Introduction
Why do some people always seem to have money while others are always broke? The answer is simple: wealthy people pay themselves first.
Sadly, most Nigerians do the opposite. They pay landlords, markets, fuel stations, and transport first—then end up with nothing for themselves.
In this post, you’ll learn how to pay yourself first, why it’s the golden rule of wealth, and how you can apply it no matter your income level.
What Does It Mean to Pay Yourself First?
It means saving or investing a portion of your income before spending on anything else.
Before you pay rent, pay NEPA, or go out for drinks—pay yourself by securing your future.
Why Paying Yourself First Works
✅ Builds financial security
✅ Creates capital for investment opportunities
✅ Encourages discipline and budgeting
✅ Builds confidence as your savings grow
Common Nigerian Excuses That Keep People Broke
- “My salary is too small to save.”
- “After bills, there’s nothing left.”
- “When I start earning more, I’ll start saving.”
Truth: If you can’t save ₦5000 from ₦50,000, you won’t save ₦50,000 from ₦500,000. Savings is a habit, not an amount.
How to Pay Yourself First Even on a Small Income
| Step | How To Do It |
|---|---|
| 1 | Decide on a percentage (10-20%) to save or invest first. |
| 2 | Automate savings immediately after salary hits. |
| 3 | Use a separate savings account, no ATM card attached. |
| 4 | Start with any amount, but be consistent. |
| 5 | Increase savings percentage as your income grows. |
Real Example: Yemi’s Success
Yemi was a nurse earning ₦70,000 monthly. She began saving 15% automatically to an investment account. Within three years, she started a home care agency, and now earns over ₦400,000 monthly. Her journey started with paying herself first.
Mistakes Nigerians Make
- Saving last, after spending—resulting in zero savings.
- Mixing savings with daily spending money.
- Withdrawing savings unnecessarily.
Benefits of Paying Yourself First
✅ Peace of mind
✅ Emergency funds
✅ Capital for business
✅ Confidence to take financial risks
Conclusion
Your future self will thank you for paying yourself first. Start today—even if it’s small. Over time, the habit builds unshakable financial strength.
Your Quick Challenge
👉 How much will you pay yourself first from your next income?