5 Ways to Pay Yourself First
It is safe to say that at some point we have all considered how we can save money and how we can have more to spend.
I’ve been looking at how I can give myself a raise by not only increasing revenue but shifting how I live. Another of my priorities has been to pay myself first!
The first time I heard this term it was from my dad and I used to think it meant making sure I did something good for me with my money. So that would look like treating myself to a nice meal, some books, splurging on new clothes.
That’s not what it means I discovered.
Here are five ways that you can pay yourself first in your business.
- Learn Something New – None of us know everything there is to know about a subject or even ourselves. Take the time to refresh your skills or learn something new. Find out what is trending in your sector and where you need to be. Get the skills which can help you improve your ability to serve your clients and also to increase revenue.
- Invest in the Stock Market – I am now learning about investing in stocks and other products. The key takeaway I’ve gotten so far is invest in the businesses which you use most often. Whether it is fast food like KFC and McDonalds, your favorite beer find out how you can invest in them. So Netflix, Facebook, Apple here I come. They are all listed on the Stock Exchange and rather than just spending money to use their service, become one of the people who also profit when they do.
- Prioritize What Gives You Joy – Paying yourself first as a writer means making your work the priority. For me, the first work I produce each day is on my personal writing projects. Right now I am working on the third novel in the Return to Love series so that is when I do it. First three or four hours in the morning are dedicated to that and I have made this time sacred. It sets my day right as I feel more accomplished and it makes me less resentful of turning my pursuits to other things.
Maybe you love to garden, paint or design. Do that first then go about your day and fit other people and other activities around the thing that gives you the most joy. You will be rewarded for it.
- Exercise – We know the science behind why exercise is good for us but it often isn’t enough to get us moving. I know it isn’t for me. But when I exercise and I feel my body pumping with endorphins, I’m in a much better mood, I have more energy and I am also more motivated to pay more attention to what goes into my mouth. Feeling good increases my confidence and I am more courageous about doing work that inspires and sharing it with others. More visibility and being in better shape means more potential clients I am able to reach. I am a work in progress but the benefits outweigh the sacrifice.
- Take a Salary – I had to have a come to Jesus moment with myself and my business. I did not know if Goldenmedia could actually afford to hire me. I was one of the women I write about in Love’s Sweet Joy. I didn’t take a clear salary and took money from the business to do my personal work. Was I better off going to work for someone else and hiring other people to do client work? I needed to know. Separating myself from my business meant I could make plans and budget and spend person funds and not worry that I was robbing my company. It also helped me to become more clear about what I wanted to achieve personally and professionally. Even if your company cannot pay you a full salary, include yourself in the planning and prices that you set for customers. You should be paying income taxes and social security, depending on the requirements of the country you live in. At the very least, insure that you are allocating funds for the future when you are no longer able to work due to illness or retirement.