Do THIS When You Get Paid (Paycheck Routine)

Do you feel like your money disappears as soon as you get paid? In this video, I'll share my 3-step paycheck routine so you know exactly how to set up an automated money system & finally feel like you have money to spend.

Ramit Sethi is the host of Netflix's "How To Get Rich" and New York Times bestselling author of "I Will Teach You To Be Rich"

[Joce]

My goal is to buy several of your books to donate to the library in my low-income neighborhood. This can be a game changer for people.

[kristinasophia]

When the paycheck comes be it as little $25 or as much as $1k just get started. You will never know how fast you will hit the milestone except you start. Invest too you will be happy you did pals

[indiacarter]

I know you hate spreadsheets, but I love them. I have a budget for 6 major categories and check in weekly with my husband. I have 6 HYSA set up for different goals. I manually go in and do payments for CC and bills. We saved over $4k last month (50% of our income)🎉🎉

[steveszolman]

You have changed my life. I’m 39 going on 40 this year and I finally understand my finances! When my wife and I get paid biweekly we truly look forward to watching all our money automatically go to where it needs to go. We were living paycheque to paycheque and had no idea where our money was, and where it was going. Somehow we now have money and don’t feel like we have sacrificed anything. Just realized what we really wanted in our life.

I honestly hope to meet you one day to shake your hand and say thank you.

[seluinitaufa]

Paying myself first was a real game changer, on pay day savings first, then bills, then spend the rest, managed to save 15k in just over a year. Not a lot but more than I have ever had sitting in my account. This is after working for 11 years lol. Yes automated saving is the way to go.

[jm]

One very helpful automation for me, since I get paid every two weeks, is to move half a month's rent into a rent-only savings account and I pay my rent from those funds. It's great knowing ahead of time that I won't have to worry about my checking account being too low to pay rent. Also, I've been able to save a buffer over the years with the occasional third paycheck in a month.

[MidlifeMoneyMoves]

I am slowly, surely, and aggressively working on getting my financial life in order after 54 years of being totally self-employed and lost. Ramit, your book and these videos have been a huge part of making financial knowledge accessible and in fact inviting to someone like me. I can't thank you enough for your work!

[stefflores]

Automation was the biggest game changer I learned from your book! I have my paycheck split into 3 accounts on payday, 1 checking account for bills, 1 savings account for sinking funds and investing, and a 2nd checking account for spending money, that is also where I pay off my credit cards from. I don't have to do anything to make sure everything gets paid while I'm also saving and investing. Love the low effort of it all!

[ChanteLorato]

The last section is super helpful for those of us who contract! It is always so difficult to find budgeting tips for those not on fixed income so thank you for including this super helpful section! :)

[tammyrussell]

I truly appreciate that someone lines out exactly HOW to do this! A lot of people are just saying do x, y, z, but not very often do we hear anyone break down exactly HOW to do these things!
Incredibly relieved to find out I'm already doing these things, but just not so structured. Appreciate the organization! Thank you!

[debbieframpton]

I live on Social Security first thing I do is put a set amount of money into savings ( 20%) pay all my bills the only thing I pay yearly is my real estate taxes the rest ( I get paid 3rd Wednesday ) I divide by however many weeks that check has to last that's my budget been doing this since May of 2020 works for me

[andreamckenzie]

I like this! I do something similar actually, where my paycheck is actually divided by payroll and broken out directly into my Fixed Expenses Account, Emergency Savings Account, Guilt Free Spending Savings account (like saving for vacations and w/e), and general checking. It's worked for me thus far! Just always re-evaluating to be sure I actually have the fixed expenses properly accounted for 😅 next is setting up automatic payments for most of my cards, already have it for my utilities.

[jlwoods]

If your employer allows you to do allotments with your paycheck, you can have portions of your paycheck sent to other accounts automatically. I do this for my savings account and investment accounts. It works well and requires no action from me.

[marialopresti]

I have learned so much in the past year reading your book and listing to your podcast at age 58 I finally got it all under control thanks to you. You made it all so easy to understand and now I'm investing aggressively. It's NEVER TO LATE Thank you

[candy]

I just paid off my car loan last week and that created a ton of margin in my budget to put more to my last debt —my student loan. Also, I can save more and create a bigger buffer. I pay my credit cards every week. I’ve been doing it for many years and it has become second nature 😅 I do have automatic transfer through payroll at my job to send to my health savings account, which is nice because I don’t have to think about it. I’m definitely thinking about changing my due dates for my bills though

[ignaciomunoz]

Got this as a suggestion from YouTube and didn't expect to get blown of my mind with this routine. I'll switch my money management system to this routine that seems easier and better than my current one. Thanks!

[justkimintheworld]

I do this but I made sure to set up due dates for a few days after my payday so that there's a couple of days of buffer between the two in case something goes wrong with my direct deposit. So if you get paid on the 1st set up due dates for the 5th.

I used to work in customer service for a major credit card and there were so many people who didn't understand that you can actually pay your bill early. So if you get paid on the first and your credit card bill isn't due until the 17th, it's not a huge deal. Just pay your card on the 1st or 2nd of the month. There is no rule that says you have to wait until the exact due date to make your payments.

[oreo]

Careful to check what your bank does with their bill pay system. I had to switch banks because the bank I was with didn't deduct the check amount until the payee cashed the check. Sometimes the payee wouldn't cash the check for weeks and then SURPRISE!! Try to find a bank that will deduct the check the day you schedule it so the surprises wont happen.

[usha.ck]

Love this guy !! Simple & straightforward, no BS with his tips 🙌🏽💰💰

[Donald-George]

I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.