Cool. It is very cool to reward and spoil yourself once in a while after all the hard work. But if you have plans for your money, you've got to be very careful about how you spend your money on payday.
Before the much-awaited credit alert enters your phone, you probably have planned your expenses for the month, and letting a moment of excitement disrupt that may affect your financial goals.
To avoid making money mistakes on payday, here's what you should do to manage your money properly.
1. Put some money aside for savings
Before you think about flexing on payday, make sure you set a certain amount for savings, remember your salary only comes once in a month. At least, save up something for an emergency. And if you have a goal to achieve before a period of time, save some money for that too immediately you receive the alert.
2. Allocate money for your expenses
It is very important you manage your salary very well if you don't have an alternative income stream. You won't like to go out asking friends and colleagues to lend you money a few days after payday.
Allocate money for your monthly expenses and make sure you stick to your budget.
3. Identify what is due and when
Remember your monthly or weekly bills too as the case may be. Identifying these bills on a day before payday helps to keep them in mind and allows you to cover all the important bills as at when due.
Taking these steps on payday prevents you from unnecessary borrowing and helps you to have enough savings to achieve your financial goals.