PayDay is near and all the urge to spend money gets stronger. #
How do you plan payday? I have my deductions automated, the day my salary hits the account, amount gets deducted from salary account to different accounts.
Before I plan to spend, I have check if I have enough available to spend.
Apart from saving and investing suggestion, there are few other things you can do to not go broke by next month.
1. PayDay sale - By month end, we start getting lots of discounts and payday sale ads on our social media and emails, ignore such ads unless there is something that you have been planning on buying for quite sometime.
2. Lotteries and Gambling- The chance of winning a lottery is extremely low but still so many people buy tickets everyday and go for gambling for quick gains and ends up losing a lot of money.
3. Bills - Pay your bills as soon as your salary is credited. Failing to pay bills on time will lead to you paying much more than needed due to late fees.
4. Budgeting - Budgeting does to have to be strict and time consuming. Personally for me, keeping different accounts for checking, saving, investing in works like a charm. Avoid not budgeting after pay day, doing so will end up you spending lot of money on things you don’t need.
5. Retirement - Too often we feel it’s too early to save for retirement and by the time we realise it’s time to save money, it’s quite late. Start saving small early but do save every month. This just doesn’t have to be keep money in a savings account but also investing into income generating assets.
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What else would you add to this list?
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