Conquer Your Finances with the 2nd Financial Commandment: Save First, Pay Later!

Hello, beautiful and hardworking moms out there!

Do you know just how powerful you are? Yes, you! The one who wakes up early to prepare breakfast, the one who manages the household, the one who balances work and family with grace and strength. You have the power to shape not just your day, but your future, especially when it comes to your finances.

Remember the first financial commandment we shared in our last newsletter? It was about creating a budget and sticking with it. You've been harnessing your discipline and determination to manage your income and expenses wisely. You're showing your money where to go instead of wondering where it went. And for that, we applaud you!

But as we journey together in this financial pilgrimage, it's time to introduce the second commandment: Save First, Pay Later. It may sound counter-intuitive, but trust us, this principle can be a game-changer in your path towards financial freedom. So, brace yourself, keep an open mind, and prepare to embrace another empowering shift in your financial journey. Because remember, you are capable, you are powerful, and you can conquer your finances!

Save First, Pay Later

Paying yourself first is more than just a financial strategy—it’s a philosophy that honors your worth and hard work.

Just as you nourish your body with food before starting a day full of tasks, paying yourself first nourishes your financial health before attending to other financial obligations.

Under this principle, you are prioritizing your financial goals, whether it be saving for retirement, building an emergency fund, or saving up for your child's education. It's about recognizing that your future needs are just as important, if not more so, than your present ones.

Now, how does this tie in with our 2nd commandment, Save First, Pay Later?

It's simple. When we say "Save First," we mean "Pay Yourself First."

Before you pay your bills, before you buy groceries, before you do anything else, set aside a portion of your income for savings.

This aligns perfectly with the principle of paying yourself first because it makes saving a priority rather than something that happens with the leftovers—if there are any.

By adopting this approach, you're not just managing your money better, but you're also cultivating a mindset of abundance and future-forward thinking. You're ensuring that every paycheck builds your wealth and brings you one step closer to your financial goals. Remember, you are deserving of this investment in yourself and your future. You are worthy of financial stability and freedom.

So Where Do You Keep Your Savings?

High yield savings accounts are a great way to grow your savings faster, thanks to the power of compound interest. And when the process is gamified, it can make saving money feel less like a chore and more like a rewarding challenge.

For our moms in the Philippines, a Maya account could be an excellent choice for your savings. With their high monthly interest rates and engaging approach to savings, you're not just storing your money - you're growing it.

Remember, where you keep your savings matters. It's not just about setting money aside; it's about putting your money to work for you. By choosing a high yield savings account like Maya, you're taking another powerful step towards financial freedom.

So, why wait? Start exploring your options and take the next step on your financial journey today. Because every step forward is a step towards creating a financially stable future for you and your family. You've got this, mom!

Understanding It’s Not About the Amount

Let's take a moment to banish any worries or doubts that might be creeping in. You might be thinking, "I can't afford to save 10% of my income right now." And that's okay! The amount you start with isn't what's most important. What truly matters is taking that first step and starting the habit.

Think of it not as a mountain to conquer all at once, but as a journey taken one step at a time. If you can't start with 10%, start with what you can.

It's still you claiming a piece of your hard-earned money for you and your family's future.

Here are some practical ways to start small:

1. Round-Up Savings: Many banks offer a service where they round up your purchases to the nearest dollar and save the difference. It's a painless way to start saving without even noticing it.

2. Automatic Transfers: Set up an automatic transfer from your checking account to your savings account for a small amount each week. Even $5 a week adds up to $260 over a year!

3. Save Your Change: At the end of each day, empty your pockets or purse of loose change and put it in a jar. You'd be surprised how quickly it adds up!

4. The $1 a Day Challenge: Try saving just $1 a day. At the end of the year, you'll have saved $365!

Remember, the journey of a thousand miles begins with a single step. It's not about the size of the step, but the decision to take it. You are powerful, you are capable, and you can create a brighter financial future for yourself and your family!

How to Save First, Pay Later

Let's dive into how you can start putting the commandment, Save First, Pay Later, into practice. Remember, every step you take is a powerful affirmation of your financial future.

1. Decide on Your Savings Percentage: Determine what percentage of your income you can comfortably save. Remember, it’s okay to start small!

