For employees who receive monthly salaries, payday is always eagerly awaited. On specific dates like the 25th, 30th, 31st, or 1st, we can finally enjoy the fruits of our labor. However, the number of days in each month is never the same.

Additionally, there are cases where payday might be advanced due to holidays, resulting in varying waiting periods for the next payday. If this month’s waiting period is 4 weeks, next month it could be 5 weeks.

For example, during Eid in 2023, the April 2023 salary was received in the middle of the month before the Eid holiday. This means you would wait a week longer than usual. You would receive your next salary on May 25, 2023. This time, you have to wait 37 days. Long, isn’t it?

Even though you might have received your Eid bonus, the money is likely already spent on Eid needs. Therefore, you must tighten your belt. This month will feel longer, so make sure you have enough money to last.
 

Baca juga: Abis Gajian Terbitlah Tagihan, Bayar Pakai neobank Jadi Gak Ribet!

How to Survive Until Payday

Here are some tips that can help you prepare and manage your finances until the next payday.

Understand Your Personal Financial Capability

Receiving a high salary shouldn’t make us complacent. A large income doesn’t guarantee wealth. Those with high incomes face the risk of financial instability. Even if you earn a significant amount, the challenge lies in maintaining and increasing wealth.

Typically, higher incomes lead to lifestyle adjustments. For example, someone earning a minimum wage might shop for affordable clothes online, priced below Rp100,000. In contrast, those earning double digits might opt for branded clothing. This shift in shopping habits highlights the importance of financial management.

Set Aside Money Early

Ideally, you should have set aside money as soon as you received your salary. You need to realize that this month is different from the previous one. You need to prepare more money because you will need more to live on. This way, you won’t have to worry later.

Usually, you already know how much to set aside. You’ve already calculated living expenses and savings. You’ve set the amount you want to save before spending the rest on other expenses.

For example, on payday, you allocate 20% of your income to savings. After deducting the savings, you can use the remainder for other needs.

Your savings are secure because you’ve saved them early. The amount is also substantial. You can spend the rest of your money more calmly.

Reduce Leisure Expenses

Before deciding to go out, it’s better to check the calendar first. Even though there are many public holidays, if your finances are insufficient, don’t force it.

Unless you have prepared the funds well in advance. You have also calculated your finances to last until the next payday, even if your spending increases due to outings.

Adopt a "Not Enough Money" Mindset

The previous month’s salary might seem large. You might feel like you have a lot of money. However, don’t be too happy yet. This mindset can lead to wasteful spending. You feel you can buy anything because you have money. As a result, your money will quickly run out. You need more money to survive this month.

Therefore, you should adopt a mindset of not having enough money. Assume some money is already gone. This way, you can control your finances.

Baca juga: Habis Lebaran, Duit Gak Jadi Habis!

Look for Cheaper Alternatives

If you already have limited funds, consider looking for cheaper alternatives. This includes transportation, lunch, snacks, etc. Choose public transportation over a motorcycle taxi or buy groceries to cook at home instead of eating out.

Hold Back

Don’t be too impulsive at the beginning of the month when you get paid. Hold back on spending money on non-essential items. Save your shopping or hanging out plans for later. Remember, you have a long way to go until the next payday.

If necessary, allocate a weekly budget. For example, set aside Rp300,000 for a week. That amount must be enough to live on for a week.

Save in a Deposit Account

If you can’t control yourself from spending money, save your extra money in a WOW Deposit now. Choose a short tenure until just before the next payday. Your money will be safe, and you can even enjoy high interest rates.

Later, when the payday is near, you can withdraw the funds. This way, you still have extra money while waiting for the next payday.

If you just realized that this month’s payday will be longer, it’s not too late to prepare extra money now. Don’t run out of money in the middle of the month.

This is why thorough financial planning is important. You’ll be better prepared for anything, including longer waiting periods for payday. You’ll stay calm because you’re prepared.

For complete information and terms & conditions regarding savings at neobank, visit bit.ly/neotabungandeposito.

PT Bank Neo Commerce Tbk is licensed and supervised by the Financial Services Authority (OJK) and is a participant bank in the Deposit Insurance Corporation (LPS).