10 common mistakes you must avoid with your salary this month

After days of anticipation, the date marked on the calendar is finally here. Yes, it is payday this month! Of course, it could not come at a better time because everyone knows the last five days before this date are never easy.

The stress and overthinking, accompanied by the crawling hands of the clock, are enough to bring a tear to any employee’s eye.

For those who have received that heart-melting notification from the bank, congratulations, you survived another month. But if you are yet to receive yours, hang on champ, ‘joy is coming.’

There is no need for you to rinse and repeat this nightmare by exhausting this month’s salary and facing the harsh reality of being broke again. Sometimes it is not your fault. Responsibilities can be overwhelming, and besides, why not enjoy your hard work and chill with the boys or girls?

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Or perhaps you think you are used to it. Honestly, no, you are not. So before you see your money depleted like the last data bundle you bought, have a peek at the brighter side. Here are 10 common mistakes you must avoid with this month’s salary.

The alert just dropped and you are already on that online shopping app or Instagram page making an order. Relax, take a deep breath, clear the shopping basket and turn off your internet connection. Okay, maybe not your internet connection, you still need to finish reading this article.

Your money should follow you, not the other way around. Budgeting does not mean you cannot have fun. It means you know how much fun you can afford without crying later.

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As soon as you get paid, split your salary into three parts. For example, essentials such as rent, utilities, and transport; savings and investments; and flex money, yes, enjoy! You can make this simple by using tools like the Notes app on your phone or a sheet of paper on your fridge.

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‘Soft life’ sounds familiar, right? Well, everyone enjoys it. You may have come across that flashy intercontinental restaurant or well-decorated local food spot, or just that outfit to include in your ‘monthly dump’ on X (Twitter).

The pressure is real, but here is the mindset shift. You do not need to prove anything. Real financial peace comes when your lifestyle matches your income. So before you swipe your card on another “soft life” moment, ask yourself if it is for you or for the algorithm.

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Most people save what is left after spending, and often that is nothing. Flip the script: pay yourself first by setting aside a savings percentage as soon as you get paid. Even GHS 100 a month adds up, builds habits, and protects your future.

Your rent, utilities, data, and any debts will not disappear just because you forgot. If you do not plan for them the moment your salary hits, you will end up scrambling or borrowing. Prioritise fixed expenses first and then plan around the rest of the money.

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Life happens to everybody: sickness, job loss, broken phone, sudden ‘urgent’ family issues. Sometimes it feels as if your money attracts such unplanned circumstances. But remember, without an emergency fund, you will fall back on debt or loans. Start small. Even GHS 50 monthly can build a safety net that saves you when life throws surprises. Peace of mind is priceless.

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You see that quick loan you always take? It ends up increasing whenever you pay with portions of your salary, creating an endless cycle of loans. If your salary disappears within days and you are topping up with mobile loans every month, that is a red flag.

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High interest rates and short repayment periods can trap you in a cycle of debt. Loans should be a last resort, not a monthly lifestyle. Break the cycle now.

“50 per cent off” is not a good deal if you did not need it in the first place. Sales tempt you to spend on things you never planned for. Before buying, pause and ask yourself, do I really need this? If it was not in your budget, skip it no matter how tempting the discount may be.

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Keeping all your money in your wallet or savings account means missing out on growth. Even small amounts can grow steadily through shares, mutual funds, or treasury bills. Start investing early and your future self will thank you for it.

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Helping family and friends is important, but sending money beyond what you can afford can drain your salary fast. Set clear limits and stick to your budget. Do not sacrifice your financial goals to avoid short-term pressure or guilt. Your stability comes first.

Using your salary to gamble on sports might seem like a quick way to earn cash, but it is risky and often leads to losses. Betting is never a reliable income source. Instead, focus on saving and investing. That is how real wealth is built over time.

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Avoiding these common salary mistakes can transform how you manage your money and set you on a path to financial freedom. Remember, it is not about how much you earn but how wisely you use it. Start budgeting, save first, invest smartly, and say no to unnecessary pressure. Take control today and watch your financial goals come to life.