Subscription Modal Banner
Weekly newsletter subscription
Get CompareHero’s top tips and deals, plus an exclusive free guide to investing, sent straight to your inbox.

I agree to the terms and conditions and agree to receive relevant marketing content according to the privacy policy.

Success Tick Icon
Congratulations on successfully joining CompareHero Newsletter

Avoid These 5 Bad Payday Habits If You're Broke All The Time

Fatin Haris

Fatin Haris

Last updated 24 May, 2022

It's payday week and we’re sure you couldn't be more excited about it. Finally, it's time to spend all your hard-earned money this month but what happens when you’ve spent it all… Wait again till next month? You have the power to stop this right now! Check out 5 bad payday habits to avoid if you want to stop living from paycheck to paycheck

Not setting goals

You know you need to save money, you know you need to pay your bills on time and you also know you need to set aside an emergency fund. But you don't do any of these cause you believe you will change and be better when you get your next salary. Let’s start fresh this month! Set a clear goal on how you want to spend your money and try to commit. If monthly goals are too much for you, start with weekly goals. Small wins are crucial in developing long-lasting good habits.

Related: 5 Tips To Budget and Plan For Your Expenses Better in 2022

Not paying off debt on time

Try to clear off your bills and debts as soon as you receive your salary. Alternatively, you can also set aside all monthly commitments so you won’t accidentally use the money for other things especially if you have a YOLO mindset. Enjoying the money you work hard for is not wrong in fact, we highly recommend you to do so but never to the extent of neglecting your priorities. Paying your debts and bills late will lead to a bad credit score. Find out how a bad credit score can ruin your life, here.

YOLO mindset

#TBH there’s nothing wrong with the YOLO mindset because you literally only get one chance at living but that doesn't mean you can be careless about everything. When you get your salary, remember your goals, pay off your debt immediately, and only spend within your budget. Be creative in finding ways to have fun without spending money. As a start, we’ve found this list of 105 things to do that don’t require any money

Not tracking your spending

This is another common mistake everyone tends to overlook. Try to track your expenses moving forward to understand your spending habits. The easiest way to manage your finances properly is via money management apps such as Spending, Money Manager, and Fast Budget. All of the apps listed in this link are mostly free, so there’s no excuse not to try them!

No retirement plan

“…but I already got the Employees' Provident Fund (EPF)?” You’re absolutely right. Every month you contribute to EPF for your retirement but you can only withdraw the money when you’re 55 years old. Do you plan to work till then? If not, start planning ahead!

Breaking bad payday habits will take time and dedication but will eventually pay off if you don’t give up. Acknowledge your mistakes and always try to improve yourself!


Use a personal loan to consolidate your outstanding debt at a lower interest rate!

Subscribe to our newsletter to stay up-to-date with exclusive money-saving tips & great deals