Stay up to date with your bills
Have you ever woken up in the middle of the night in a panic because you forgot to pay a bill? Or have you experienced that horrible, frustrating feeling when you receive a late fee notice? Try paycheck budgeting to avoid this fate.
Learn how to start budgeting your paycheck
How to pay all your bills on time
In this episode of Queer money® we’ll tell you our No. 1 tip so you don’t miss a bill. David explains that the reason he got into debt was because he had no plan to pay bills and talks about the anxiety he felt because he didn’t have enough money to do the things he wanted.
We also reveal the results of our Queer Money® Facebook group survey on bill payment systems, walk you through our “send it before you spend it” approach to paying bills, and describe how to implement paycheck budgeting, regardless of whether you Be paid weekly, monthly or bi-monthly. Listen in to understand the benefits of always paying bills on time and in full, and learn how to set up systems so you never miss a bill again!
For most…if we miss a payment or are late, it’s not because we don’t have the money. That’s because we simply don’t have a system to remember – and we forget.Click to tweet
Salary Budgeting Topics
What impact it had on David that he had no plan to pay bills
Put immediate needs and wants first
When I got around to paying bills, the balance was low
We didn’t pay the entire amount by credit card, our debts grew
The advantage of always paying bills on time and in full
Improves credit score
Slows debt growth
The Queer Money Bill Paying Survey Results
8/11 have a system for paying bills
3/11 have no system
How to implement salary budgeting if you get paid once or twice a month
Pay bills as soon as you’re paid
Call to negotiate the due date if necessary
How to implement paycheck budgeting if you get paid weekly
Deposit paychecks into the separate financing account
Pay yourself on the 15thTh and last day of the month
Our top tips for salary budgeting
- Automate payments that don’t fluctuate (e.g. rent, daycare)
- Pay bills first and then spend on desires
Here’s another great tip to stretch your paycheck:
https://www.youtube.com/watch?v=TyKO3-ePTr