can I afford this." So which would you rather choose when in difficulties financially?
Quote for the day - "When faced with financial difficulties, do not say I can not afford this but ask how can I afford this? - Rhoda Amapakabo
0 Comments