Say goodbye to payday blues
How to create the perfect payday checklist
After a month of hard work, it's good to know that your efforts will be recognised.
But that doesn't mean that we should splash out on luxury items. How many of us have felt the urge to splurge on payday? Or paint the town red at a fancy restaurant? If this sounds like you, you may benefit from a payday routine: a simple guide to help you navigate the payday jungle. It will help you focus on your priorities, ensure you make the best savings choices, and avoid being a victim of fraud. It's a great way to make the most out of your salary. Let's get started!
- Check that your salary is correct
The first thing you want to do is make sure that your salary is correct. To do this, you'll need to get your payslip, either by downloading it on your company's employee portal or by asking the finance department for a copy. Make sure that all deductions are accurate and, if you're unsure of anything, query it.
- Deposit money into your savings
Now that you've checked your payslip, you need to pay yourself. In other words, you need to transfer money into your savings account. Depositing money into your savings is one of the first things you should do on payday. This ensures that you're not tempted to spend money that should have gone into your savings. If you often forget to save first, consider setting up an automatic transfer of funds using your African Bank App. You can set up an automated transfer to move money from your primary MyWORLD Account to your MyWORLD Savings Pocket monthly. It makes saving money so much easier!
- Be on alert for unexpected charges
It's a good idea to monitor your account around payday because this is when criminals tend to strike. Many people find it difficult to monitor all of their month-end transactions and fraudsters use this to their advantage. Make sure that you're aware of each payment, the amount, and the recipient. You should consider reviewing all of your additional costs – TV subscriptions and store accounts for example – before payday so you know what to expect.
- Make sure you know your debit orders
Another thing you should be aware of is debit order fraud because it's very common around month-end. Make sure that you know exactly when your bank account will be debited and ensure that you have given authorisation for your account to be debited. The best thing is to be extra vigilant. Set up SMS alerts for activities on your bank account and check your statements. DebiCheck debit orders put you in control by letting you authorise your debit orders before they are deducted from your account, so you have control and peace of mind that your account is protected against fraud.
Why bother with a payday checklist?
A payday routine is an easy way to:
- Make your salary last to next month’s payday
- Reach your savings goals
- Reduce stress and anxiety
- Make the most of your salary
Remember, improving your personal finances takes small steps and lots of commitment. Have faith in yourself and don't give up!