Money saving

5 tips to make that payday feeling last

Posted 30 April 2016

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Want to learn how to make the payday feeling last? We share our 5 top tips.

We all know how amazing that payday feeling is. Finally you can afford those shoes you’ve had your eye on… or you’ll be able to go for a few drinks at the weekend. Getting all that money in one go can make you feel quite flush with cash - and who doesn’t like that!

As great as that feeling is, you might find that it doesn’t tend to last as long as you’d like. Luckily, we’ve a few tips to help you avoid payday regret and spread your money out throughout the month. 


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1. Create a budget. 

Without a budget you don’t really know how much you’ve got to spend on each area of your life and that can make it quite easy to slip up and end up in your overdraft or to overspend on something at the end of the month. 


A budget takes account of all the money coming in and all the money going out of your account. You then set aside portions of money to make sure you can afford everything you need to pay for. What’s left is known as your disposable income and this is what you’ve got to spend for the rest of the month. 


When you’ve got an awareness of what you can spend it’s easier to focus on spreading that out over the month. 


2. Give yourself a weekly spending allowance.

Once you know how much money you’ve got spare for the month, divide it into weekly allowances – as if you were getting paid weekly. This way you should find that your spending is evenly spread throughout the month and you don’t allow yourself to overspend within the first few days of getting paid. 


There will be some weeks when you spend more than others as life isn’t always predictable, but sticking to the weekly rule should see you right most of the time. 


3. Write down what you spend on every little thing.

Get yourself a notebook or use your phone and make a note of everything you’re spending. There’s nothing like seeing what you’re spending on every little thing in black and white to help you keep track and not forget the little things. 


You’ll also be able to see if there’s anything you could cut back on very easily by looking back over your spending for the month. Hopefully, by cutting down on a few little spends every now and then, you’ll see the benefit at the end of the month. 





4. Know exactly when your direct debits go out.

Have you ever been convinced you had enough money to buy something only to find that you’ve accidentally gone into your overdraft? Sometimes this is because we haven’t accounted for when our direct debits go out. 


Most of us have certain bills that are paid automatically which is convenient on the one hand but they can easily slip our minds as well. Make sure your budget accounts for exactly how much each direct debit is and when it comes out of your account. 


You could even rearrange all your direct debits to out towards the beginning of the month. That way they’ll go out when you’ve just got paid and you’ll have peace of mind for the rest of the month. 


5. Use two different accounts.

If you find it difficult managing all your finances from one account, opening another one could simplify things. 


You could open a savings account for instance and transfer everything you want to save as soon as you get paid. This way you’ll have got your saving done and dusted as soon as possible and you can relax a little more for the rest of the month. 


Or you could have a separate account where you put all the money that you consider free and yours to spend as you wish.


What out for deeper problems 


Lots of us find ourselves staring in puzzlement at our bank statement every now and again – it’s easier to overspend than we think! But if you’re finding yourself over-spending every month, or you’re starting to rely on credit to get by, then there’s a deeper problem with your finances that needs to be addressed. 


If you’re in this situation – don’t panic, there’s lots of help out there that you can get straight away. The Money Advice Service has lots of free and impartial advice on all money matters. Our debt advisors are trained and experienced professionals, able to identify how best to solve your money problems, whether that’s through general budgeting or with a debt solution. Just use the options on the left to get in touch with us. 


by Christine Walsh

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