Sunday, June 16, 2024

Pay Yourself First

Pay Yourself First

By Craig Kirkland, EVP/Director of Retail Banking, Nevada State Bank

Craig Kirkland, EVP/Director of Retail Banking, Nevada State Bank

We all use acronyms in our everyday vernacular to help us simplify and understand complex phrases and terms. But in 2020, one acronym took over our lives in the most difficult and devastating ways — COVID. The unforeseen circumstances of last year showed us that we need to prepare for all of life’s uncertainties.

There is one acronym that can help you stay prepared for those unexpected moments in life. It’s PYF: Pay Yourself First. It means finding ways to set aside money for yourself whenever and wherever you can. The reality of saving is that it looks different for everyone, but it’s important to start somewhere and PYF can remind you to do just that.

You can start by creating an intentional habit and routine of paying yourself. Start by taking a look at your expenses and categorizing the “must haves” and “nice to haves.” With the help of online budgeting tools, you can then evaluate where to spend less in favor of giving yourself more. Many have received some sort of government assistance over the course of the pandemic. Whether this was in the form of a stimulus check, small business loan or additional unemployment benefits, the windfall needs to be put somewhere. If the money is not needed for life necessities, make the conscious decision to deposit it into a savings account.

If there’s one thing this past year has taught us, it’s to put yourself first. Whether it’s going for a walk, writing in a journal, connecting with an old friend, or even volunteering with a non-profit, self-care is essential to our happiness. But taking care of your finances is also key to finding peace of mind in your life, and along with taking other important self-care measures, be sure to look after your financial health. Take advantage of your circumstances and make sure to Pay Yourself First

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