What does Pay Yourself First mean to you? – By Lillian James
This summer I will be starting my first job. I’ve spent a lot of time thinking about how I am going to handle my money. While having the opportunity to get paid and having financial freedom seems fun, I understand how it can be easy to spend money as soon as you get it. That’s why the phrase “pay yourself first” stands out to me. Even before earning my first paycheck, I realize how important it is to save first and spend second.
To me, “pay yourself first” means making my future a priority. As I am graduating this spring, I have realized how I need to save for college, housing, and overall funds. Instead of waiting to see what I have at the end of the month, I need to put a portion of my earnings aside right away, before I have the chance to spend it. This is a habit that builds discipline and ensures I’m working towards long-term stability.
I have had conversations with family and teachers about how to have financial stability, and the most common response is to save constantly. One of my goals this summer is to make sure I have saved most of my money to pay off my college funds. I will split most of it off into savings to use only when it is needed. Starting this habit now will ensure that I will save up enough to cover my expenses as a student.
The idea of “paying yourself first” will stick with me as it teaches discipline. With the first paycheck it might be easy to spend it as soon as I get it. But, reminding myself of this phrase will allow me to focus on my future funds. By choosing to pay myself first I am telling myself that my future goals matter more than my part time wants. It may not always be easy but it will be an important step to build a strong financial foundation from the beginning.
Additionally, this phrase has had me think about future goals. Each time I save, I am getting one step closer to something that matters to me. Even if it is just a small amount each week, overtime it will add up. Saving up for college and other future funds will start small but as the years go on I hope to have enough saved to be financially successful.
There is also peace of mind that comes with having savings. Life is unpredictable and unexpected expenses come up. If I have paid myself first, I will be better prepared to handle those challenges without stress. Having savings that will continue to grow and only be used in emergencies will be a great safety net if something were to come up. That kind of financial safety I can give myself as I start my first job and remember to pay myself first.
“Pay yourself first” has taught me that financial success doesn’t happen overnight. Saving even a little from each paycheck is a powerful and effective way to take control of my finances and get closer to achieving financial goals. This summer as I begin my new job I will remember to pay myself first and save up to reach financial stability.
