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04 August 2007

Pay yourself first – Save Money

It is a fact of life that most of us having the problem of not being able to save. This problem is very common to all of us the most obvious reason is not having enough to save. However it can be overcome by adopting a simple and most effective method called “PAY YOURSELF FIRST”.

The best ways is to treat your self as a bill, similar to any other bills such as credit card bills, housing loan and many more that must be paid on a consistent basis (hopefully at the end of every month). If you put an effort to pay those bills every end of the month, then you should also put an effort to set aside money to PAY YOURSELF as well.

Put it this way. Which one is more important? Paying the Banks more important than yourself? Is the credit card company, Telecommunication Company or the shopping centre more important than your own life? You know the answer (No). YOU are more important than those companies.

Let me ask you another question. To whom do you think that money you have been working hard, day after day, belong to? Does it belong to the banks and those companies mentioned above? The answer is no, the money is belong to you. You work hard for the money and it must stay with you. In fact you deserve every single cent.

Therefore pay your self first. What I mean is pay as in to save. Hence at the end of every month, the day you get your salary, make an effort of setting aside some money as your savings. As usual the recommended amount is 10% of your net monthly salary should be put aside to saving. However, if you can save more even better. But please be realistic. You know better how much you can save. Learn to better manage your money and as your salary increase so as your saving. Keep this in mind not to tap or meddle the saving to pay for any unnecessary thing such as paying for the new hitech Dopod M500 handphone. The moment you have enough in saving invest it for better return.

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