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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      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”

      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