What you do once you get paid makes the difference between a rough next few days and a pay period where you can save, spend, and do what you please with your money.
There isn't a perfect guide for what you should do when you get paid because each of us have different lifestyles.
Even if you are a college student, who's working, and some of your experiences mimic mine... there's going to be something different in the way you manage your finances.
Personal finances are personal.
Getting paid shouldn't be a sad day. It should be another opportunity to reach your financial goals and have the things you desire in life. With just a few habit changes and an open mind you'd be surprised what money filled opportunities await you.
By the end of this post you'll learn a few mistakes that people make after pay day and 6 things you must do after getting paid!
Common pay day mistakes
1. Not paying yourself first
Paying your bills, spending freely, and indulging in your paycheck BEFORE you send money to your savings is a no-no.
You have to think of your future self as you deal with your current circumstances. You can read more on how paying yourself first is the key to financial stability here.
2. Missing the chance to automate
Automation takes the emotion out of paying your bills, investing, or even saving.
It just becomes another deduction from your paycheck. Skipping this means you have to think more and take action to do the things that may not come naturally yet.
3. Making plans before paying your bills
Always think about paying the rent or covering your tuition bill before you consider the money in your account yours to spend.
Make a plan for paying bills so that you don't have to stress. Once the plan is established you have to set it in motion and allow yourself room to not worry.
Practice breathing, meditating, going for walks, and making sure you're rested.
Until your plan to pay your bills falls apart assume it will work and have a back up plan ready. Stress can be bad for your health.