“Pay Yourself First” by Joan Y. Edwards
It’s a good plan to pay yourself first. In other words when you get paid, put 20% of it in savings. Say for example, you save $20.00 every time you get paid. Put it in an account that pays you the highest amount of interest available. If you don’t take any out, you’ll have a right sizable amount of money.
Once a month
One year $240.00
Twenty years $4,800.00
Fifty years $12,000.00
Twice a month
One year $480.00
Twenty years $9,600.00
Fifty years $24,000.00
Four times a month
One year $960.00
Twenty years $19,200.00
Fifty years $48,000.00
I wish I could tell you that I’d been doing this since I was 20 years old and that I got paid every week and put $20.00 into savings and that I now have $48,000.00 in savings now. I don’t. However, I do have money in savings. So that’s good.
Don’t spend time cutting yourself down because you haven’t done it before now. Be thankful for being where you are. Anyone else who is in your shoes, would do the same thing. Just make plans on what you’d like to do. My advice is to make sure you’ve paid your monthly bills off first. Pay off your just debts first. Take a step of action in that direction. Keep thinking positive thoughts about all that money going into savings. Step by step. You’ll get there. Believe in you!
The figures above do not include any interest. The interest will add to your abundant supply.
Earlier in my life, I put money into savings one week, and the next week, I took it out of savings and spent it on what came up as a necessity. I had good intentions, but my mind wasn’t set right. I didn’t think I could make it without that $20.00. I wasn’t thinking in abundance. After I got my credit card accounts all paid off, I tried it again. It still didn’t work for me.
I was sad that I didn’t have enough. I didn’t focus on being thankful for what I had. I focused on what I didn’t have. Focus on being thankful for what you have. Be excited, happy, and thankful that you are going to have an abundance of all that you need. Imagine the sights, sounds, and touches of all this abundance. Say over and over again to yourself, “I am excited, happy, and grateful that I have an abundance of money to furnish all my needs and wants.”
Looking back, I can see that my overall goal and expectation was that I was making just enough to pay my bills. Now that was a good step. But not the step of thinking in abundance.
Below are possible steps that you and I have been in or are in presently. Each step takes you up a level in abundance.
- I never have enough money to pay my bills.
- I don’t have enough money to pay my bills.
- I have almost enough money to pay my bills.
- I have enough money to pay my bills.
- I have enough money to pay my bills and $20.00 over to leave in savings.
- I have enough money to pay my bills and put $20.00 in savings and $20.00 for a rainy day account.
- I have enough money to pay my bills and put $20.00 in savings, $20.00 in a rainy day account, and $20.00 to pay extra on the principal of our mortgage.
- I have an abundance of money to pay my bills, give to charity, go on vacation, etc.
You get the idea. The thing is you have to believe it in your mind before you can see it in your life. Many times we tend to blame our circumstances. What’s in your mind comes before the circumstances you experience. The mind precedes circumstances. What you focus on in your mind and believe in your mind, tends to come true. Ready or not. It comes. Your brain wants you to be correct. It’s like a computer that searches for the information and experiences you believe in, that you are seeking.
When I was caring for my Mother, Ethel D. Meyer, before she died in 2009, I set goals. I said that I wanted to have enough money in her account that if I had to put her in a nursing home, I’d be able to make the first month’s payment. I visualized it. I didn’t have to use it. We didn’t have to put her in a nursing home, however the money was there in her account. The exact amount I had figured in my mind was right there in her account.
If you’re good with exact figures of what you need, think of the amount in the exact figures. Say to yourself, “In December 2012, I have more than enough money to pay all my bills and more than $4,000 in savings.” Change the numbers to coincide with your beliefs and goals.
If you get one car paid off, put the money you used to spend for payments in a savings account. You’ll have a good amount saved up to purchase your next car. If your payments were $310.90 a month, in one year you’d have $3,730.80 as a down payment.
I had heard this many years ago. A few months ago, I heard Bob Proctor tell about the advantages of paying yourself first. It reminded me of what I had heard many moons ago. I thought I’d write a blog about it. Here’s a link to a video by Bob Proctor telling you good reasons why and how to “Pay Yourself First:”
I pray that you have an abundance of money to furnish all your needs and the things you want, too. Be thankful for what you have now.
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Joan Y. Edwards
Copyright © 2012 Joan Y. Edwards