Working a 9-5 or 8-6 ensures that you have a steady paycheck, so why is it that a lot of individuals on a steady Salary/Wage end up broke before another payment circle, we discuss this today.
Hello lovelies and welcome to Money whispering with Dee sessions where we breakout and demystify financial topics to help you live your best financial life and make that schmoney!!!
Today we are discussing 3 steps to take when you receive your paycheck to avoid ending up broke before the next payment cycle.
In the words of the great Jillian Micheals, “if you fail to plan, you pretty much plan to fail, and since we are financial baddies you do not plan on failing we have to be proactive about this.
3 Steps to take when you receive your paycheck:
1. Calculate and Plan: I don’t know about you but I usually whip out my calculator right about now! Firstly, I calculate that my pay is correct to ensure my coins are complete! No I’m not working this hard to get cheated off hours of my hard work.
As shocking as this may seem, there are a lot of employers who do not pay the agreed sum on the contract of employment. Also, in some cases, there may be systems put in place by corrupt individuals on the payroll department to snip off little cents from employee pays so ensure your money is COMPLETE! If you worked extra hours ensure that you receive those coins hunnay!
After calculating, the next thing to do is to plan, this is the stage where you share your paycheck according to your set budget or you create a budget for yourself that aligns with your financial goals, responsibilities, and your needs.
If you have never tried budgeting check out the 50/30/20 budgeting rule here
2. Pay and Automate: Once your budget is all done and you have your plan ready, it’s time to execute. This is my favorite part, now you go on a payment and automation speer to ensure these “adulting” bills are paid! You are paid and all is settled for you to breathe better.
There is an unexplainable level of clarity and peace you feel after this exercise. You see your financial life for the reality that it is and you can start making conscious decisions towards achieving your goals.
For example you may find yourself grossly shortchanged and the reality that your income do not match your expenses or responsibilities will set in, this will lead you to start working seriously to increase your streams of income.
3. Enjoy: Now the last step of the exercise, sit back and enjoy. Now you can take yourself out of your enjoyment budget or buy yourself a new dress from your self are budget and just bask in the euphoria of being a financial baddie who knows what she’s about!
Now that you have come to the end of this informative session, I’m sure you found one or two pieces of information to be helpful and useful to you.
Please let me know how you have been managing your money in the comments below and share it with your friends and communities.
Remember friends that understand and implement money management tips together go on vacations and slay life together.