Posted in budget, Debt management, income, Payday

Paycheck budgeting

Depending on how often I’ve gotten paid throughout my adult life, it’s affected how I pay bills. I’ll admit, it was much simpler when I got paid once a month and just pay all my bills with each check. And it forced me to budget what was left over much easier. And I always felt broke for the rest of the month.

Then there’s the weekly paycheck. I’ve been through the weekly. It felt like I actually had money, but it forced me to divide my bills up into 4 pay checks and hope I get everything paid off at the end. It was quite stressful for me.

More recently, I’ve been paid twice a month or every other week. The results are quite similar for these two, at least in my experience.

Now, I divide my monthly payments into two payments. For the most part, the bigger payments I actually divide in half. The smaller payments, I can divide it into two payments each or I can pay one bill one week and another at the next check. It’s all about keeping track of what’s being paid and how much is owed when.

The last thing I want to do is miss a payment and end up paying late fees. I’ve been known to pay late fees and right now, I’m trying to avoid that! I could save so much money if I stop the late payments!

I’ve attempted the Excel spreadsheet budgeting, but it hasn’t been very effective for me. I’m going to start using a calendar to show myself when and what I’m paying and how much is going where. I’m a visual learner, so I need to see my due dates and payments. It is a new way of tracking my budget and payments that might be a lot of work, but I’m sure it’ll be useful for me in the end. I’ll post later on my progress.

I want to do the cash spending as well, so any spending money for the week or specific time period is to using cash only. I still need to work on this as I’ve already failed with this paycheck.

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Author:

Daughter, sister, mother, wife. Most of all, follower of Jesus Christ. Avid reader and amateur book review blogger; WAHM-to-be.

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