Payday doesn’t always have to mean a treat. While it can be tempting to temporarily boost your dopamine levels with a quick fix, planning for the long run when it comes to spending is sure to be far more rewarding. Creating a routine for your payday will help get the bills paid on time and save even more money in your pocket.
What You Need To Do To Establish A Payday Routine
First of all, transfer any funds that you have leftover from the previous payday to your savings account. Moving the balance will allow you to spend less money than you might consider as ‘extra’ and save for a long-term goal. For best results, complete this step the night before payday. Transferring the balance will also reduce your ability to ‘splurge’ the leftover money before your next salary.
Secondly, pay as many of your bills as you are financially able to do, rather than wait till the ‘due date’. Once money comes into your account, you may have already marked a lot of bills and payments that need payment. Instead of holding off on those due payments, you should pay them off immediately, as this will give you a clearer indication of how much money you have to spend until next payday.
Finally, creating a to-do list for the day of your pay is an effective method to visualise and plan out your expenses. By outlining your small and large expenses that need payment before your next day, you will have a much clearer idea of what is coming up. They will also help identify unnecessary expenses or spend extra money where it should be.
By following these simple steps, you should be able to practice a payday routine that suits your needs and assists your saving goals.
Feel free to contact us if to discuss your savings options further.
