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 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