Ever heard of the pay yourself budgeting method?

[eLdavis]

I recently came across a budgeting method called the pay yourself, this method works by you deciding how much you think its okay to pay yourself whenever any money comes in each month. From what you pay yourself with you can save from there and also sort out any debt on ground. The remaining money left can be used to do whatever you want.

 

[Passionate-writer]

I recently came across a budgeting method called the pay yourself, this method works by you deciding how much you think its okay to pay yourself whenever any money comes in each month. From what you pay yourself with you can save from there and also sort out any debt on ground. The remaining money left can be used to do whatever you want.

This sounds like a great idea to me. I think that the "pay yourself" is a kind of reward program which allows you to reward yourself when you reach a specific goal. I am not using this method in order to save money. As of now, I am opting for a different kind of money saving strategy. I spend money when it is really necessary to do so. This allows me to save more money.

 

[klassicdoll]

Although I've never heard of it, it sounds intriguing. It's a great strategy and a totally unique way to take control of your finances.

 

[Passionate-writer]

Although I've never heard of it, it sounds intriguing. It's a great strategy and a totally unique way to take control of your finances.

Well, the main problem here is the fact that you already know that the money you are trying to save is basically your own, so such kind of technique may not work for people who may have a weak willpower. They will end up spending more money eventually, no matter how much they "pay" themselves. People need to work on their willpower if they actually want to save money.

 

[magnus2022]

I have heard of this budgeting but i don't find it interesting. I think such budgeting strategy will lead to wasteful spending. The money belongs to me and by doing all my budgeting am solving my personal problems. The ideology behind it is wrong though that's my personal opinion.

 

[Suba]

There are many methods for preparing a budget, one of which is the pay yourself budgeting method. To apply this method, you should not have debt, either short-term debt or long-term debt. Pay yourself budgeting aims for long-term investment where you prioritize savings and investments by deducting a certain amount (in percentage, for example 20%) at the beginning of your income.

 

[Passionate-writer]

There are many methods for preparing a budget, one of which is the pay yourself budgeting method. To apply this method, you should not have debt, either short-term debt or long-term debt. Pay yourself budgeting aims for long-term investment where you prioritize savings and investments by deducting a certain amount (in percentage, for example 20%) at the beginning of your income.

I think that this is much more about rewarding yourself. When you pay yourself, you may feel getting rewarded. You can end up spending that money as much as you can and this may be a really good think. This is why many people may pay themselves. This strategy could work for many people.

 

[Augusta]

Yes,I do this a lot. it is always good to include in your budget your own personal payment. Set aside money to give yourself to help you stay motivated

 

[Fidelia]

The pay yourself budgeting method is always really hammered for entrepreneurs. Some would make sales and put all the revenue back into the business. As an entrepreneur, you need to pay yourself so that you can also survive.

 

[arunima25]

This sounds like a good way. It feels like a reward for yourself for reaching your goal. You will feel motivated and encouraged to reach your goals in order to get rewarded. And also, one would be encouraged and motivated to keep saving more. I think that it is a smart move. I have never planned my budget using this method.

 

[Niyi Br]

Paying yourself is an important aspect for people that run businessss. It provides motivation to keep pushing for the business.

 

[Springtime]

I have not heard of this budgeting method. This may work for some people. But I prefer the traditional budgeting method.

 

[Stardom22]

For me l have never thought about paying myself nor do l include money that caters for me being paid by myself for sure. When l meet my personal needs and left with something small to save l am really good to go

 

[Starmix]

It is what I am always doing every payday to pay myself first. I treat myself to a nice resto. I only failed to do it during the pandemic.

 

[Stardom22]

For me l have never done that for myself. However that can be very interesting for that matter. I would like to give a trial for that matter.

 

[Augusta]

Yes it is the best to deposit a portion of each paycheck directly into your savings. The remainder is then spent on your expenses.

 

[Stardom22]

I think when one pay for themselves on the Business activities they engage on they bring that sense of motivation and self confidence. That could help in the self development

 

[freelancermaria]

I think the "pay yourself first" method focuses on saving money. You should prioritize saving before spending on other things. This strategy seems beneficial, in my opinion.

 

[Augusta]

This is a good way of budgeting because your savings goals are prioritized instead of your expenses. You save effortlessly