Five Things To Do The Day You Get Your Paycheck

a stack of coins on a table

Your favorite day of the week has arrived: Payday. You want to be better at managing your money but budgeting is too difficult. Before you give in and spend all your earnings, sit down and follow these five easy steps to make the most of every paycheck.

  1. Save A Dollar Earn A Dollar→ The very first thing to do with a paycheck is put 10% of it in a savings account. Immediately setting aside some earnings each paycheck will help you save up for a rainy day, or maybe even that vacation you’ve been dreaming of.

  1. Get Out Of Debt → While some debt is necessary, any amount of debt hangs like a dark cloud over your shoulders emanating stress. It is important to get debt paid off as soon as possible to avoid interest fees. Stay away from falling behind on payments by paying off debts with every paycheck.

  1. Keep The Light On → Avoid having the power shut off by paying bills on time! Collect all the open bills and pay each one the moment you receive your paycheck to ensure there is enough money to keep a roof over your head, and the lights running.

  1. Plan For The Bare Necessities→ After savings, debts, and bills are taken care of, take a look at the remaining money. Plan how much is required for necessities; groceries, gas, and other miscellaneous items you need. Having an idea of how much you would like to spend on the necessities will help you manage the remaining money better.

  1. Leave Room For Fun →  No need for all work and no play. Be sure to leave some funds for a good time. After all, you earned it.


By Learn Accounting Free | 2016-09-08 15:04:28  | Uncategorized  | 0 Comments

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