Now I don’t know about you. But seeing as the end of the month signifies payday for a lot of people. I thought I’d share 5 payday habits to start this month. Now if you’re looking to save more money. Or just feel more in control of money, then this is the post you’ve been looking for! Payday is a great opportunity to get into great habits with money that will see you transform your finances and feel in control of your wage.
CHECK YOUR BALANCE
The first thing you should do is actually check your account to make sure you got paid. And that you were paid for the amount you were expecting. If the amount is what you expected, then great! If it isn’t, then you’ll need to speak to your employer. But after checking your balance, the next thing you’re going to want to do is to transfer any money you had remaining in your account from your last payday, into a separate savings account. Not only does it help top up a savings account without really trying. But I find if I leave money in my account, then I tend to spend it!
PAY OFF ANY DEBTS
If you’ve got into debt that month, then payday is a great place to pay off those debts. If you can afford to clear the whole debt, then do so. But if you can’t then try and pay off what you can afford for the month without leaving you short elsewhere. I tend to use my credit card for all household purchases to take advantage of the points I can earn, so the first thing I do on payday is log in to my online credit card account and clear the debt.
BUY THE ESSENTIALS
One of my favourite payday habits to start this month is to use payday to buy the essentials you need for the month. For me, this usually means filling up the car with fuel and filling up my freezer with food. It helps me to start the month off knowing I have enough petrol in the car and food to feed myself if there are some unexpected costs in the month ahead.
SAVE SOME OF IT
I don’t think I could have put together these payday habits to start today post without mentioning saving. The single best time to put money into your savings account is payday. So make a budget of how much you can afford to save and commit to putting money in there every single month.
PAY YOURSELF
The final payday habit to start this month is to get into the habit of paying yourself some fun money. Once your direct debits, debts and savings have been paid or put aside. Work out what you have left and how much of that is your fun money to spend on whatever you want. That way you won’t be tempted to overspend or spend without thinking because you’ll know exactly how much fun money you have to blow on the things that spark joy!
So these have been 5 payday habits to start this month. Let me know in the comments below what payday habits you have and whether you’ll be taking any of these on board to have better control of your finances.