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  1. #1
    stantonpa
    Guest

    Default Budgeting question, how to live on one paycheck a month

    Hi

    This is a strange question to ask and I need some advice.



    Recently I changed jobs after 21 years in the drafting field I

    changed jobs and companies. My new job is cost estimator. I have

    never done anything like this before so I am excited to be doing

    something new. My background in engineering will be helpful with

    quoting for my new job. The pay scale was also a factor in my career

    change.



    My question really is about living on a once a month payday and

    budgeting bills.



    For 21 years I was paid every weekly but the new company I am working

    for only pays its salary employees once a month (Last Thursday of

    every month is now my payday.) I started work on September 24 so my

    first check will not be until October 25 according to the personal

    manager. This just took me off guard and has already put a strain on

    my savings. The other kicker to this is after years and years of

    letting my debt get out of hand, I started a "debit diet budget" to

    get my money under control. However, I was only two months into this

    budget when I started this new job. My budget right now is surviving

    on my saving to get me through this month to my fist paycheck.



    Is there anyone else out there working at a job that pays like this?

    Can you give me advice on the best way to pay bills?



    Examples of random thought I have had.



    -I could pay the bills as they come in one by one. (Quick turn

    around / in and out thinking)

    -I could continue pay the bills as I have been by sorting them out

    by what week the due date and sending out at the appropriated time?

    (This would be a controlled and calculated budgeting as I have been

    doing)

    -The other option is to set up direct payments from my account to

    bill company's so they can just take the money when due. (Don't

    worry and let them do as they will attitude)



    I have thought of pro's and con's to all of the above options.



    I am just looking for some advice from others in my situation.



    Living on this month to month will take some time to adjust I know

    already. I now have a running joke with my family that this is just

    my first step into living on fixed income and retirement.










  2. #2
    Jan Patterson
    Guest

    Default Budgeting question, how to live on one paycheck a month

    Ahhh drafting the feast or famine field. LOL! I would recommend that

    any bill you are paying interest on you pay immediately, no matter when

    it is due, unless you have already made this month's payment, then do so

    immediately after the close off date for this month.



    Bills like utilities and others that don't charge interest I would

    write out, put in their mailing envelope with the date it should be

    mailed by written where the stamp goes. Then mail it just before or no

    later than that date.



    The reason I say do it this way is because most interest is figured on

    an average daily basis balance. So the sooner you pay the lower your

    interest will be. And if you find you absolutely must float a bill the

    late fees on these is usually much less than those on charge cards and

    other loans.



    However, if you don't mail the utilities and such immediately you could

    be earning interest in your checking account if yours is one that pays

    interest.



    If you have some bills you can't meet before the first paycheck contact

    the creditors and explain the situation perhaps they will work with you.



    Jan whose draftsman is now the autoCadd co-ordinator for a world wide

    business in OK



    stantonpa wrote:

    >

    >

    > Hi

    > This is a strange question to ask and I need some advice.










  3. #3
    herberkids3
    Guest

    Default Budgeting question, how to live on one paycheck a month

    My guess is that when you DO get paid, the amount will be what you

    need to get used to. Instead of 4 small checks, you'll be receiving

    one large check- which can lead to unwarrented spending when you are

    on a budget, because a larger amount tends to make you think you can

    afford it.



    My suggestion is this- deposit it when you get it, but operate on a

    weekly amount like you would if you still got paid weekly. Sort of

    like paying yourself.



    That way, you can budget for groceries per week, bills per week, etc.



    --- In Budget101_@yahoogroups.com, "stantonpa" <lisa-di-anton@...>

    wrote:

    >

    > Hi

    > This is a strange question to ask and I need some advice.

    >

    > Recently I changed jobs after 21 years in the drafting field I

    > changed jobs and companies. My new job is cost estimator. I have

    > never done anything like this before so I am excited to be doing

    > something new. My background in engineering will be helpful with

    > quoting for my new job. The pay scale was also a factor in my

    career

    > change.

    >

    > My question really is about living on a once a month payday and

    > budgeting bills.

    >

    > For 21 years I was paid every weekly but the new company I am

    working

    > for only pays its salary employees once a month (Last Thursday of

    > every month is now my payday.) I started work on September 24 so my

    > first check will not be until October 25 according to the personal

    > manager. This just took me off guard and has already put a strain

    on

    > my savings. The other kicker to this is after years and years of

    > letting my debt get out of hand, I started a "debit diet budget" to

    > get my money under control. However, I was only two months into

    this

    > budget when I started this new job. My budget right now is

    surviving

    > on my saving to get me through this month to my fist paycheck.

