How to manage monthly pay cycles

October 24, 2017

Getting paid monthly can be challenging but it doesn't have to suck!

 

Getting paid monthly is not an easy task especially if you are used to getting paid on a more regular basis. It can be tempting to splurge when you get paid for the first week while you find yourself scraping coins together or being hit with a bill in the days before your next pay day.

 

 Don't be like Jordan Belfort (AKA Leo)

 

 

Fortnightly & weekly pay cycles can make it easier to budget and manage your cashflow but it is not a clever idea to live pay day to pay day.

 

Here are some tips to make sure there’s more money than days between each payday.

 

 

Save first 

Set up a direct debit which takes money out of your account on payday and puts it into another savings account. It is a good idea to set the savings account with another bank to make it more difficult to access and transfer money for temptations that may arise.

 

 

Bills Bills Bills.

Whether it is rent, credit cards, insurance, gym memberships or other direct debits it makes sense to schedule these for the same day (or day after) you get paid. Making your bills easier to manage and ensures bills won’t creep up on you.

 

It’s usually possible to change the regular due date to whenever suits, just call and ask.

 

Budget or bust

The most valuable tool to managing your money is a budget which tracks incoming and outgoing cash. It helps work on those self-control skills too – that new coat, sneakers or bike might look nice now, but do you really need it? Or can you really afford it

 

 

Important information

 

This document contains general advice. It does not take account of your objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision

 

Please reload

Most Popular

Hit your savings targets easier - part 2

1/10
Please reload

Most Recent
Please reload

Tag Cloud
Please reload

Connect
  • Black Facebook Icon
  • Black Tumblr Icon
  • Black LinkedIn Icon
  • Black YouTube Icon

FSG Wealth Management Pty Ltd trading as Feel So Good Wealth Management, 92 163 250 441 is an Authorised Representative of Count Financial Limited © 2016 Feel So Good Wealth Management   Unsubscribe Privacy Policy | General Advice Disclaimer | 

 

‘Count’ and Count Wealth Accountants® are trading names of Count Financial Limited, ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 (“Count”). Count is 85% owned by CountPlus Limited ABN 111 26 990 832 (CountPlus) of Level 17, 1 Margaret Street, Sydney 2000 NSW and 15% owned by Count Member Firm Pty Ltd ACN 633 983 490 of Level 17, 1 Margaret Street, Sydney 2000 NSW. CountPlus is listed on the Australian Stock Exchange. Count Member Firm Pty Ltd is owned by Count Member Firm DT Pty Ltd ACN 633 956 073 which holds the assets under a discretionary trust for certain beneficiaries including potentially some corporate authorised representatives of Count Financial Ltd.