Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Best saving strategy to learn- “pay yourself first”

Chacha Wabara by Chacha Wabara
October 13, 2017
in Business News
Best saving strategy to learn- “pay yourself first”
Share on FacebookShare on TwitterShare on Linkedin

Saving is one of the most challenging ordeals for youths today. They can’t be blamed either given all the bills that need to be paid and all the miscellaneous expenses that need to be run as well. A lot of people when they get paid go straight into the motion of paying bills and having fun and at the end of the day have little to nothing left to save. It doesn’t make it any better that most of them are already up to their necks in debts before payday arrives.

How do we beat this challenge? The answer is simple enough but hard to carry out. It requires a lot of courage, discipline and determination. This is one of the oldest rules for saving but has proven to be difficult. Let’s find out what we can about it.

Pay yourself first

This system is mostly for small business owners but can also be applied to salary owners. It means exactly what the name implies that you pay yourself before making any other expenses. It really is hard to do but with determination you’ll be fine.

RelatedPosts

Nigeria’s leading health tech innovators and their founders 

If you experience these signs then know your salary is not enough

 

How much you should pay yourself?

First things first; you need to determine how much you should set aside for savings, in order words, how much you should pay yourself. This amount should be reasonable enough that you still have enough left to run your daily life and be able to meet with your savings expectations or goals within a set time (monthly, yearly or however).

News continues after this ad


Consistency is the key to this game.

You can’t save this month and next month decide to do something else with that money. Like I already pointed out, it’s definitely going to be difficult but you need to apply discipline. Make your wants less and prioritize your needs. Consistently pay yourself thee stipulated amount without missing a beat.

Don’t lower your standards for any reason

Instead of reducing the amount you save over time, increase it. Don’t lower your standards for any reason. Keep in mind what your goals are and you’ll be encouraged and motivated to do more. Also learn to take records from time to time. Look back at what you’ve been able to save so far and give yourself a pat on the back.

The bottom line is to ensure that you don’t spend first then save what’s left over. Rather save first then spend what’s left.

News continues after this ad


Related

Tags: Listicles

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • 24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community
    • Seplat debunks alleged impropriety in securing ministerial consent to acquire Mobil Nigeria
    • Oando Holds Successful 43rd AGM: All Resolutions Passed

    Follow us on social media:

    Recent News

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    24 Hours Power Supply: Ikeja Electric Sign Tripartite Agreement with Enaro Energy and Ayobo Community

    August 10, 2022
    Seplat Energy Chief Executive Officer, Seplat Energy Plc, Roger Brown

    Seplat debunks alleged impropriety in securing ministerial consent to acquire Mobil Nigeria

    August 10, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com