Frich Reveals: Payday Rituals
We hear you loud and clear! You're overwhelmed and honestly...really could use a personal assistant. Which is why we've partnered up with Era to break down everyone's payday rituals (good & bad) 👀
Do you have monthly deposits in a savings account?
Here's some food for thought - if you reframe putting a portion of your salary away as "paying yourself first" rather that money lost to your savings account, you'll probably start feeling a lot better about it! And that's what we always suggest. Whenever you receive your paycheck, you should "pay yourself first", meaning, put money away for your emergency fund, short-term savings, and retirement investments.
But how many people are actually sticking to this rule? Here's the breakdown. 36% said that they always prioritize putting money away for their savings; 35% of Frichies really try their best but some months there's just not anything left, and the rest do not have monthly deposits into their savings account. That's a major red flag. Even if it's a small amount, you should really try to crete the habit to put something aside each month for future you. Trust us.
Do you pay off your credit cards each month?
Ahh... well here's one of the reasons why it's important to have a bit of a cushion saved up. Because high yield debt (aka credit card debt) is the fastest way to lose the grip on your finances. Just play around with the numbers here.
True - everything really is getting more expensive. And it is really difficult to scale back your lifestyle expenses. So where has that left us? When it comes to paying off their credit cards, 36% pay off everything every single month (fantastic!); 30% only pay their minimums (🚨); and the rest try their best to pay as much as they can.
Do you regularly pull money out of your savings to cover splurges?
So how many of us are able to resist lifestyle creep and impulse purchases that are out of our budget? Here's the breakdown: 36% use their savings only for large, unexpected purchases; 21% report that they cover their splurges with their savings fairly regularly; 19% never dip into their savings; and 24% dip into their savings to cover a splurge from time to time.
Honestly...a little splurge here and there for something that's meaningful isn't bad! Just don't make it a habit.
