Time is Money: Pay Yourself First!

Pay Yourself First

If you’ve ever heard someone talk about finances, chances are you’ve heard the phrase “Pay Yourself First”.┬áIt’s a common, and good, phrase to think about when it comes to budgeting. There’s plenty of sites out there that go in-depth about what it means, “reverse budgeting“, pros, and cons of this method. Personally, I find this method helps immensely when it comes to my own financial budgets.

Can We Do More?

Today I want to take this phrase a step further. Paying yourself first when it comes to finances is a huge win, but can we do more? Say you work full-time for a company, it doesn’t have to be big or small, but it’s somewhere you spend 40+ hours a week. You get up every day, make breakfast (for yourself, your spouse, or kids), then head to the office, restaurant, shop, insert your job here, you get the idea. From there you work your 8+ hours a day, then you come home. Our “extra” time is then spent after we’ve already “paid” our employer time first. The time you could have to yourself, to do whatever you wanted, is put after your work time.

Time IS Money

This is where paying yourself first comes in. Pay yourself first, not only with money but also with your TIME! This can look very different for different people.

pay yourself first

Maybe you love spending your time reading a good book, listening to your favorite podcast, or simply going for a walk outside. On the flip side, maybe you want to start your own business. The time and energy you could be putting into this are being spent on your “job” before it can be spent on the things you want to do.

Challenge

Challenge yourself, even if it’s only one day a week, to spend time on something you want to do, pay yourself first.

What are some strategies you’ve come up with to implement this? Leave your stories in the comments.

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