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When your paycheck hits your bank account, what happens?

Do you immediately need the money to cover bills, or are you able to save some of it? Do you celebrate by treating yourself or just absorb the money into your household's regular cash flow? Are you counting the days until your next payday, or do they come and go like any other day?

For context, the average American spends 40% of their paycheck within the first 48 hours, according to a new survey from FinanceBuzz and Wells Fargo. In most cases, they use that money to pay bills and then treat themselves to something fun. But they also start feeling financially stretched four days before their next payday, often having at least one bill due beforehand, the survey shows.

If you're living paycheck to paycheck, spending money as soon as it arrives is often unavoidable. Over half of the 2,000 people FinanceBuzz surveyed blamed the high cost of living and unexpected expenses when asked why they run low before their next payday.

But if you feel like your paycheck disappears into a money sinkhole every two weeks, other factors could be at play:

•   The illusion of having more: Getting paid makes some people feel flush with cash. Columbia University research has found that some people increase their spending by over 25% on payday, particularly on discretionary purchases like fast food, clothing, and entertainment. "People see the full number hit their account before mentally subtracting everything that money already has to do," said David Gokhshtein, founder of Gokhshtein Media and host of The Breakdown. "For a moment, it feels like you have more money than you actually have."

•   The 'fresh start effect': This first came up in 2014 Wharton business school research that found that temporal landmarks (like the beginning of a new week, month or year) create a psychological "fresh start." Payday is a classic example, according to the U.K. spending app EarmarkIQ. "Your account balance creates a false sense of abundance," its blog said. "The psychological fresh start can actually work against you if it is not channeled."

•   The desire for instant gratification: This one is self-explanatory. It's harder to prioritize longer-term financial goals if you're thinking about what feels good in the moment. In fact, as classic markers of financial success (e.g. home ownership) feel less attainable, many younger Americans are emphasizing short-term fulfillment. "Americans are trained to buy now, feel good now," said Yvette Currie, a San Diego therapist who specializes in financial anxiety. "It's a feel-good quick-fix elixir."

So what?

Some people are financially stretched because of simple math: Their income just doesn't cover their basic expenses.

But if it's more than that, here are some ways to help you resist overspending.

1.   Create a realistic budget to put some parameters around your monthly expenses. (A budget app like SoFi's can help.)

2.   Set a (low) dollar limit on what you can spend on any post-payday fun, and let yourself actually spend it. (Full deprivation often backfires.)

3.   Impose a 48- or 72-hour pause on any non-essential purchases to avoid impulse buys.

"A secure financial future is a marathon, not a sprint," said Currie. "Think compound interest. Think delayed gratification."

Related Reading

Dating Someone With Debt? Questions to Ask When You Notice Red Flags (Credit Counseling Society)

More Americans Are Choosing to Live Paycheck to Paycheck (SoFi)

The Psychology of Money: Why We Make Irrational Financial Decisions (Simply Psychology)

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