Budgeting question, how to live on one paycheck a month

Budget101 Discussion List Archives Budget101 Discussion List Budgeting question, how to live on one paycheck a month

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      I am disabled and so is my special needs daughter. We get our

      checks the first of every month.

      I pay for necessities first, then the rest

      Whatever I have left I budget the least amount I can on groceries,

      I plan my menus for 2-3 weeks and shop for that

      Then I freeze a lot of leftovers and make casseroles

      Anyway, I pay all my bills at the first of the month.

      In the past when I got some back child support I paid some of my

      bills a month in advance, so that I was a month ahead and could just

      pay all of my bills when my checks came in.

      It sounds as if your salary will allow you to do that.

      If you could double pay a bill or bills and get a month ahead, then

      you could write out all of your bills when your paycheck comes in

      and be done with it, and not have to worry about what dates they

      are all due.

      I don’t have any credit card debt, as I screwed up my credit so

      royally when I was younger that I could never even get a credit card

      ( thank God they turned me down!) My debts are old hospital and

      medical bills when my children and I did not have insurance or the

      part that insurance did not pay, like my hysterectomy.

      Also some really dumb ones like fingerhut and hickory farms where my

      ex and I ordered stuff for Christmas one year and just could never

      pay it back.

      I don’t even know how to get a free credit report to see what all is

      on there does anyone know?

      I do owe student loans. I took out $5,000 and became disabled and

      now I never repaid them, so the balance has gone up to over $8,000

      and they have added interest and sold my loan to other companies

      over and over.

      This was 10 years ago. I have applied many times for the debt to be

      forgiven as I am disabled and they were supposed to be, but, they

      are still calling me and the amount keeps rising.

      I am the mother of 3 teenagers and 2 are special needs. I just

      cannot bring myself to make a payment on them every month.

      I guess I really need to do that, I feel so overwhelmed, like I

      will never pay off that amount with interest being tacked on with a

      $20 or $50 a month payment, you know?

      Monika

      — In Budget101_@yahoogroups.com, Herlean wrote:

      >

      > 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 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.

      >

      >

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Budget101 Discussion List Archives Budget101 Discussion List Budgeting question, how to live on one paycheck a month