(Closed) HELP!!! How to Create a Budget when you get paid once a month!

posted 5 years ago in The Lounge
Post # 3
Member
3980 posts
Honey bee
  • Wedding: August 2013

i only get paid once a month too. The first thing I’d do is call all your bill places and ask to change the due date on your accounts. Most places this isnt’ a problem. I’d say have them due aorund the 5/6th of each month. Then pay all your bills the day you get paid. The money is out of your account and you won’t be seeing it there and thinking you can spend it 🙂

If a few don’t let you change the due date, you can always pay it early and there is no problem. you don’t have to wait until the due date

Post # 5
Member
3980 posts
Honey bee
  • Wedding: August 2013

Look back at your past months expenses. How much did you pay in gas? How much were groceries?

If you don’t have that information – guestimate. I know I fill up the car about once a week and it’s about $40 each time.

For groceries, I do a major grocery run at the beginning of the month – get all the stuff that won’t spoil by the end of the month. Then I do a small, once a week shop for the perishable stuff like fruit and vegetables 

Post # 6
Member
524 posts
Busy bee
  • Wedding: March 2013 - Callanwolde Fine Arts Center

If you’re still getting paid the same amount and you’re struggling with budgeting, you could just have your pay direct deposited to your savings account and then auto transfering half of it over to your checking account on the 15th and 30th.

Post # 8
Member
2183 posts
Buzzing bee
  • Wedding: November 2011 - Florida Aquarium

I get paid once a month, and I love it. I would see if you can change all of your bills to be paid within the first two weeks of the month. If there’s one or to stragglers, you just have to note monthly that you’ll need X amount to pay it (for me, it’s my student loans that come later).

Also, be sure to deduct your savings right off the bat. I have money direct deposited into our savings account from my paycheck, so we never see it as money we can readily spend. It speeds up savings substantially.

 

Post # 9
Member
236 posts
Helper bee
  • Wedding: September 2011

Do you use a credit card for groceries, gas, and other items?  I get paid twice a month, but the way I do it is I pay for the previous two weeks of expenses on my credit card when I get paid.  Anything left over after the credit card payment, also taking into account bills that need to be paid before the next pay date, will be moved into savings.  Could you do something similar and pay for the previous month’s variable expenses (on the credit card) and just keep money in for upcoming bills and some money for “just in case”?  I like the suggestion to call and have your due date changes for your bills – I haven’t ever though of that!

Post # 10
Member
272 posts
Helper bee
  • Wedding: May 2015

we use a credit card to pay all of our bills and whatever extra stuff we have budgeted and then just pay that bill off every month. it really is less of a headache and you never need to worry about overdrafting because you haven’t gotten paid yet

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