It's Salary Week – Will You Pay Yourself First?
Salary week is just around the corner, and we’ve all heard the advice: “Pay yourself first.” It’s a common statement among salary earners, but how many of us really stick to this game plan?
Let me tell you My Money Story.
As a professional living in Lagos, like many of us, I always look forward to salary week. The moment my paycheck hits his account, it’s a race against time—rent, utilities, groceries, and other expenses quickly deplete his funds. By the time I finish paying bills, there’s little left to save, let alone invest.
I always tell myself, “Next month, I’ll start saving first.” But when next month comes, the same cycle repeats itself. My intentions are good, but without a solid plan, he finds it hard to break free from the paycheck-to-paycheck lifestyle.
Why Paying Yourself First Matters
In a previous article, we discussed why the traditional 50/30/20 budgeting rule might need a makeover, especially in today’s economic realities. With rising inflation and the increasing cost of living, allocating 20% of your income to savings and investments may not be enough.
But here’s the good news: You can still take control by prioritizing your financial future—starting with paying yourself first.
Paying yourself first isn’t just about saving money; it’s about prioritizing your future. It’s the difference between being in control of your finances and letting your finances control you.
When you pay yourself first, you’re:
Building a Safety Net: Life is unpredictable. An emergency fund can protect you from unexpected expenses and reduce financial stress.
Investing in Your Future: The money you save and invest today can grow over time, helping you achieve long-term goals like buying a home, starting a business, or retiring comfortably.
Achieving Financial Independence: By consistently saving and investing, you’re creating a path toward financial independence, where your money works for you instead of the other way around.
For me, I use Zedcrest Wealth to save and invest money! Ready to break the cycle and start paying yourself first?
Sign up with my link to begin your journey towards financial freedom – https://bit.ly/3MhqtXq
How to Get Started with Zedcrest Wealth
Here’s how Zedcrest Wealth can help:
Save Smartly: Zedcrest Wealth’s Save product offers secure and flexible savings options. Set a goal, automate your savings, and watch your money grow.
Invest Wisely: Whether it’s treasury bills, mutual funds, or foreign currency-denominated investments, Zedcrest Wealth provides a range of investment options tailored to your financial goals.
Diversify for Stability: Explore investments that protect your wealth against inflation and currency fluctuations. With Zedcrest Wealth, you can access diversified portfolios designed to meet your risk tolerance and financial aspirations.
The Time to Start is Now
Next week, when your salary arrives, don’t let it slip through your fingers. Be like me—take charge of your financial future by paying yourself first. Set aside a portion of your income for savings and investments before anything else. It’s a simple habit, but it can lead to extraordinary results.
You can adopt any of the revised budgeting rules in my last article that suits you, but the principle of paying yourself first remains as critical as ever. It’s not just about budgeting—it's about securing your future.
This salary week, make a commitment to yourself—pay yourself first, and watch your wealth grow. Let’s build wealth, together.
Start your journey to financial freedom today—download the Zedcrest Wealth app, (here - https://bit.ly/3MhqtXq) and begin taking control of your finances with confidence.
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