It’s payday! Now what?
I was talking about finances with a friend the other day when she told me that she and her husband make plenty of money – but she never seems to have “enough” in the bank when she logs into to pay her bills … so she pays her bills either on the day it is due – or late.
Our conversation got me wondering what they were doing on payday? They clearly were not sitting down and paying their bills based on the paycheck schedule. Then I realized that a lot of people are probably doing the same as them!
What you should be doing with your money on Payday!
Payday does not mean you get to go on a shopping spree. In order to get out of debt and maximize your overall financial health – you need to run your finances like you would a business.
- Pay your bills!! – I know that having a large (your whole paycheck) sitting in your account makes you feel great. However, it is just tricking you. Just because it is there – it does not mean you can be frivolous. You need to sit down either the day you are paid or the next day and pay your bills! Use the paycheck scheduler in the Financial Planner – and you’ll know exactly what bills you need to pay with each paycheck.
- Pay your snowball debt – Hopefully, you know what your debt payoff priority is – use your snowball amount and throw it towards your debt.
- Set aside your grocery allowance and “extras”– Use my favorite budgeting technique to know exactly how much you have each week for groceries and for those “extras”. You can make the most out of your grocery budget by using my meal planning organizer!
- SAVE – Take a little or lot of your money and set it aside. Build up your emergency fund or your “fun” account. Even when you are working your tail off to get out of debt, everyone needs a little room for grace in their lives.
I’ll be the first to admit that running your families finances is not an easy task. But we all need to use what we have to make the most for ourselves and our loved ones. Start making your money work for you! Use your brain to determine whether or not to make purchases instead of your heart!