THE HABIT OF PAYING YOURSELF FIRST

 By Matata Mercy

How do you feel financially when the month comes to an end? You are excited because you are going to receive some paychecks into your pockets and hands. 

But as soon as the paychecks land into your bank account and your pockets, you realize that you have not met your side of the bargain of paying up your living expenses these are the water bills, electricity bills, rent and many other things that need money. 

The desire to pay up these bills or not is what separates the wealthy people from those who continue to sruggle financially. 

Recently i read a book called The Richest Man in Babylon which was written by a man called George Classon and i came across the concept called paying yourself first.  

This concept involves putting aside a certain amount of money from your paycheck first into a separate savings account before you start paying up your bills and spend money on your desires. 

It is advisable that you put aside at least 10 percent of your monthly income into a separate account and then you can live on the 90 percent of the monthly income left for you to be able to pay up your bills and buy the things that you desire. 

You should never touch the 10 percent amount of money that you have saved in separate account for any reason. 

Even if you are going through very many financial difficulties, do not dare touch that money but instead figure out ways of generating more money so that you can be able to solve those financial difficulties. 

For most people out there, the moment they receive their paychecks, the first things that they do is to start by giving their money away to the landlord for rent, give their money away to the water guys and the electricity guys and also go shopping for new clothes, shoes buy new television and pay up for cable television. 

By the time they think of keeping aside some money, they are left with almost thing to save. After you have been accustomed to living on 90 percent of your income you can then increase your monthly savings by 15 percent or 20 percent and more. 

Your monthly savings will keep growing as you commit to the habit of paying yourself first and before you know it you will be nearer to achieving financial freedom. 

From there, you can then invest in things that you do understand and know so that you are in position to lose your money and instead you will be earning more money.  

How are you planning to achieve financial freedom? Share your thoughts here.