How to manage monthly pay cycles

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

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