2. Set Up Automatic Transfers: Arrange for this percentage to be automatically transferred from your checking account to your savings account each time you get paid. This way, the saving happens before you even see the money.

3. Adjust Your Budget: Adjust your budget to reflect your new savings habit. This might mean reducing non-essential spending or finding ways to increase your income.

4. Review and Adjust Periodically: Review your savings plan regularly and adjust your savings percentage as your circumstances change. As your income grows, aim to increase your savings percentage.

5. Stay Committed: Stay committed to your savings plan, even when times are tough. Remember, you're investing in your future.

Now, let's look at some real-life examples of people who have successfully adopted the Save First, Pay Later commandment:

• Example 1: Sarah, a single mom of two, began saving just 1% of her income. Over time, she increased this to 10%. Despite earning a modest income, she now has a solid emergency fund and is well on her way to saving for a down payment on a home.

• Example 2: Mark and Lisa, a couple with four children, were living paycheck to paycheck. They decided to pay themselves first by saving 5% of their income. They cut back on eating out and started planning meals to make this happen. After a year, they had saved enough to take their family on a well-deserved vacation.

Remember, these individuals started exactly where you are now. With determination and commitment, you too can conquer your finances and create a secure future for your family. You are stronger than you think, and every step you take brings you closer to your goals. Keep going, because you are worth it!

Overcoming Challenges When It Comes to Saving

Let's face it, any worthwhile journey comes with its fair share of obstacles. The journey towards financial freedom is no different. But remember, you are a mom - you're built to overcome challenges!

Challenge: Not Enough Income to Save 

It can be tough to save when you feel like there isn't enough income to begin with. But remember, it's not about the amount, but the habit. Start small - even a few dollars saved is a win. Look for ways to cut back on non-essential expenses or seek opportunities to earn extra income. If you don’t know where to start on how you can earn extra income, consider joining Side Hustles Pro for moms where we give you a step by step tutorial on how to start a specific Side Hustle every single week.

Challenge: Unexpected Expenses 

Life is full of surprises and not all of them are pleasant. An unexpected car repair or medical bill can disrupt your savings plan. But don't let this discourage you. That's why we're building an emergency fund. Keep saving, and with time, these unexpected expenses will become less of a burden.

Challenge: Lack of Support 

Sometimes, the people around us may not understand or support our financial goals. It's important to stay firm in your commitment and find support where you can. Join a community of like-minded individuals, read financial literacy blogs, or seek guidance from a financial advisor.

At Preggy to Mommy, we have an amazing community of working moms and stay-at-home moms who are all committed to living a life of financial security and freedom. You are more than welcome to join this loving and supportive community.

Now, take a deep breath. You might encounter these challenges, or you might face others. But remember, you are a force to be reckoned with. You have already overcome so much, and this is just another hurdle you WILL conquer.

Your persistence and determination are shaping a better future for your family. Every dollar you save is a step closer to financial freedom, a testament to your strength and resilience.

Hold onto your dreams, hold onto your goals, and keep moving forward. You are doing this, one day at a time, one dollar at a time. And every step you take is a victory. Stay strong, stay focused, and keep believing in your power to shape your financial future because you, dear mom, are unstoppable!

In Summary

Let's take a moment to reflect on what we've explored today. We delved into the empowering principle of the 2nd Financial Commandment: Save First, Pay Later. It's about honoring your hard work by prioritizing your own financial future before anything else. We've learned that it's not about how much you save, but creating the habit of saving that truly matters.

We've also discussed practical ways to start small and gradually increase your savings. We've addressed potential challenges and reassured you that with persistence, patience, and determination, these can be overcome.

Now, it's time to put this knowledge into action. It's time to take that first step or continue the journey you've already started. Remember, every penny saved is an investment in your future and a testament to your power.

You are a mom - a superhero in disguise. You have the strength and resilience to conquer any challenge that comes your way, including conquering your finances. Every step you take towards financial freedom is a step towards a secure, prosperous future for you and your family.

And just like a marathon, it's not about being the fastest, it's about crossing the finish line. So lace up your shoes, set your sights on the horizon, and keep moving forward. You've got this!

Stay tuned for our next newsletter where we'll unveil the 3rd Financial Commandment. Together, we will continue to conquer our finances, one commandment at a time. Because you, dear mom, are unstoppable!