Mastering your payday routine

Keeping track of your cash can be a bit of a drag, so let’s break it down into 5 simple steps 💪

Authored on
02 Feb 2024
|
Read time
  3 minute read

Step 1 – pre-payday prep 💡

Before the payday buzz kicks in, take a moment for the ultimate prep sesh. Yes, we know, it sounds a tad dull, but it’s important to have a detailed budget. Allocate some moolah for the important stuff like savings, investments, bills, and day-to-day essentials such as food and transport. This upfront planning helps you to keep track of every pound. 👛

Step 2 – you’re number 1! ❣

When payday arrives, it's your time to shine. Prioritise paying yourself first – channel a portion of your earnings into your savings account for that added peace of mind. Then take the leap into securing your future by allocating funds to your investment account. For that effortless approach, you could let automation take the wheel. Set up direct debits or standing orders and let your investments tick along in the background without lifting a finger. ⛱

Step 3 – boss your bills 📜

Ensure your bills are the first in line. For bonus points, align them right after payday. This strategic move provides a nice, clear view of your remaining funds for the month. 🔍

Step 4 – fund the essentials 🛒

From what's left in the piggy bank, set aside your essentials budget. Things like food and travel are a must, and anything beyond those essentials? Well, that's your guilt-free spending zone! Revel in the freedom to treat yourself without compromising your financial goals. 🥅

Step 5 – the extra mile 🚀

This one’s more for after payday, but when the month's winding down, if you find that some extra cash graces your account, consider taking the extra mile. Level up your savings or investment account to maximise future spending power. Why not add a final layer of financial finesse to your routine? Or you could just treat yo' self to something special. 😎

Pro tip – consistency is key 🗝️

Here's the secret ingredient – consistency. The magic unfolds when you stick to this routine month after month. The Dodl payday routine isn't just a one-time act, but something to stick to for the long haul!


Ready to take the reins of your financial journey? Dive into Dodl, and kick off your low-cost, little effort investing journey today! 🌟

Open a Dodl account today


🔔 Always remember, the value of your investments can go down as well as up. Dodl doesn’t give advice, so if you’re unsure about investing, it’s always best to speak to a financial adviser.



It's important to know

You have to be solely a UK citizen and resident to open an account with Dodl. If you're not solely a UK citizen but still want to invest, you may be able to open an account with our parent platform AJ Bell. 

The past performance of investments isn't an indicator of their future performance and their value can go down as well as up. This means you could get back less than you originally invested. 

Dodl doesn’t offer any advice so if you’re not sure about the risks involved with investing, you should speak to a suitable financial adviser. 

How you're taxed depends on your circumstances, and tax rules can change in future.