5 Payday Habits You Must Do

So, it’s payday. Hooray! It can seem like a long time sometimes, waiting for payday. Especially if you only get paid once a month, like I do. But, when payday arrives there are certain things you must do. If you do these regularly when you get paid, then your finances will be in a better shape in no time. Payday habits can transform your finances.

Check Online Banking.

The first payday habit you should do is to check online banking. This is to check you’ve actually been paid, plus it’s the amount you were expecting! If it isn’t then this gives you time to talk to your employer. The sooner you can do this the better. But, if you have been paid as normal on payday then you’re off to a good start.

Pay off your credit card spends

The next thing you should, if possible, is to pay off any credit card spends that have accumulated in the month. For example, I use my credit card when I buy things online. It feels safer and it can be tracked more easily. When I get paid, one of my payday habits is to pay any outstanding balance on my credit card. You should do the same! And if you can’t pay it all, then try to pay the most you can, without leaving your budget short.

Related article: How To Start To Pay Off Debt

Pay yourself first

Once you’ve checked your online banking and paid off any credit card balances, then the next payday habit you should get yourself into is to pay yourself first. This is so important if you are to hit any financial goals you set for yourself. So, whether this goes to savings, investments or a retirement fund, you should do this next on payday. This can be a great way to get your emergency fund topped up, creating more dividend income or putting money away for early retirement.

Fill up with petrol/groceries

This might seem a bit more random but this is a great payday habit to get into. What better way to set yourself up for the month ahead than have a full tank of petrol and a full fridge/freezer? Do these when you get paid – as you have the money in your account – and then you can start the next month right. A strange payday habit, but it works really well. No better time to spend money on something than when you have it in your account and ready to be budgeted for! I try to do this as near to payday as I can; it’s probably the only time I ever fill the car up to be honest.

Mortgage overpayments

The final thing to do as a payday habit is to do a mortgage overpayment. Maybe you haven’t thought about this yet, but making even small overpayments each month can make a huge difference to the amount you pay in the long run. So try, if you can, to do a small overpayment. This is easy you set your mortgage up as a payee within your online banking and it will do it. If you use the same back for your current account and your mortgage provider, as we do, then this should show up instantly. If they are with different banks then it might show up a day or two later. Get into this payday habit; so much better than a takeaway each month!

Then, once you’ve done all of these and got int the payday habits so it becomes second nature, then the last thing to do here is leave it alone! Automating the process makes it even easy; so you could set up a savings transfer on your payday, for example. But once you’ve got the payday habits system up and running, it should just be left alone. It will improve your finances no end over time. Just so long as you’re not tempted to faff too often, like I do!

What other things would you suggest doing when you get paid? Leave them below!

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