    >

    > Is there anyone else out there working at a job that pays like

    this?

    > Can you give me advice on the best way to pay bills?

    >

    > Examples of random thought I have had.

    >

    > -I could pay the bills as they come in one by one. (Quick turn

    > around / in and out thinking)

    > -I could continue pay the bills as I have been by sorting them out

    > by what week the due date and sending out at the appropriated

    time?

    > (This would be a controlled and calculated budgeting as I have

    been

    > doing)

    > -The other option is to set up direct payments from my account to

    > bill company's so they can just take the money when due. (Don't

    > worry and let them do as they will attitude)

    >

    > I have thought of pro's and con's to all of the above options.

    >

    > I am just looking for some advice from others in my situation.

    >

    > Living on this month to month will take some time to adjust I know

    > already. I now have a running joke with my family that this is just

    > my first step into living on fixed income and retirement.

    >










  4. #4
    M F
    Guest

    Default Budgeting question, how to live on one paycheck a month

    If you have access to a library, look up work book and reading book on Dave Ramsey. He is an excellant financial advisor. We are taking 13 week classes on budgeting, saving, getting out of debt etc. He will tell you that it takes time. When you start the budget it will take at least 3 months to adjust and to see it work. He also tells you to sell what you don't need and get another part time job if you need to. My husband and I will be downsizing when our youngest goes off to collage (which will be in a few years). We have made changes in our choices, but we have to stick to it. It is not a quick fix it is a lifetime change. BUT IT
    WORKS.

    Melissa

    ----- Original Message ----
    From: stantonpa <lisa-di-anton@verizon.net>
    To: Budget101_@yahoogroups.com
    Sent: Monday, October 15, 2007 11:13:05 AM
    Subject: Budget101.com : Budgeting question, how to live on one paycheck a month


    Hi
    This is a strange question to ask and I need some advice.

    Recently I changed jobs after 21 years in the drafting field I
    changed jobs and companies. My new job is cost estimator. I have
    never done anything like this before so I am excited to be doing
    something new. My background in engineering will be helpful with
    quoting for my new job. The pay scale was also a factor in my career
    change.

    My question really is about living on a once a month payday and
    budgeting bills.

    For 21 years I was paid every weekly but the new company I am working
    for only pays its salary employees once a month (Last Thursday of
    every month is now my payday.) I started work on September 24 so my
    first check will not be until October 25 according to the personal
    manager. This just took me off guard and has already put a strain on
    my savings. The other kicker to this is after years and years of
    letting my debt get out of
    hand, I started a "debit diet budget" to
    get my money under control. However, I was only two months into this
    budget when I started this new job. My budget right now is surviving
    on my saving to get me through this month to my fist paycheck.

    Is there anyone else out there working at a job that pays like this?
    Can you give me advice on the best way to pay bills?

    Examples of random thought I have had.

    -I could pay the bills as they come in one by one. (Quick turn
    around / in and out thinking)
    -I could continue pay the bills as I have been by sorting them out
    by what week the due date and sending out at the appropriated time?
    (This would be a controlled and calculated budgeting as I have been
    doing)
    -The other option is to set up direct payments from my account to
    bill company's so they can just take the money when due. (Don't
    worry and let them do as they will
    attitude)

    I have thought of pro's and con's to all of the above options.

    I am just looking for some advice from others in my situation.

    Living on this month to month will take some time to adjust I know
    already. I now have a running joke with my family that this is just
    my first step into living on fixed income and retirement.




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  5. #5
    Jaimie
    Guest

    Default Budgeting question, how to live on one paycheck a month

    Oh My, My husband just changed jobs and was being paid every 2 weeks

    at his "old" job and it would just about kill us by beginning of the

    2nd week. I am glad he now will be getting paid every week.

    My advice to you would be to be a month ahead on everything that you

    can be - house, car, fixed payments.

    Because there were times (alot of times) when a bill was due and he

    wasnt going to be paid until a week later but if your late then you

    rack up late fees.

    Good luck with your new job!





    --- In Budget101_@yahoogroups.com, "herberkids3" <herberkids3@...>

    wrote:

    >

    > My guess is that when you DO get paid, the amount will be what you

    > need to get used to. Instead of 4 small checks, you'll be

    receiving

    > one large check- which can lead to unwarrented spending when you

    are

    > on a budget, because a larger amount tends to make you think you

    can

    > afford it.

