Stay on track with your bills
Have you ever woken in a panic in the middle of the night because you forgot to pay a bill? Or experienced that horrible, sinking feeling when you get a notice for a late fee? Try paycheck budgeting to avoid these fates.
Hear how to start paycheck budgeting
How to pay all your bills on time
On this episode of Queer Money®, we’re sharing our #1 tip to never miss a bill. David explains how not having a plan to pay bills was the origin of his debt story, discussing the anxiety he felt around not having enough money to do the things he wanted.
We also reveal the results of our Queer Money® Facebook Group poll on bill pay systems and walk you through our send-it-before-you-spend-it approach to paying bills, describing how to implement paycheck budgeting whether you’re paid weekly, monthly or bimonthly. Listen in to understand the benefits of consistently paying bills on time and in full and learn how to set up systems so you never miss another bill!
[click_to_tweet tweet=”For most … when we miss or are late on a payment, it’s not because we don’t have the money. It’s because we simply don’t have a system to remember—and we forget. – @debtfreeguys” quote=”For most … when we miss or are late on a payment, it’s not because we don’t have the money. It’s because we simply don’t have a system to remember—and we forget.” theme=”style3″]
Topics covered on paycheck budgeting
How not having a plan to pay bills impacted David
- Put immediate needs and wants first
- Bank balance low when got around to paying bills
- Didn’t pay the full balance on credit cards, our debt grew
The benefit of consistently paying bills on time and in full
- Improves credit score
- Slows growth of debt
The results of the Queer Money poll on paying bills
- 8/11 have a system to pay bills
- 3/11 don’t have a system
How to implement paycheck budgeting if you’re paid once or twice a month
- Pay bills as soon as you’re paid
- Call to negotiate due date as necessary
How to implement paycheck budgeting if you’re paid weekly
- Deposit paychecks in the separate funding account
- Pay yourself on 15th and last day of the month
Our top tips for paycheck budgeting
- Automate payments that don’t fluctuate (e.g.: rent, daycare)
- Pay bills first, then spend on wants