How to Budget When You Get Paid Once a Month

How often you receive your paycheck can have a significant impact on how you budget. There are some employers who give you a choice of how often you are paid.

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Step one:  know your income and expenses When creating a budget, first, know all the expenses you have.

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5 Easy Steps to Budgeting When You Get Paid Once a Month

Decide how much you need to spend on groceries, gas, date nights, and any other activities in your life. Consider grocery shopping once a month.

Step two: plan for other variable needs

Plug all of the numbers into the budget and make sure they equal out to zero.

Step three: create a zero based budget

If you find you are overspending and have more month than money, it’s time to tweak the system.

Step four: cut back on spending

Be sure to give yourself some fun money. Having an allotted amount of money will help with the feeling of restriction.

Step five: don’t forget fun money

There are four types of pay periods; weekly, bi-weekly, semi-monthly, and monthly.

What are the different types of pay periods available?

What types of industries typically have monthly pay periods?

If you are a military member in the Army or Air Force, you can opt to have your payment in a monthly lump sum.


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