💰 Pay Yourself First: How Women Can Prioritize Financial Self-Care 💪🌟Oct 02, 2023
Let's be honest, as women, we tend to put others first. We prioritize our partners, our kids, our parents, and even our pets over ourselves. But it's time to turn that selflessness on its head and start putting ourselves first, starting with our finances. And the best place to start is by paying yourself first.
So, what does it mean to pay yourself first? Simply put, it means making your financial well-being a top priority by setting aside money for yourself before you pay your bills or spend money on anything else. By doing this, you're ensuring that you have money saved for your future, and that you're taking care of your financial needs before anyone else's.
Why is this so important for women in particular? Well, for starters, women tend to earn less than men, and we also tend to have longer life expectancies. This means that we need to save more for retirement and other expenses, and we need to start earlier. But that's not all. Women also tend to take more career breaks to raise children or care for elderly family members, which can have a negative impact on their retirement savings and future earning potential. By paying yourself first, women can overcome these challenges and take control of their financial futures.
So, how do you get started with paying yourself first? Here are some practical steps to get you started:
- Figure out how much you can afford to save each month. Start by creating a budget and determining how much money you have left over after paying your bills and living expenses.
- Set up an automatic savings plan. This means setting up a direct deposit from your paycheck into a separate savings account, so you're not tempted to spend the money before it gets there.
- Make saving a non-negotiable expense. Treat your savings as an essential expense, just like your rent or utilities. This will help you prioritize your savings and ensure that you're always putting yourself first.
- Start small and increase your savings over time. You don't have to save a lot at first, just start with what you can afford. And as your income increases, consider increasing your savings as well.
- Diversify your savings. While it's important to have an emergency fund, you should also consider saving for other financial goals, such as retirement, a down payment on a house, or a child's education.
By paying yourself first, you're taking the first step towards financial independence and ensuring that you have the resources you need to live the life you want. And who knows, you may even inspire other women to do the same!
So, let's sum up. Paying yourself first means making your financial well-being a top priority by setting aside money for yourself before paying your bills or spending money on anything else. It's especially important for women, who tend to earn less, live longer, and take more career breaks, to pay themselves first. And the best way to get started is by following these practical steps: creating a budget, setting up an automatic savings plan, making saving a non-negotiable expense, starting small, and diversifying your savings.
So, ladies, it's time to put yourself first and start paying yourself. Your future self will thank you!
Elisha Lowe is a business strategist, entrepreneur, and advocate for empowered living. With over two decades of experience in healthcare and financial markets, she brings a unique perspective to personal and financial growth. As the founder of Me Priori, Elisha helps individuals reclaim their time, finances, and purpose through Crown Resonance. Her journey from corporate life to financial independence and entrepreneurship inspires many to embrace change, make confident choices, and live life on their own terms.
Disclaimer: Me Priori is not a financial advisor and the information provided on our site or around our programs Free Time Investor and Stock Market Landlord is for informational purposes only. We encourage all users to seek professional financial advice before making any investment decisions. Our goal is to empower financially independent women to confidently invest in the stock market so they can secure their financial freedom for the long-term.
Financial Freedom Starts Here
It's NEVER too late to secure your financial freedom.
You may be further along than you think.
Discover how to work less and earn more