The moment you get paid, there’s usually an endless list of things you want to do with your money. From sorting your basic needs to buying those shoes you saw and saved on your Instagram. Among all this, there’s a possibility most of these things aren’t as important as they seem to be, and some are just quick decisions based on wishful thinking, which, if you’re not careful, can cost you. That’s why we’ve compiled for you some of the things that you shouldn’t do once you get paid. So, let’s get into it.

9. Don’t Let People Know When You Get Paid

If nobody ever told you this, then we’re here to let you that you should never let anyone, be it your friends, family, with the exception of your significant other, know when and how much you have in your bank account. We don’t know if you’ve ever experienced it, but there’s always this rush and excitement within you when you get that paycheck at the end of the month. Mostly, all you want to do is floss on your Instagram with nice outfits and things you purchased. And we get it, you just want to let people know that you have money. So I don’t think it’s bad to floss around, but the problem comes when your family or circle takes it as an opportunity to ask for money. Most of the time, the family may use emotional blackmail on you to help them out, knowing very well that you won’t refuse to help the family. Some friends might even make it a trend to only contact you specifically during your payday. With such a trend, you’d find that at the end of the day, if you’re not careful enough, you’re going to start sending money to everyone. In no time you’ll realize that you’ve used a lot of money on friends which you would’ve otherwise saved. When people know how much you earn, they’ll push you to spend more than invest. As long as it’s not their hard-earned money, they’ll always be excited to spend. That’s why you should keep quiet about your earnings. Think about it, never will you ever hear a rich person tell people when and how much they earn.

8. Don’t Get Fancy

Like we’ve said, the moment you get paid you’ll want to let people know. You may make a mistake when you get that paycheck because you want to impress. Impressing and getting fancy will only ruin your financial goal. The minute you get that check, you should sit down and create a budget that will work for you. If you don’t you won’t know how you spend your money. And if you don’t have a spreadsheet of your end goal, you’ll come to find that all you’ll do is spend money on unnecessary things. In some cases, you’ll find that when you make money, all you want is to impress your girlfriend, buy her that expensive watch, and take them out to an expensive restaurant. Fancy things are very costly, and before you realize it, you’ve spent all your hard-earned money all because you wanted to impress and didn’t plan your money well. Learn¬†to make it simple but classy. Remember, most rich people don’t brag. Keep it that way too.

7. Don’t Buy The Stuff You Can’t Afford

Just because you have money doesn’t mean you should spend money on every expensive thing¬†you admire. Like that expensive Rolex watch, that new car, or paying for that mortgage and anything unnecessary. Try as much as possible to always have a budget so that whatever you spend,¬†even if it’s on that Rolex watch, it’s within your budget. This will help you plan your life, and¬†you’ll always have little money left for savings in the account. Ignore that adrenaline rush of¬†wanting to buy everything you see, which pushes you to spend that money as soon as it hits your¬†bank account. And yeah, we get it, you’re happy that you’re seeing the fruits of your labor, and that you’ve been fantasizing about that money for a long time, and it’s finally here. Not many people will tell you this, just because you have the money to buy it at that time doesn’t¬†mean you can afford it. If you can buy the same thing more than thrice without worrying about your¬†financial stability, then you can afford it. Never buy something at the expense of your savings.¬†In short, all we’re trying to say is, if it’s not in your budget and it’s probably too expensive,¬†let it go. You don’t have to buy unnecessary things.

6. Don’t Be A Serial Spender

Just as we mentioned before, don’t spend on unnecessary things. Even if you have a spending budget, most of the time when you have money¬†there’s always the desire to have the small things that you feel like you might need in the house.¬†You might think about buying a sugar jar or just some snacks. It may look like you’re not spending¬†a lot but in a real sense, when you go back and check your spending sheet if you have one, you’ll realize that the money spent is a lot. You need to have a very strict mindset so that you do not deplete your budget quickly by spending your money on unnecessary things that you don’t need.

5. Don’t Ignore Your Debts

If you’re working a nine-to-five job, you probably have debts. This is because you probably depend on the salary you receive at¬†the end of the month. That money is supposed to cover your monthly expenses at the start of the month till the next time you’ll be paid. If you don’t plan yourself well or have¬†enough savings to last you till the end of the month, you’ll have to borrow money from people.¬†It’s okay to ask for help once in a while. The problem usually comes when paying back the money.¬†In some cases, when you have money, you never think of the debts you borrowed and instead,¬†use the money irresponsibly. The best thing to do when you have debts is to write down all your¬†debts so that when you get paid, you don’t forget them. You can start by paying the small debts¬†first then go to the huge debts. As for the huge debts, you can arrange to pay a small amount for¬†all of them. This will help you to clear your debts earlier in a responsible way. When you¬†clear your debts, it’s easier for the bank or people to trust you enough to give you a loan.¬†It even makes you avoid instances of auctioneers being sent to your home. At all costs,¬†make sure you never ignore your debts. It may be a small debt, but how you handle it may cost you.

4. Don’t Loan Money

One thing that you should never do frequently is loan money to people, especially if they have a bad track record of paying back the money. This takes us back to point number one, don’t let people know when you get paid or how much you earn. This is because of the friends and family who are like pests. They’ll ask you for loans just because they know you have money. The more you loan without an assurance that you’ll get your money back, you’ll soon find yourself broke, and the only money you have is not in your hands but with people who have no plans of paying you back. Some people will even associate themselves with you because you are the source of their wealth. They know that whenever they’re in a fix and need a loan, you’re there for them. Question is, are they there for you as much as you’re always there for them. It might be harsh, but learn not to loan money to people.

3. Avoid Getting Hooked On Good Deals 

Most of the time when there’s an advertisement on television talking about a sale on something and you have the money, there’s a high chance you might get hooked on whatever the seller wants you to buy. For example, let’s say there’s an advert on TV that says a watch is going for $75 and the original price of the watch goes for $100. This is a good deal, right? You’ve saved $25. What you don’t know is that you got hooked on a good deal. You weren’t planning on buying a watch, were you? It wasn’t in your budget at all. But because you saw a great deal and wanted to take the opportunity, you bought the watch at an expense of your savings. That’s what happens when you get hooked on a good deal. You’ll find yourself buying everything that’s on sale which isn’t a good thing. Even if you claim to buy things on sale for stocking up, you’ll find that most things you’ll buy might just be wasteful. One thing you should know is that crazy sales are never crazy enough to justify spending money on something you don’t need.

2. Don’t Lose Track Of Your Money¬†

Losing track of how you spent your money is the worst thing that can happen to you financially. You should never turn a blind eye to any personal expenses you do. Whether you’re earning a high or low income, you should always be aware of how much money is coming in, how much money you’re spending, and what your financial goals are. To achieve that, you need to keep a budget that includes your income and expenses. This is a great way to find out what’s happening with your money alongside how much money you have.

1. Never Be Unintentional With Your Money 

Now that you’ve learned you should keep track of your money, you should know that it’s also important to be intentional and pay close attention to your money and your budget. What we mean is that if possible, try sitting down and label the way you use and save your money. For example, if you have a savings account, you should probably separate your savings. The money saved for an emergency fund shouldn’t be in the same account for money kept for retirement, holidays, or even for short-term goals like buying a new car or school fees money. Don’t mix all your savings in one account because you may end up losing track of your savings.

Well, thank you all so much for reading. I hope you‚Äôve enjoyed and found value in this article. With that said, have a great day, and I’ll see you all in the next one.

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