Money expert shares 5 things to do as soon as you get paid

A TikTok financial guru has shared five steps to take as soon as you get paid

Pay day doesn’t just mean an opportunity to treat yourself, it’s a chance to take control of your financial future. With the rising cost of living and continuing uncertainty in the economy, putting your pay check to work wisely matters more now than ever before.

That’s the message from money expert Faro going viral on TikTok under the handle @financebyfaro. He breaks down a simple and easy-to-follow plan to boost savings, slash debt, and start growing your wealth.

In the clip, Faro says his guide comes from his experience “as an accountant and finance expert” – and his steps are grounded in mainstream financial advice. If you’ve ever wondered what to do as soon as you get paid, this plan could help you build financial security, and set you up for the long term.

“Thank you for the help,” commented one happy viewer, while another added: “Great information”. A third replied: “Great tips, thanks for sharing” and a fourth continued: “This is great advice, thank you”.

Clear high interest debt first

Faro’s first recommendation is to clear any high interest debt as a matter of priority. He explains how “any debt over 8% is considered high interest” and points to credit cards, payday loans or personal loans as common examples.

According to the UK’s non‑profit money guidance service MoneyHelper, paying off the most expensive debt first saves money over time because the cost of high‑interest borrowing can far outweigh what you’d earn from savings.

Save, save, save

“Leave some money in my current account so that I can cover two months of living expenses, nothing more, nothing less,” notes Faro in the video. Financial planners say say this helps you meet near‑term bills without keeping too much idle cash.

According to HSBC, money sitting in a regular current account typically earns very little interest, so keeping only essential funds there can make your money work harder elsewhere.

Set up an emergency fund

Third, Faro urges people to prepare for the unexpected: “I would save three to six months of living expenses in cases of emergency.” According to NerdWallet, financial planners commonly recommend an emergency fund of this size so you’re protected against job loss, illness or urgent repairs without resorting to credit.

Contribute to your workplace pension

In his video, Faro explains: “I would contribute to my workplace pension. If my workplace is offering a match, then I’ll contribute enough money just to get the full match.” The Pensions and Lifetime Savings Association notes that employer matching contributions are effectively free money, boosting your retirement savings with a guaranteed return you won’t get from most other investments.

Invest in a tax-advantaged account and low-cost index funds

Last but not least, Faro advises people to “open a tax advantage investing account and put my money into a low cost index fund,” sharing a list of funds in the video. According to The Open University, tax‑advantaged accounts like ISAs allow UK savers to grow investments free from income or capital gains tax, and low‑cost index funds have historically delivered strong long‑term returns compared with trying to pick individual stocks.