It seems that the majority of people get paid every two weeks, but that has rarely been the case for me. Most of my jobs have been faculty positions in colleges where we were paid once per month. Since I’m not married, there was never another person in the family getting paid every couple of weeks to help offset this once per month paycheck.
If you find yourself in a similar position where your family is only getting paid once per month, you know that some months can feel REALLY long. I’ve managed to come up with several ways to help get by and keep the bills paid when you are only paid on a monthly basis.
I am assuming you make enough money to pay your bills and basic necessities. If you are not, then some of these tips won’t work. You’ll need to first focus on ways to earn more money or cut your expenses, which are covered elsewhere on this blog. But if you know you make enough money, and are just having a hard time making it stretch, this is for you.
1. On payday, go ahead and pay all of your monthly bills.
This is the case, no matter when they are due in the month. First of all, if the money is gone, you cannot use it for frivolous spending. Secondly, you have the peace of mind knowing that your bills are paid for the month. Knowing that bills are coming due soon is such a stressor. By getting them all paid right away, you don’t have this concern. If you have bills on autopay on their due dates, then you should go ahead and mark the bills as paid in whatever system you use to track your money. That way even if the money isn’t technically gone from your account, you will trick your brain into thinking it is.
2. After the bills are paid, fund your savings and/or investments.
The amount you put in savings will vary depending on a number of factors that I am not addressing in this article. But you should definitely have some savings goals and this should be your next step. However, if you are struggling to make ends meet, skip this step and go to step 3 for now. Come back to it later if you have money left over.
3. Figure out how much money you need for groceries, gas, eating out, and incidentals.
Make a note of the amount you need for these expenses and stick to it. If you feel that you cannot be trusted with your debit or credit card, then a good tip is to pull this amount of money out of your bank account in cash. Or, if you hate carrying around cash, you might want to open a separate checking account just for this purpose. Only put enough money in it each month to cover these specific expenses. Do not use this money for any other purpose. And do not pull money from anywhere else for these expenses. This forced budget will make you be more aware of what you are spending when you are at the grocery store or coffee shop. When the money is gone for the month, then it’s gone.
4. Any money that is leftover after the first three steps are complete can be used for whatever purpose you want.
This can be your fun money for the month. You can also go back to step 2 if necessary.
Getting paid once per month takes some getting used to. But once you get the hang of it, there are some benefits to it. My favorite part of getting paid once per month is just sitting down and wiping out an entire month’s worth of bills in one fell swoop. I absolutely hate paying bills, and this monthly ritual is such a relief to get through each month. It definitely takes some planning and careful money management skills though, especially if you are not used to it.
Make money at home!
Sign-up for our free email course on making more money from home. We teach you where to find legitimate work-at-home jobs and how to avoid scams. We also teach about online businesses that can be started in your spare time and have unlimited income potential. All for free!
Quick Links to Info on this Page:
- 1 1. On payday, go ahead and pay all of your monthly bills.
- 2 2. After the bills are paid, fund your savings and/or investments.
- 3 3. Figure out how much money you need for groceries, gas, eating out, and incidentals.
- 4 4. Any money that is leftover after the first three steps are complete can be used for whatever purpose you want.
- 5 Make money at home!