PAY YOURSELF FIRST!

7 09 2011

HI    When I was growing up – and here I go again – my Dad got paid in cash as almost everyone did.  There were no checks as such.  And certainly no checking accounts.  No one had even heard of such a thing.   Not even the banks.

Anyway, when Daddy got paid, he and my mother got all dressed up and went to town.  Daddy always said that was what he worked for – that paycheck – and it was his to do with as he pleased.  I think most people still feel that way.  But doing as you please usually involves a whole bunch of priorities.  But Daddy also always said, he paid himself first because he was the one who had worked for that money.  And that makes a lot of sense to me.  If you pay yourself first, then you at least get to accumulate a little bit of cash to call your own.

Daddy also said he had to pay the house payment the very first bill.  He said you always have to have a place to live.  Without that, you have nothing.  So he made a stop downtown and paid the house payment at the loan company.  Then he and mother drove over to the electric company and paid that bill.  Then it was down the street to the gas company.  After that one was paid, he then made other stops to catch up on all the bills they owed.

After they were through paying the monthly bills, they came home and changed their clothes back into their everyday things.  Then, they went through the cash to see how much they had left.  It was usually a fair amount.  But then mother had to have her allowance which was her grocery money.  And she had to have money in the house in case anyone needed to be paid during the month such as the newspaper boy and the milkman.  So she had a small stack of bills that were hers to do with as she pleased also.  She always had a pretty good grocery allowance and that allowed her to put those good meals on the table.  She was very stingy with that money and made it go just as far as it could possibly go.  For instance when margarine came out in the package, she insisted on scraping every bit of that margarine off the paper and using it.  And I agree with her.  I have done the same thing many a time in my life.

Of course she also had to pay the cleaning bill when she picked up the clothes from the cleaners.  And she paid for the gasoline for the car.  There was always someone or something that needed to be paid.  But first and foremost, Daddy paid himself.  This allowed them to accumulate enough money so that disasters did not happen at our house.  If someone got sick, there was enough money to pay the bill.  Might be tight for awhile, but it was possible.  And if there were any other unexpected expenses that popped up, it was not the end of their world.

Pay yourself first.  Always. No matter if it just $10 or even $5.  Put that money in an account somewhere and pay yourself first.  Then don’t touch it again unless it is really needed.  Not just for fun things.  But for real emergencies.  This is how you gradually accumulate enough money so that you, too, will not be faced with disasters in your life.  When you have accumulated as much as $100 or even $1,000.  you will feel much better about your life.  Give  it a try.

Pay yourself first!

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One response

10 09 2011
life is a bowl of kibble

Very good advise. I have one more. Never use your credit card unless what you buy is going to make you money. Your dad was a smart man. Thanks for the reminder.

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