Before the 25th of each month, many people find themselves counting down the days before their salary clears in their bank account
A Paycheck-to-paycheck life is a standard for a majority of people to the extent that it is a trending topic on TikTok and other platforms
TikTok videos by users, creating memes about the joy that comes with payday, reveal that netizens in South Africa could benefit from a few tricks to make the days before payday more bearable.
What are the cons of payday?
The rush that comes with seeing your bank balance after getting your salary can lead to some irresponsible decision-making. The dopamine that floods your brain at the sight of all those zeros eliminates any memories of your stress before the check hit. A study by Stanford, referenced by Harvard Business Review, argues that the brain thinks money is a drug. According to the research:
“Researchers compared the brain scans of the participants about to make money with addicts under the influence of their drug of choice. The results were startling: the brain scans were nearly identical.”
This would explain the elated mood most experience on payday. You feel like you have all the money in the world despite having the opposite experience just moments ago. A TikTok shows @divanthnaidoo joking about letting his bank card rest before the swiping frenzy post-payday.
Watch the video:
What should you do on payday?
Keeping in mind the reality of your lifestyle is the best way to have a payday that will not leave your bank account bare-boned in less than 30 days. Thinking ahead is the name of the game.
Taking care of necessities such as rent or mortgage is all a given. Debt Charity, Step for Change, recommends paying attention to another big expense: food Oftentimes, payday comes with the temptation to order out, instead, planning exactly what meals you will eat in a month can go a long way.
For example, how many chickens do you eat in a month? What are your staples, such as rice, pasta, etc? What are your go-to meals? These are questions you can ask yourself so that by next month, you have food (a necessity) no matter your bank balance.
If you struggle with budgeting, doing so for one aspect of your life (for example, food) is a good first step. Establish what steps you need to make first with your salary to ensure your peace of mind in less than a month.
Watch TikTokker @jenn.nxumalo, who showed people her routine after getting paid not to get carried with the buzz of payday. In the video, she detailed her budgeting method.
Soft life doesn’t mean living hand-to-mouth
While many deal with their desperation at month end through humour, workers’ not having enough money for 30 days is a symptom of late-stage capitalism. America, the wealthiest country in the world, has a workforce in which the majority lives paycheck to paycheck.
The Aspen Institute reported that 61% of Americans do not make it to payday without stress and anticipating their salaries. Most (72%) of Americans also do not feel financially secure. These numbers paint a grim reality, yet many consider the US a model economy.
If you get worried financially before payday, you are likely one of many South Africans living beyond their means. According to BNN Bloomberg, the country’s biggest lender, Capitec Bank, reported that 62.5% of most household’s income goes to debt
. The rising interest in presenting as if one has a luxury lifestyle can have detrimental effects. THE CEO of the Capitec Bank, Gerrie Fourie, described the bank’s customers as people who “are not disciplined enough” and “want to keep up with the Joneses.”
Reckoning with the reality of what you are earning can be a sobering but necessary exercise. Asking yourself if you are being financially honest with yourself can mean finally being able to live without looking at the calendar in anticipation of a few digits that will help you relax (temporarily.)
Leave a reply