Our Payday Routine To Be Financially Successful

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Everybody loves payday, right?

It’s when we get the rewards from our work.

We once read a quote that said ‘become so financially free you forget it’s payday’.

Sounds nice but we don’t think we’ll ever forget payday.

Above other things like fulfilment and passion, we expect rewards for our labour.

And getting paid for our work is that reward.

For us, payday is a day we may never forget because we have a payday routine.

Our payday routine involves habits that ensure we stay on top of our money.

And you should have one too. 

Our Payday Routine 

One of the things we love is routine.

Whether it’s a morning routine, a work routine or a routine in our relationship.

We can also incorporate a payday routine with your finances. 

Money habits make reaching money goals more tangible.

Like every routine, it takes discipline to set it up. But once it’s there it happens like clockwork.

Today we’re sharing with you 5 things we do every single payday.

You can also adapt these for your payday routine or at least be inspired to create your own.

Start From Zero

The first thing we do when we get paid is to ensure we’re starting from zero.

This means transferring all leftover money from the previous month elsewhere.

For instance, if the balance on our main account is £184 on payday. 

We transfer that £184 to our savings since we didn’t ‘spend it’ before getting paid.

You can also transfer it to investments or overpay your debts.

We acknowledge this is tough to do if you end up in the negative.

If you’re in this situation start putting steps to stop living paycheck to paycheck.

Pay Yourself First

This is by far the best thing we’ve ever done with our money.

Most people have a “pay bills, have fun then save money” mindset. 

But the pay yourself first mindset is “prioritise saving first, cover your bills then have fun”.

It’s spending what’s left after you’ve allocated money towards your savings and investments.

This is really a mindset shift more than anything!

Two ways to pay yourself first.

The first way is to pay your future self first.

Do this through savings such as emergency funds and house savings.

Also, invest money that will build your wealth in the long term.

The second way is to pay your present self first.

Do this by putting money aside for your personal and professional development.

This could be money for courses, coaching or getting qualifications.

Review Your Numbers

Review your payslip and ensure you’ve been paid the correct amount.

Check your deductions are correct such as tax, pensions and student loans.

This helps you spot when you’ve overpaid taxes or when your overtime has been unpaid.

Secondly, check your upcoming month.

Do you have any known costs coming up that you need to account for?

This could be birthdays, funerals, annual bills or guests coming over.

This allows you to plan for them in your budget.

Set Monthly Money Goals

Set monthly money goals that are linked to your bigger money goals.

Think of these as the small steps to achieving your main money goal.

For instance, if your main goal is to have £20,000 invested by the end of the year.

How much do you need to invest this month to take you one step closer to that goal?

Remember to be realistic with your monthly money goals.

Do what you can afford in that month.

Some months you might have more room to save and others you may not.

Practice Gratitude

If there’s one habit for you to take from this, it’s this!

The moment you get paid, take a moment and be grateful.

Be grateful that you have an income that you receive.

If you’re in the west like we are, there’s so much to be grateful for.

Chances are, your employer has never missed a beat paying you on time.

The government aren’t taking more taxes than are due.

The sheer fact you have some money coming in is enough to be grateful.

To take this a step further, think about who you could help financially this month.

It doesn’t matter how much, it matters that you do it intentionally and from the heart.

Take Action

Ensure you have a payday routine that will keep you on top of your money.

Check out our Ultimate Money Plan to get in control of your money and smash your financial goals.

Share this post with others so they can also learn about money too.

Let us know how you’re getting along by getting in touch with us, we’d love to hear from you.

Knowledge is powerless without action.

So take action, and take care.

Thando & Lindie