Payday has rolled around again and you’re ready to hit order on that big ASOS basket you’ve had sat around (and it’s definitely O.K. to treat yourself sometimes) but there are far more beneficial things you could and should be doing with your finances. Here are 5 things you need to do straight after payday to get the most from your money.
Have all your bills and direct debits going out
I’ve spoken before about why it’s super important for your finances to have all your bills going out at the same time just after payday but this should be your number one priority. Having all your bills go out at the same time and just after payday means all the big and important stuff is out of the way and whatever is left is yours for the month. This can be tricky to do if you’re self-employed with different jobs getting paid on different days but for most people it’s fairly simple to do. If you don’t currently have all of your bills going out at the same time then now is the perfect time to change that.
Put some money aside for a rainy day
Once all the big bills are out of the way (and another reason why you should get them all paid at the same time) you can see what’s left and put some money in your rainy day fund. It doesn’t matter how much you can afford to save all that matters is that you are actually saving. Having a savings pot is super important because you never know what unexpected costs might occur from things like appliances breaking or vet bills. Without a savings pot to cover these unexpected costs when they occur your finances could end up looking less than healthy.
Savings pots of also good for if you’re saving for bigger things like a house, a car or even a dream holiday. Putting money aside for things you want stops the monotonous cycle of going to work and paying bills on repeat.
Check how your finances held up last month
Assessing your accounts over the last month will help you to understand what worked and what didn’t. Each month will look different and that’s completely normal because some months you’ll be spending more than others which is perfectly O.K. as long as you have the money there to spend. Understanding your outgoings will help you cut back and live on a tighter budget if necessary or make you realise just how much you spend on meal deals and coffees which could be the nudge you need to change a few spending habits!
Treat yourself
If you have some money to spare once you’ve paid your bills and set aside some savings, it’s a good idea to treat yourself. I’m not talking about blowing all your money every month of huge clothing orders or luxury beauty products but getting yourself something you want each month will not only ease the feeling of working, paying bills and saving but it’ll stop that feeling building up which is more likely to result in a massive blow (which by the way is completely fine occasionally, we all do it and a spending spree can be great, just not every month and certainly not at the expense of paying bills).
Set goals for the next month
This is where checking the previous months finances comes in handy. Maybe you want to pay off a credit card or a holiday or reduce your food shopping bill. Set yourself some realistic goals to get your bank account looking healthier. There are actually lots of simple ways you can save money every day without even realising it so changing a few things up can make the world of difference. At the end of the month you’ll be able to start all over again checking off your goals and seeing how your finances held up. If you get into this routine you should start to see changes pretty quickly.
So there you have it, 5 things you should do straight after payday. It’s a pretty easy routine to follow and they’re great financial habits to have. You should start to notice a difference both in your bank account and your spending habits within a couple of months.
What do you do straight after payday? Tell me in the comments.
Pin this:
We also treat ourselves on payday but we plan what we’re buying a few days earlier. This gives us a rough idea of how much it’s going to set us back and saves us from spontaneous shopping sprees which have cost us in the past. 😂
And yes, all bills/payments/rent need to be paid in the first 7 days after payday which helps us budget too! They used to be all over the place which was an absolute nightmare.
Hayley | happilyeverhomebody.com
That’s a great idea! It definitely helps to get all your bills properly organised x
Great tips! Recently I’ve been using a prepaid debit card to manage my expenses. So I transfer X amount onto the card at the beginning of each week, and that’s much budget for the week! Makes me much more likely to stick to it this way
That’s a really good idea.
I usually have so much trouble with managing my money as I am on a part-time job and sometimes don’t have enough to actually treat myself but I am trying to get better at it. Great post! x
Thanks. It can be hard sometimes and we all definitely go through patches where treating ourselves isn’t an option. I’m sure you’ll get better at it though! x
Am bad at managing my finances. Thats a useful one. Thanks.
I’m glad you found it helpful.
Great practical advice Laureny. Setting goals for the next month is always important but often forgotten. And of course treating yourself is equally important!
Thank you. Treating yourself is important and having financial goals definitely makes that easier.
Yes definitely, that’s a great tip and something I always try and do too! x
I’m glad you’ve found it helpful!
Thanks for sharing 🙂 I think setting up some goals will help certainly in getting used to spending less 🙂
Nic | Nic’s Adventures & Bakes
It really does, once you see what you want to achieve it’s easier to work towards that goal.
This was very helpful thanks! I think I will start a rainy day fund
Thank you! It’s a great idea.
I find the most frustrating thing is when you have a direct debit that won’t come out on payday. I just find it so hard to leave the money there for the time when it needs to come out out. Great post with some great tips!
Ashleigh | http://www.loveashleigh.com
Thank you! Oh it definitely is.
I agree with the idea of picking something up as a little treat each month. It doesn’t have to be any big, but something that makes you smile. Even just spending a morning at my fav local cafe with a cup of specialty coffee can give me that boost that I crave. While it’s important to save, we also need to find ways to enjoy our lives!
Exactly, it doesn’t have to be a big treat! It sounds like you’ve got it all figured out!
Really good, easy strategy to keep money/finances organized. Also really helpful replies – can really use some of these especially with my teens! We always have a jar labeled for our next trip & everyone puts their coins in it for a special splurge on vacation- amazing how much $ is in our jar!
That’s such a great idea!
These are obvious tips that really need to be practiced more! Sometimes we forego these things!
Jil | https://www.letsjiloutdoor.com/
We’re all guilty of not doing them all the time but I think once you get into the habit it becomes easier.
These are some fab tips – I always used to really struggle to save money as I’d go on a bit of a payday spree back in the day but I’ve since learned from my mistakes! The best thing I’ve done is set up a standing order every payday so that a portion of my wages goes straight into savings and another goes towards my credit card payment. That way I don’t miss it and then I can easily budget for the rest of the month. Thanks for sharing 🙂 x
That’s a really great idea. I think a lot of us are guilty or overspending sometimes.
What a great post. So practical and implementable.
Thanks!
This is excellent advice!
Thank you!
Such good tips! I have a post similar to this and I completely agree about paying bills as soon as you can, as well as putting a chunk in savings. I’ve been able to save a lot of money this way!
Thanks! I think moving it out of the way straight away is the best way then you’re not tempted to spend it!
Thanks for the awesome tips! Setting goals is definitely the best way to ensure I get things done. Although I do get a bit overboard treating myself.
We all do it sometimes! Just try and cut back if you feel like you need to save some more.
I definitely need to do this! My payday is coming up and I’m going to take your advice!
Brilliant! I hope you see a difference!
Great post! These are very helpful tips thank you!
Thanks! I’m glad you found it helpful.
This is great advice! I always try to move money to my savings just after pay day 🙂
Thanks! It really is the best way to make sure you’re saving some money!
I totally agree with you. Paying for the important things id a huge relief.
Thanks for reading!
Exactly! As long as you’re making an effort to put some savings aside, the amount doesn’t really matter!
It really is. If you withhold treats from yourself, you’re more likely to blow all your money in one go!
Thank you! I glad you found it helpful.
Definitely! Thank you.
Yeah I get that, my fiance is the same! It sounds like you’re on top of things though!
That’s amazing!
I love trying to be organised and start budgeting, makes me feel like a real adult haha!
Haha, it all helps to get you into good habits though.