    >

    > My suggestion is this- deposit it when you get it, but operate on

    a

    > weekly amount like you would if you still got paid weekly. Sort of

    > like paying yourself.

    >

    > That way, you can budget for groceries per week, bills per week,

    etc.

    >

    > --- In Budget101_@yahoogroups.com, "stantonpa" <lisa-di-anton@>

    > wrote:

    > >

    > > Hi

    > > This is a strange question to ask and I need some advice.

    > >

    > > Recently I changed jobs after 21 years in the drafting field I

    > > changed jobs and companies. My new job is cost estimator. I have

    > > never done anything like this before so I am excited to be doing

    > > something new. My background in engineering will be helpful with

    > > quoting for my new job. The pay scale was also a factor in my

    > career

    > > change.

    > >

    > > My question really is about living on a once a month payday and

    > > budgeting bills.

    > >

    > > For 21 years I was paid every weekly but the new company I am

    > working

    > > for only pays its salary employees once a month (Last Thursday of

    > > every month is now my payday.) I started work on September 24 so

    my

    > > first check will not be until October 25 according to the

    personal

    > > manager. This just took me off guard and has already put a

    strain

    > on

    > > my savings. The other kicker to this is after years and years of

    > > letting my debt get out of hand, I started a "debit diet budget"

    to

    > > get my money under control. However, I was only two months into

    > this

    > > budget when I started this new job. My budget right now is

    > surviving

    > > on my saving to get me through this month to my fist paycheck.

    > >

    > > Is there anyone else out there working at a job that pays like

    > this?

    > > Can you give me advice on the best way to pay bills?

    > >

    > > Examples of random thought I have had.

    > >

    > > -I could pay the bills as they come in one by one. (Quick turn

    > > around / in and out thinking)

    > > -I could continue pay the bills as I have been by sorting them

    out

    > > by what week the due date and sending out at the appropriated

    > time?

    > > (This would be a controlled and calculated budgeting as I have

    > been

    > > doing)

    > > -The other option is to set up direct payments from my account to

    > > bill company's so they can just take the money when due. (Don't

    > > worry and let them do as they will attitude)

    > >

    > > I have thought of pro's and con's to all of the above options.

    > >

    > > I am just looking for some advice from others in my situation.

    > >

    > > Living on this month to month will take some time to adjust I

    know

    > > already. I now have a running joke with my family that this is

    just

    > > my first step into living on fixed income and retirement.

    > >

    >










  6. #6
    janesansible
    Guest

    Default Budgeting question, how to live on one paycheck a month

    That is a very good idea. I usually take out the money I need for the

    ESSENTIALS such as credit card bills, rent and utilities FIRST. Then I

    give myself a weekly allowance out of my own funds so that I can

    monitor my spending. It REALLY helps in keeping track of your money. I

    actually take out my allowance as cash in hand and do not use my debit

    card which guarantees that I stay on track.



    Jade







    --- In Budget101_@yahoogroups.com, "herberkids3" <herberkids3@...> wrote:

    >

    > My guess is that when you DO get paid, the amount will be what you

    > need to get used to. Instead of 4 small checks, you'll be receiving

    > one large check- which can lead to unwarrented spending when you are

    > on a budget, because a larger amount tends to make you think you can

    > afford it.

    >

    > My suggestion is this- deposit it when you get it, but operate on a

    > weekly amount like you would if you still got paid weekly. Sort of

    > like paying yourself.

    >

    > That way, you can budget for groceries per week, bills per week, etc.

    >

    > --- In Budget101_@yahoogroups.com, "stantonpa" <lisa-di-anton@>

    > wrote:

    > >

    > > Hi

    > > This is a strange question to ask and I need some advice.

    > >

    > > Recently I changed jobs after 21 years in the drafting field I

    > > changed jobs and companies. My new job is cost estimator. I have

    > > never done anything like this before so I am excited to be doing

    > > something new. My background in engineering will be helpful with

    > > quoting for my new job. The pay scale was also a factor in my

    > career

    > > change.

    > >

    > > My question really is about living on a once a month payday and

    > > budgeting bills.

    > >

    > > For 21 years I was paid every weekly but the new company I am

    > working

    > > for only pays its salary employees once a month (Last Thursday of

    > > every month is now my payday.) I started work on September 24 so my

    > > first check will not be until October 25 according to the personal

    > > manager. This just took me off guard and has already put a strain

    > on

    > > my savings. The other kicker to this is after years and years of

    > > letting my debt get out of hand, I started a "debit diet budget" to

    > > get my money under control. However, I was only two months into

    > this

    > > budget when I started this new job. My budget right now is

    > surviving

    > > on my saving to get me through this month to my fist paycheck.

