Salary week is here! Your account balance will get a boost and for a moment, you’ll feel unstoppable. But before you start spending like you’re an heir to the Otedola fortune, let’s talk about some paycheck mistakes that could leave you stranded before the new month is over.
Here are five things you should never do with your paycheck if you want to keep your money working for you:
1. Treating Your Paycheck Like Prize Money
Payday excitement is real, but acting like you just won the lottery could be a costly mistake. Some people see their salary as chop life money rather than money to manage for the month.
They go on a spending spree, ordering food, shopping online, or hitting the clubs without thinking about their actual expenses. Lowkey, we hope you’re not in this WhatsApp group 👀. But even if you are, you can always fix up. So here’s the first take-away:
🔴 Don’t: Spend first, budget later.
✅ Do: Budget first, spend with sense.
2. Forgetting to Pay Future You (No Savings, No Investment)
A lot of times, we forget our future selves are watching us; and they’re begging us to stop playing with our finances. One of the biggest mistakes one can make is not saving or investing a portion of one’s salary. So if we don’t put financial cushions in place, we’ll always be one emergency away from being broke. The second take-away here is;
🔴 Don’t: Spend everything and hope for the best.
✅ Do: Use Vault Savings on Accrue to automatically save a percentage of your paycheck before you even touch it.
3. YOLO Spending Without a Plan (Impulse Buying Madness)
One minute, you’re checking TikTok. The next, you’re buying sneakers you don’t need, a wig you didn’t plan for, or that PS5 you swore you’d wait for a discount on. Sound familiar?
Impulse spending is fun in the moment, but when reality hits, regret kicks in hard.
🔴 Don’t: Buy first, think later.
✅ Do: Set a budget for fun money and stick to it.
4. Giving Out Loans Like You’re a Bank
You are NOT Access Bank. But somehow, every month, people borrow money from you and never pay back. Lending money to friends and family is tricky, especially when it’s your salary funding their lifestyle while you struggle.
🔴 Don’t: Give out money you can’t afford to lose.
✅ Do: Learn to say NO or set clear repayment terms.
5. Ignoring Your Budget & Living on Vibes
A budget isn’t meant to stress you; it’s meant to help you. If you get paid but don’t plan where your money should go, you’ll always end up wondering where it went.
🔴 Don’t: Hope that money will somehow last without a plan.
✅ Do: Use the 50/30/20 rule:
- 50% for needs (rent, food, transport)
- 30% for wants (Netflix, brunch, soft life)
- 20% for savings & investments
Final Thoughts: Make Your Money Work for You!
Your paycheck should be your tool, not your trap. Avoid these common mistakes, and you’ll have enough money to enjoy life without stress.
Did you know Accrue can help you make payments across Africa and receive money from the US? If you don’t have an Accrue account, you can visit our website to download the app and get started. And if you already have an account, you can access your account using the button below to request one in minutes.
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