Timing is everything

You use your money on schedules that are determined by when you regularly buy things and when bills come due.

Buying everyday things, like groceries, lattes and having your car serviced, centers around your life week to week. Bills are normally scheduled for payment monthly.

When you get paid can be on a very different schedule. Planning your weekly and monthly spending based on when paydays happen, therefore, usually doesn't make sense.

Paydays

Changing your thinking about paydays is probably the most difficult step in changing your view of your everyday money. It may help to look at the money you receive, regardless of source, generically as income with no dates attached.

When paydays are no longer important to you, you will no longer be living paycheck to paycheck. And what you do with your paychecks becomes very simple.

On paydays

When you get paid, you deposit the full amount into your managed checking account and enter the deposit in Income Companion. Done.

Weekly spending

When paydays are no longer important, you are free to decide when you will give yourself the money that you use for buying things with cash. Since this type of spending is typically centered around your life week to week, giving yourself a weekly allowance makes a great deal of common sense.

Your allowance

Give yourself a weekly allowance in the amount and on the weekday of your choosing. You do not plan how you will spend your allowance nor do you keep track of how you spend it.

How you handle your allowance is up to you. For example, each week either put the cash in your pocket or transfer the money from your managed checking account to another account with which you can use a debit card.

Bills

When paydays are no longer when you pay bills, you are free to schedule bill payments monthly the same way they are scheduled.

Paying bills once a month is too infrequent. Weekly is not appropriate since weeks and months do not normally start on the same day and the number of weeks in each month varies. The best compromise is paying bills twice a month.

Paying bills

Pay bills each month on the 1st and 15th using the money that is already in your managed checking account.

On the first, pay bills due on the 1st through the 14th. On the 15th, pay bills due on the 15th through the end of the month.





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