Paying yourself is the foundation for financial success. Your ability to save determines whether you would eventually be classified as rich or poor. Many benefits accrue to individuals and families who keep apart some fraction of their earnings. In the first place, you will be mentally establishing savings as a priority. By doing this, you mean you are more important than all other activities or institutions crying for your attention. In the long run, these principles empower you the more. Secondly, this principle encourages sound financial habits. It helps you build a cash buffer with real-world applications. For instance, you can purchase a house of your own or save for retirement. The freedom that comes from following this principle opens a world of opportunity to you.

You can’t help others If you can’t pay yourself. Let’s assume you keep paying at your own expense, you will be making yourself a slave to others thereby remaining weak. When you pay yourself, it shows that you are making an act of responsibility. It is when you are powerful and healthy from within that you can project something valuable to the outside world because you cannot give what you don’t have. It is worthy of note that we should not get greedy or accustomed to a lifestyle that we don’t really require. For example, having luxuries that are of no benefit besides mental satisfaction of their possession. Therefore, to rise above struggling financially, we need to avoid the bad methods of those who have collapsed financially.



How do you pay yourself first?

An individual can pay him/herself first by engaging in various activities such as:

  1. Enrolling in a retirement plan as early as possible. This is much more encouraged for individuals working in companies.
  2. Starting a savings account with interest. Saving does not require a large amount of money initially. You can start by saving 1% of your income or profit. This will seem painless. From there, you can move to 3% or 5%.
  3. In very remote situations business person can also devise a plan of setting aside some amount of money from their profit for safe keeping in the bank.

Attitudes that help paying yourself first

The following attitudes will make it easy for you to nurture the habit of saving:

    1. Develop self-control and desist from quick self-gratification. Buy Only what you need,. There is no sense in purchasing the hottest gadgets or the trendiest products unless it is necessary. A cursory look or flash back will reveal to us that most of the items we collected over the years only end up being junks in our wardrobes, boxes, or houses. The question we should ask ourselves when buying any item or gadgets is “Do I REALLY need this?”



  1. Track your budget expenses. Allocate the amount you will spend each month and stay in that boundary. Note that you must not exceed the amount you receive as monthly payment salary or profit from business.
  2. Learn to spend money when you have it. Do not borrow to spend on non-essentials. It could lead to indebtedness.
  3. Be patient with what you intend to purchase. Small sacrifices lead to great satisfaction. For example, you may decide to go on a public bus rather than own a car for now and then buy later when you condition improves.
  4. Demonstrate sound financial principles and be open to lots of discussions and explanations as it regards your financial decisions.
  5. Do not dispose what you have unless it has been well used. Remember “Use it up, wear it out”
  6. Always keep records and budgets. Keeping records, having a plan and being honest with one’s self won’t get one into financial troubles.
  7. Don’t take up financial obligations you can’t keep.
  8. Don’t agree to pay a stranger’s debt and do not stand in for people’s credit. For example if somebody is indebted to another person and is being dragged to court of law or humiliated, your pitying the person should not lead you to commitments that will hamper your freedom or progress.
  9. Always seek God before venturing into any business or endeavour and don’t allow anybody to hurry you into a deal. Don’t sign a deal until you check it thoroughly; it keeps you from mistakes.
  10. It is important for you to keep out of debts. Debts will make you lose a portion of your freedom.
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