When you’re living paycheck to paycheck, budgeting and saving can seem overwhelming. Sometimes, just knowing where to start can be the hardest part.
There are lots of different budget methods. Finding one you can stick to is key.
With the paycheck planning method, you will be paying expenses that occur before the next paycheck. Many people find success with this method because it forces you to check your budget – savings and expenses – frequently.
For this example, we’re budgeting based on bi-weekly paychecks.
- Organize your bills into two categories: first paycheck and second paycheck. Do this based on the due dates of the bills and when you’re paid. Pay items that fall between the first and second paycheck with the first paycheck. Pay items that fall after the second paycheck with the second. Check into moving the due dates of some of your bills to better balance between the two paychecks. Don’t forget to include things like gas or groceries that may change weekly.
- Plan for discretionary spending like clothing, haircuts or birthdays. These may vary month to month.
- Pay off debt or save for a big expenditure with the remaining money.
Tip: Receive real-time alerts from First PREMIER Bank and stay on top of payment due dates.
That’s it! This method is straight-forward and easy to implement. Take control of your financial future with a budget method that works best for you.
This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.