From payday budgeting to savings account strategy, here’s how to become a finance baddie

By Charlie Sawyer

Updated Jan 5, 2024 at 03:24 PM

Reading time: 2 minutes

2024 is going to all be about having a financial glow-up. I’ve not been taking care of my moolah enough recently and I need to have a serious switch-up in attitude if I want to go into the New Year and dominate. I’m taking a page out of the finance bros’ handbook—I might detest their outfits and lack of morals, but they do have a habit of cashing in big.

So, how do I become a finance baddie? Well, embodying being a money-maker is all about your perspective. I’m not about to become as rich as the boys in the City, but I can introduce things into my life that’ll optimise and make the most of the money that I do have. And so can you! Here’s how.

How to create a payday strategy?

The first thing you’re going to want to do is come up with a payday strategy. Budgeting your payday goodies can feel like a massive chore, and also kind of a bummer. That being said, if you categorise your spending and account for every expense, you’ll have a much better handle on what you can and can’t spend.

Grab yourself a glass of vino and whip our your freshest notebook—your environment will make the world of a difference in how seriously you take this task.

Let’s get the boring stuff out of the way first. You’re going to need to siphon money aside for rent, bills, and transport. Personally, I think that one of the reasons payday is so hard is because it reminds me of the fact that Transport for London (TfL) is literally robbing me, but I digress.

The last thing you need is to worry about whether or not you’ve set enough money aside for the important stuff, so take care to handle any crucial payments first. Despite the very fair concerns about online banking platforms such as Monzo, they can be very helpful in these situations as they often allow you to properly assign different pots of money to different purposes.

Are you a smart enough girl that you’re into investing? Well, if you are, any investment should be next on your to-do list. Build that cash, babes.

And last but not least, take into account any big spending items of the month. I always have to factor in my bi-monthly trip to the hairdresser for my highlights. If anyone asks, of course I’m a natural blonde, okay?

Categorising your savings account

The next thing you should do is take a long ol’ look at your savings account. Sorting out your savings can massively help you gain a better perspective on your overall finances.

People’s savings accounts can manifest themselves in a number of different ways. The most common type people have is an Individual Savings Account (ISA). These are easy-access accounts, which means that it’s incredibly easy to transfer money from your savings accounts into your current account. From personal experience, this can be seriously dangerous.

ISAs are tax-free though, which is a big bonus. So, no matter how much money you put into it, that lump sum will never be taxed.

Other gen Zers prefer to use banking platforms such as Monzo or Starling to hold onto their savings. Starling uses a thing called “Saving Spaces” or “virtual change jars.” Money is kept separate from an individual’s main balance. Spaces are also very visual, so you can see how close you are to reaching your goal.

I will say, these newer online banking platforms have been known to be slightly difficult in regard to communicating with customer service officials. So, if anything glitches with your account, you might be without your savings for some time.

The point is, wherever you keep hold of your moolah, it’s important to group lumps of money in different sections. Are you saving up for a holiday? Pop it in the holiday stash. Wanting to buy your mum a special something this Christmas? Whack it into the present goodies pot. Organisation is key girls.

I never thought I would be someone giving saving advice, but you know, it’s called growth.

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