Saving principle pay yourself First
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Saving Principle: Pay Yourself First

 By Darren Barr-Engstrom

Let’s talk about what to do with the money you’re not spending now that you’re cutting expenses as we’ve outlined above. This is where the principle of pay yourself first comes in.  If you want to save money and you wait until the end of the month when all the bills are paid, and everyone else is paid, inevitably there’s probably nothing left over.  With the principle of pay yourself first you take a set amount each month, or from each paycheck, and put it into savings or investments.  It doesn’t have to be a large amount.  If you save $25 each week, then you will be saving over a $1000 each year!  To make this effective, you need to either have the money automatically taken out of your account so you never see it (if you have direct deposit, you can arrange for a deposit directly into your savings), or you can cash your check and then immediately set aside money in your savings or for investment.  Then you make do with the rest which shouldn’t be a stretch because we’ve cut back on expenses. 

We just went through quite a process and I’d invite you to talk with me more about how to tackle your finances at hand in hopes of achieving your vision for the present and future. This article outlines just a few of the principles that I cover in my 6 week course on personal finances titled “Personal Finances: If it’s so easy, how come nobody ever taught me?” Please click here for a list of other topics covered in the course as well as the group coaching structure.

What’s one thing about your personal finances that you now know you need to take care of or learn more about?  I encourage you to take that step this week.  By taking hold of your finances, you send an affirming message to yourself (and those around you) that you can handle the money you have and are ready for more money!

Darren Barr-Engstrom founder of Coach My Life is a certified life coach who helps his clients to maximize their income and quality of life.  


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