Whether your payday arrives every Friday or every other Friday, payday is definitely the highlight of the week. How to spend your payday depends on your goals. Are you a saver, or a buyer, typically?

When payday comes around, do you dutifully deposit a percentage of your payday check immediately into a savings or money market account? Or do you cash it and spend your payday buying lavish gifts and enjoying a good restaurant meal with a loved one? Both payday options can be good, though as always, moderation tends to win out.

Payday problems occur when you spend money faster than you earn it. Anyone who has ever had the misfortune of bouncing a payday check knows what a pain it can be. First you have to pay a penalty, and then sometimes your bank enforces a separate fee, too. Payday checks are probably best spent in a combination of buying and saving.

If you can possibly set aside even ten dollars per payday check, you'll thank yourself later for it. Even supposedly paltry sums add up to a retirement fund. Even better, ask your boss or company employer to set aside a portion of your payday check for you each time. That way you won't even miss the money. If a 401(k) account is available from your employer, they usually have provided matching funds each time you deposit some money from your payday check.

In twenty to thirty years that payday money will have grown to a substantial amount. Even if you work only a part time (twenty to thirty hours a week) job the payday savings will really add up. Strange but true: eighty percent of the United State's millionaires were not born into money. It is feasible that you could save your way to success. Go for it!