Everything you need to know about: Monthly payday
You're on your way to work when you receive a notification from Yolt saying "Money in! You’ve received a juicy sum". A feeling of joy washes over you and puts a spring in your next few steps. You get to your desk, tap the notification, smile and take a long and satisfying slurp of your soy-milk latte. Payday has arrived! Your bank balance looks familiar again and you can finally save, pay your bills and treat yourself. All of your hard work has paid off (literally) and it's not even the end of the month yet.
So, what's this all about?
For some, getting paid once a month can be a strain. For others, it brings a host of new possibilities. Either way, figuring out how to make your money stretch is a fine art, so it's handy to create spending and savings habits that work well with your salary cycle. Our mission at Yolt is to empower you to do more with your money, and setting up your Monthly payday in the app is just one of the many ways to get started. You can even customise your monthly or four weekly pay cycle, so whether you get paid on the last working day of the month or every forth Tuesday, your Yolt app will accurately reflect what’s really going on with your money!
Ok, how do I set it up?
Head to the accounts tab and tap on the settings icon in the top right corner, then scroll down to ‘Set up payday’ in the menu. Your app will offer you the choice between a fixed or custom payday. If you know you’re going to be paid on the 25th of the month come rain or shine, then tap the Fixed payday option and simply select the date that you get paid.
If your payday tends to be a little more nuanced then select Custom payday, where you’ll have the option to personalise your payday in monthly or four weekly cycles. Here you can set up at what point in the month you’ll be paid (the last, first, second to last, all that) and the day. Is your payday on the second to last Thursday of the month? Our Custom pay feature has it covered!
Once you’ve selected your payday frequency, the fun really begins! We'll apply some magic that will set each month to begin on payday. This means your left to spend, total balance and other useful insights will be a reflection of the chosen period instead of a calendar month. With Yolt, it has never been easier to track your spending from payday to payday. Simple!