    > >

    > > Is there anyone else out there working at a job that pays like

    > this?

    > > Can you give me advice on the best way to pay bills?

    > >

    > > Examples of random thought I have had.

    > >

    > > -I could pay the bills as they come in one by one. (Quick turn

    > > around / in and out thinking)

    > > -I could continue pay the bills as I have been by sorting them out

    > > by what week the due date and sending out at the appropriated

    > time?

    > > (This would be a controlled and calculated budgeting as I have

    > been

    > > doing)

    > > -The other option is to set up direct payments from my account to

    > > bill company's so they can just take the money when due. (Don't

    > > worry and let them do as they will attitude)

    > >

    > > I have thought of pro's and con's to all of the above options.

    > >

    > > I am just looking for some advice from others in my situation.

    > >

    > > Living on this month to month will take some time to adjust I know

    > > already. I now have a running joke with my family that this is just

    > > my first step into living on fixed income and retirement.

    > >

    >










  7. #7
    Herlean
    Guest

    Default Budgeting question, how to live on one paycheck a month

    I have never had to deal with being paid just once a month. I am quite fond of the every two week system. I am not a big fan of letting the company have free will to remove funds from my bank account, even though I recently did it with my mortgage. There were some hiccups, but it is fine now. It was so frustrating at the beginning. Some companies get "happy" and take as much as they want, not just the "scheduled" payment. For example, if your payment due is $15, but you are past due or something, the company takes it upon themselves to just help themselves to $75. If you had not accounted for $75 and they take it, you are going to have a problem there. If you can pay the bills as they come in, I think that would be best. Nothing will be late. You will pay less interest (credit cards, etc.). In our household, we have
    been working on paying debts (1) as they come in, (2) so they are mailed at least 5 days before they are due, (3) more than the minimum, and (4) in line with payroll dates (both my spouse and I work outside the home). Doing it this way, we have paid some bills off in full, incurred far fewer late fees and charges, feel much more in control of our situation and more hopeful at getting out of debt. Herlean

    stantonpa <lisa-di-anton@verizon.net> wrote: Hi
    This is a strange question to ask and I need some advice.

    Recently I changed jobs after 21 years in the drafting field I
    changed jobs and companies. My new job is cost estimator. I have
    never done anything like this before so I am excited to be doing
    something new. My background in engineering will be helpful with
    quoting for my new
    job. The pay scale was also a factor in my career
    change.

    My question really is about living on a once a month payday and
    budgeting bills.

    For 21 years I was paid every weekly but the new company I am working
    for only pays its salary employees once a month (Last Thursday of
    every month is now my payday.) I started work on September 24 so my
    first check will not be until October 25 according to the personal
    manager. This just took me off guard and has already put a strain on
    my savings. The other kicker to this is after years and years of
    letting my debt get out of hand, I started a "debit diet budget" to
    get my money under control. However, I was only two months into this
    budget when I started this new job. My budget right now is surviving
    on my saving to get me through this month to my fist paycheck.

    Is there anyone else out there working at a job that pays like this?
    Can you give me advice on the best way to pay
    bills?

    Examples of random thought I have had.

    -I could pay the bills as they come in one by one. (Quick turn
    around / in and out thinking)
    -I could continue pay the bills as I have been by sorting them out
    by what week the due date and sending out at the appropriated time?
    (This would be a controlled and calculated budgeting as I have been
    doing)
    -The other option is to set up direct payments from my account to
    bill company's so they can just take the money when due. (Don't
    worry and let them do as they will attitude)

    I have thought of pro's and con's to all of the above options.

    I am just looking for some advice from others in my situation.

    Living on this month to month will take some time to adjust I know
    already. I now have a running joke with my family that this is just
    my first step into living on fixed income and
    retirement.



    &#32;_____________________________________________ _____





  8. #8
    Jeanne Perillo
    Guest

    Default Budgeting question, how to live on one paycheck a month

    Something else you can do to help budget yourself better is to call up the companies and ask them to switch your billing date. Maybe it would be helpful to have all bills due in the very beginning of the month that way they are all paid off before you can spend. For my husband and I, my paychecks are the 15th and last day (which can get annoying), my checks are direct deposit into a seperate checking account and then we transfer every week. It's all within the same bank and we do it online and have it set-up as a reoccuring action. Helps us stretch my paychecks better. Jeanne


 

 
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