Payday

Gareth2020

Payday for me tomorrow 

What Do you do on paybay? Any good habits to help manage money? 

strawb_shortcake

I don't like to mark pay day with buying anything like so many of my friends and colleagues appear to do. I like to get all my bills out the way before buying anything that isn't groceries or family essentials.
Equally I don't like to move my monthly savings out straight away, I move them weekly as I feel I don't notice it so much.
I also like to build a bit of a buffer in my current account where possible, I hadn't been good at this so far this year until lockdown and I'm now in a good position, I still have about 65% of my salary in my account and 10 days to pay day I should be down to 45% come pay day some of that 20% is being transferred to my savings. 
So I guess I like pretend pay day isn't happening, by it not being an event, I don't have that urge to go and spend money and treat myself just because it's pay day. 
I also make a target of what I want to have left in my bank by the next payday, and manage this goal several times a week, if I've bought something unplanned I can then plan how I can pull that spend from my groceries or other areas.

alittlelife

Transfer money to savings, transfer money to bills account so I know everything’s paid for the month. 

Both straight away. Then I know everything else left is for spending. 

notveryeducated

Pay off my credit card statement is the first thing I do. 

penners324

Have all DDs lined up for payday or day or 2 after. Balance to savings account 

enthusiasticsaver

I do my monthly budget when the last of our pensions hit our bank account. I transfer the money remaining from previous month to savings initially and work out how much we have spent and on what. Then I calculate our outgoings for the month, direct debits, credit card bill for food and fuel (paid off in full), personal spends for DH and I transferred to our personal accounts and money into savings for emergency/general savings, holidays, house and car expenditure and gifts/Xmas. The rest is left in the current account for monthly spends until the end of the budget period when if unspent it goes into savings. At the moment that is happening a lot as we can't really spend anything other than on food. 

MisterMotivated

Move my salary to where it can earn interest until it's needed.  Other than that, not a lot

blue.peter

The only thing I do on payday is check that the expected amount of money has arrived in my bank account.

Everything is planned ahead, and automated payments to shift money to where it's needed will already have been set up. I know what DDs (council tax, utilities, credit cards, regular donations etc.) and STOs (regular savings accounts) will be due through the month, and make sure there's enough to meet them. I do my budgeting on about the 22nd of each month, just after I get the last credit card statement. So my June planning will get done in a couple of days from now. I'll hold a little back for my cash spending through the month, and, if there's anything left over, it gets moved into a savings account to gain a little interest. On the rare occasions that my credit card bills are a bit high, I'll need to reverse this, and take money out of savings. This occasionally means transferring money out of savings. (Even then, the amount that I'm putting into regular savings plans will normally mean a net gain in total savings.)

I'll then just watch my accounts to make sure that the expected payments are made when they should be, and to note interest received on savings.

KeepOnKnitting

Mine sounds like most others. On payday I do my budget for the next month on YNAB. I allocate everything based on what is planned for the month ahead and my savings accounts, and then I send my savings amount to the correct savings accounts through online banking. I really look forward to payday and finding out how much overtime I have earned and how much I can save towards my goals each month.

captainlongtoes

alittlelife said:

Transfer money to savings, transfer money to bills account so I know everything’s paid for the month. 

Both straight away. Then I know everything else left is for spending. 

This is what I do, about to shift one more direct debit to the bills account. Whatever isn't spent at the end of the month goes towards building my emergency fund.

General_Grant

KeepOnKnitting said:

Mine sounds like most others. On payday I do my budget for the next month on YNAB. I allocate everything based on what is planned for the month ahead and my savings accounts, and then I send my savings amount to the correct savings accounts through online banking. I really look forward to payday and finding out how much overtime I have earned and how much I can save towards my goals each month.

How do you check that you have been paid for the correct amount of overtime?