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, but usually, a company will have the same pay period for all employees.

If you are considering a job that pays once a month or has the option of choosing the frequency of your pay period, you might be looking into the pros and cons of getting paid once a month.

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

Step one: know your income and expenses

When creating a budget, first, know all the expenses you have. Go through all bank statements and list every bill you can find and when they are due.If something is a variable expense like electric for example, then look for an average bill amount.

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. Add this money to cash envelopes so you can stay within your budgeted amount. Have them marked for weeks one through 4 (or 5)

Step two: plan for other variable needs

Step three: create a zero based budget

Plug all of the numbers into the budget and make sure they equal out to zero. A zero-based budget is fantastic because every dollar has a job. And with a little practice, all your money will have a system of its own.

Step four: cut back on spending

If you find you are overspending and have more month than money, it’s time to tweak the system. Creating a budget is all about trial and error. Consider being a little more frugal and cutting out things that are not a need.

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