How Do I Start Paying Myself First?

When looking at a monthly budget for you, your family, or your goals, there are different layers of budgeting that are taken into consideration. Let’s say you have your car payment, house payment, internet bill, phone bill, and insurance payments. You also have different payments that you are wanting to make into some accounts to start saving for a larger life moment or item. 

When it comes to finding what financial freedom looks like for you, you can start to become your top priority financially. 

Why Should You Start Saving? 

The motivation and reason to start saving is different for everyone. Money is a part of life that can be so unique for so many people, leaving so much room for any saving opportunity. 

Maybe you are paying off student loans, wanting to start saving for your children's college fund, or have your eye on something that you have wanted for a long time. All of these are common reasons to start saving, and are completely different parts of life. Because of this, a financial advisor from AO Wealth can assist you in reaching your savings goals, no matter what they look like.

AO Wealth Advisory Team

Paying Yourself First

Now comes the interesting part. From the list of financial responsibilities we mentioned earlier with the bills and the savings goals, comes a flip. Most of the time it seems logical to take care of the responsibilities that are right in front of you. These things include payments on the internet, phone, house, etc. However, when budgeting what if you put paying your family first.  

By paying yourself (as in your savings and investment accounts) first, you are one step closer to reaching your financial goals and making sure they are at the top of your list. This practice also promotes a mindset of saving even more, as you still need enough to put into those initial bills after. 

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How to Keep Yourself Accountable 

The best way to stick with a budget on a consistent basis is to find one that works with you and your life. Every lifestyle, routine, and person is different, meaning that budgeting can and never will be cut and dry for success in everyone. However, this does mean that there are no wrong ways to save. As long as your plan is working for you and you are seeing the results you are looking for is what is important. 

With AO Wealth, we want to make sure you have someone who can help you help yourself to stay accountable and consistent. Our online portal allows you to see your goal in progress and where your finances are in your personal stage. Money and spending can sometimes feel like it's hard to visualize and manage, so this is a great tool to let you remember your goals, where you started, and where you are headed. 

So what does this all mean? AO Wealth wants you to feel like you are important in your financial journey. To us, your goal is achievable as long as you want it. There are never any judgments and we encourage you to make an appointment at any time whenever you need help on the way to your goals. 

Advisory services offered through A.O. Wealth Advisory, LLC, a registered investment adviser.