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In this video, Colin Exelby, CFP®, explains the steps you should be taking when that paycheck hits your bank account.

As payday swiftly comes and goes, most people don’t have a set payday routine, leaving many to wonder where their hard-earned money has vanished,. Today, we delve into the crucial steps every individual should take the moment their paycheck lands. This video aims to unravel the complexities of paycheck management. From building an emergency fund to maximizing employer 401(k) matches. Despite common misconceptions and the looming shadow of credit card debt, which averages $6,295 per person in the U.S., we shed light on effective debt repayment methods and the importance of investing in vehicles like Roth IRAs and HSAs for a secure retirement. This video is designed to arm you with a holistic understanding of managing and enhancing your financial stability post-payday. Whether you’re battling the “ostrich effect” of financial avoidance or seeking to supercharge your net worth, join us in this comprehensive exploration to determine if these strategies can revolutionize your financial planning and future.

00:00 – Introduction
02:20 – Step 1
04:55 – Step 2
06:15 – Step 3
11:40 – Step 4
13:05 – Step 5

#PaycheckManagement #FinancialPlanning #DebtRepayment #InvestingBasics #retirementplanning

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[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.

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Financial planning is an essential aspect of managing your finances and ensuring that you are on track to meet your financial goals. One important practice that can help set you up for success is establishing a payday routine. By setting aside time each time you get paid to review your finances, make necessary adjustments, and prioritize your financial goals, you can stay on top of your money and make informed decisions about how to use it.

As a CERTIFIED FINANCIAL PLANNER™, I often recommend that my clients establish a payday routine to help them stay organized and on track with their financial goals. Here are some steps you can take every time you get paid to set yourself up for financial success:

1. Review Your Budget: The first step in your payday routine should be to review your budget. Take a look at how much money you have coming in and going out each month, and make sure that your budget is still realistic and aligned with your financial goals. If you have any upcoming expenses or changes in your income, make adjustments to your budget accordingly.

2. Pay Yourself First: One of the most important habits you can develop is to pay yourself first. This means setting aside a portion of your income for savings and investments before you start spending on other expenses. Consider automating this process by setting up automatic transfers to your savings and investment accounts on payday.

3. Extra Loan Repayments: If you have any outstanding loans, consider making extra repayments on them whenever you can. By paying off your loans faster, you can save money on interest and free up more cash flow in the future.

4. Check Your Debt: Take some time to review your outstanding debts, such as credit card balances and personal loans. Make a plan for paying off your debts strategically, starting with the ones with the highest interest rates. Consider consolidating your debts or negotiating with creditors to lower your interest rates if possible.

5. Review Your Investments: If you have investments, such as a retirement account or a brokerage account, review them regularly to ensure that they are still aligned with your financial goals and risk tolerance. Consider rebalancing your portfolio if necessary to maintain a diversified and appropriate asset allocation.

By establishing a payday routine and following these steps every time you get paid, you can take control of your finances, make informed decisions about how to use your money, and stay on track to meet your financial goals. Stay tuned for Part 2 of this series, where we will discuss more ways to optimize your payday routine for financial success.