Pay day Ritual

Pay day Ritual

Saving money Today secures, eases, and beautifies Tomorrow.” – Ehsan Sehgal

In the UK, approximately 11.5 million adults have savings that are not enough to survive in emergency cases, and half of individuals in their 20s do not have any savings. The economic challenges present in the 21st century, such as increases in rent, transport, and housing, may contribute to this, leaving less excess income for saving monthly. The average savings in the UK is £9,633,00. In contrast, the average savings for men is £13,140.61; for women, this is £6,869.84, whereas 13% of individuals have no savings to rely on if the unexpected happens. Payday is a day that most wait for with great anticipation, as individuals make plans for where they want the money to go, such as towards outings with friends, online shopping, and holidays; this becomes a ritual of receiving salary and spending.

Society can sometimes stereotype individuals, especially the younger generations, as spending money on partying and clothing purchases. But what if there was a ritual for saving, where persons would receive their pay and save. Society has different attitudes on the importance of saving and what to prioritise when payday arrives. Some may become obsessed with saving a significant amount, whilst others may under save or not save at all.

Research Intellisaving and Beyond

Intellisaving recently asked a few participants what they usually do once paid; I, the researcher, asked this to determine the decisions and strategies that individuals may apply or make when payday comes.

Would you please explain the process you go through when payday presents itself by talking us through what you usually do once your paid?

Sarah Henderson, a community representative, said, “Payday, hmm… it’s a mix of anxiety and relief. But I start with the bills, boring I know, the bills for the month (which fluctuates) determine the extent of saving)”. Sarah Henderson saving the conventional way; she pays the bills then sets aside money for saving depending on how much has gone to pay the bills. But the best strategy is to deposit the funds into your savings account first then pay the bills second. And if you have an easy access account, you can always transfer money from the saving account back to your main account if you need more money for bills and essentials.

Amanda Peterson, a customer representative, said that “When payday arrives, I usually check the balance after the payment is in the account. The next step I take is to budget based on the amount received. In regard to saving if I have something important to save for, I save first, but when I do not have anything to save for, I may spend a bit, such as on going out with friends, but at the same time, I still make sure that I have enough money left over”. Amanda’s attitude towards saving depends on whether there is a need to save for something that she deems important; in those months where saving is needed, the saving strategy is applied first. However, in months where Amanda has nothing she needs or wants to save for, she uses the spending strategy first but with caution to not overspend, which is an interesting way of systematising money during paydays.

According to Nationwide, research has shown that saving on payday puts you at an advantage of saving effectively. You should deposit money in a savings account every month or set up a standing order with a fixed rate that will automatically send payments directly to your savings account, which can be set up through banking apps or going to a branch.


Saving can be an enjoyable ritual when you apply creative ways of saving; for instance, you can prioritise what you would save for by writing a list and then writing a number between 1-20 of how much you would like to set aside each month for that goal such as if you would like to save for a weekend away and this is something you have wanted to save for quite some time towards you can write 16. But if you’re going to save for a photoshoot but have other things you would rather save for, then you could note down eight once you have done this for each goal you would like to save for pick between 1-3 of the highest-ranked objectives you would like to save for and then open a saving account for each. From there, once you receive payment, you can deposit an amount in 1 or all savings accounts, depending on your expenses and income. Remember to start with these recommended strategies for saving first before proceeding with any spending strategies.

Furthermore, suppose you have a saving account for a future holiday and one for getting a tattoo you could choose which to save towards once you are paid, or whether to deposit into one or both accounts. If you are having trouble deciding which you would rather save for, you should constantly evaluate your long term and short term saving goals, effectively weighing both the emotional and practical saving goals; once you start a self-analysis, you will surely, overcome the dilemma of choosing one. Ideally, I would recommend that you have a saving account for the essential and then one or more savings accounts for what you would like to spend on.

Intellisaving believes in the concept of having your saving strategy before your spending strategy. In theory it may look something like this. Payday = Step 1: Apply saving strategy first - Step 2 Pay the essentials such as bills, Step 3 Spend within your means.

Payday can bring the temptation to spend on purchases that might not be necessary, so we should ask ourselves, if I was in an unfortunate financial situation tomorrow, would these purchases help me? There are different attitudes towards payday and what to do with the income when delivered to your account, and persons should have a balance between saving and spending because saving for the future and enjoying the present are both simultaneously important, which is why saving as soon as you are paid is the best strategy to use. “The future is created through what you do now, not tomorrow”, Robert Kiyosaki. The decisions made in the present are part of your forecast for the future, so make smart financial decisions now and reap the awards of a successful financial future. Payday rituals for saving are possible if you set a saving plan in motion, continue with determination and apply it every month. If you fall and make a mistake, keep trying and keep learning because the effort you put into savings now will prove fruitful one day.