Pay yourself first; Pay your bills last.

I have been in the venture of becoming rich for so long but it seems that it is not my path. I have given up so much and got back barely anything. I believe it is the self-discipline I lack with regards to spending and saving. I know the problem, just couldn't work with the solution. Now, I think I have relearned something in this discussion. Something I have forgotten for so long. Thanks to this, I might start again in hopes of a better future.

oh this sounds really wonderful. i think i would like to be able to do this too and i will keep this in mind. i will always remember to pay myself first before other things. i think what i planned or intend to do lately is to make sure that my mylot income is saved i wanted or i will make sure now that this goes to savings, big or small.. i will not withdraw them.

I should learn those golden words and learn to be financial smart first. I was too dumb for it, and I am deeply regret with all my wrong decisions for the past. Now, I should know better, and I should know how to protect my assets and money. There were too many mistakes I had made in the past, now I have learned to make it right.

I pay the bills first. I think this is a really good concept we should really pay ourself first. Thanks for the post. This is a really good discussion. :)

By any chance, is this Robert Kiyosaki philosophy? ;) I totally agree with you. Because you won't lose money if you think that you always have enough money even if you pay your bills last. :)) I pay myself first, btw. ^_^

The book that your talking about is the "Rich Dad, Poor Dad" right? This kind of thinking is done by my mother. She doesn't pay our bills first, instead she spend it for herself and for ourselves. With that book, I was enlightened. One must pay first for ourselves so that we would be motivated to work harder.

We pay our bills first. Right now we need security, and we can't really risk our home or electricity. Some money gets deducted from my husband's pay by his work - this goes into savings and into a pension. So I guess we have that, although it's never going to make us rich.

I have learned at an early age to put aside something from what I get from my allowance. Even if my salary is small, I am still able to buy things for myself because I have learned to put aside a specific amount every payday. This is similar to paying yourself first. If for example you don't have money, you can borrow from your funds or savings, thus you pay yourself also when your money comes. My hubby and I have a coin bank where we are required to put in an agreed amount everyday. There was one time that I was out of cash and needed to do some grocery shopping so I borrowed the money from this coin bank. He was laughing when he saw that the coin bank was empty, but I paid it back of course. I also don't like credit cards. Credit cards make you spend more than you can actually afford. I remember my brother was so hooked with credit cards that all of his salary would go to paying off debts and then since he has nothing left from his salary he would use the cards again. It was a vicious cycle and he was really deep in debt when he realized what was happening to his money. Now, he has control over his spending.

It's easier than it sounds because there are always emergencies that you need to take care off. I've been able to save away some money on my small income but there are times when we don't have money and I need to dip into my savings to get money for food or to pay necessary bills. By then it's harder to get back to the same point that I once was. But I keep trying to deposit money into my savings account, so in a way I do pay myself first and I hope to keep doing that and not have any other near future emergencies.

I have 5% automatically put into an account that i do not touch. It is not paying myself much, but I have done that through thick and thin (we have had a lot of thin). I had to go into that account to pay for car repairs, but at least it was there and I did not have to go into debt to get my car fixed. Now that my hubby and I are not living pay check to pay check we are putting closer to 15% to us first. (I still have that 5% going to that account, but plan on surprising my husband with a trip in the near future). We only have the "good debt" Currently it is a mortgage, where the house is more than 20% paid on (we recently got the house), so we have some equity in it.

rich is a part of successful achievements in life. The only reason why we are busy working to earn money and a living if for our children's future is the reason, so... the only way for a person to be considered successful in life is when their children are professionals and living in a good life.

Hi! I think the main point is to be able to invest and save. Budget your money well, Spend something for yourself, bills and also savings. Make a good investment. I am the type of person who pays myself last because I believe needs should be attended first. But I pay first to God. I have a certain amount that I keep for savings.

This is a sound philosophy if your not already in debt. Unfortunately this is the real world and in order for people to survive they need to pay bills. I would like to know how do you pay your self first. That makes about as much sense as saying wipe before you crap. When you pay yourself first what are you going to do with that money. Oh, right pay your bills. Most anyone that lives on a low income budget never even pay themselves period. Money comes in money goes out. In order to protect an asset you have to have an asset and another unfortunate this is most peoples assets now a day is debt.

In continuation to our previous discussion when you suggested rather advised me to save money in the form of assets i would like to say that... when i get my salary,the first thing i do is to pay for bills which include some assets in them.Like home loan.I bought a house,which is an asset as well as a debt I need to re-pay in all circumstances.AFTER fulfilling all such tasks i will be left with a few bucks,which i prefer to save for myself.But by the time the next salary date comes i am still left with nothing.Should i feel happy that i bought a house or worry for not having any money in my hands.If i follow what u suggested...i will still do the same.Becoz i have to pay them somehow...If i pay myself first,still there is every possibility for that being utilized for such purposes.i CAN'T put money in my account and leave my debts for some else to clear.And i have no source to clear them.How can i make extra money when i don't have both time and money to invest.Moreover i am working for almost a fixed pay.What do you say?

Wow this is really one of the best discussions I read here. I also agree with you. We always noticed that the poor(er) people payed our bills first. The rich ones always wait till the last moment. If this will work for everyone I doubt. Since you do need a kind of income. But true is it will make your life more enjoyable if you spend some money on yourself too. That is what a friend adviced me, you need to live too, enjoy too. I think the fact you pay your bills/debts first is also because you are raised that way. It's no good to have debts plus nobody will borrow you anymore if you don't pay off. So if you want to make this work it has to be very cleary to you which bills you really need to pay, or have to pay first. Do you intend to try this out? It's hard to say I pay myself first. If I have my income I pay on the same day rent, electricity, insurances, the other bills and also put money on the saving accounts of my kids and some on an account for myself in cases of need. What is left over is very less and we live from that and pay all the extra's from it.

This is a good philosophy...I will add pay yourself at least 10 to 20 percent...and invest it where you cannot reach it easily....but where it also earns money for you...also always re-invest the profits....and WATCH YOUR WEALTH GROW