First off – apologies for the bit of a hiatus. Things got kind of crazy with life and the new job for a while, but I’m back!
So let’s talk about payday. I get paid in two installments, one on the 1st of every month, and one on the 15th. Each pay date has a different set of bills associated with it. To make sure everything is getting paid (in full and on time) I make sure I know which paycheck has to cover which bill.
Paycheck 1
Paycheck 1 covers all of my living expenses (rent, internet, utilities, and phone around $800). Once these costs have been cleared off, I look at how much I have left over and divide it up. I have an automatic withdrawal set up for my RRSP for each payday, and half my gym membership payment will also come out of this pay. If I’ve used my credit card a bit more that month, I might make a payment to my card, and the rest of the money goes into my savings account. I always leave myself a cash float in my account of around $400.
Paycheck 2
Like paycheck 1, I have an automatic RRSP withdrawal and gym membership that come out of this pay. Once that is done, I pay off anything outstanding on my credit cards and put the rest directly into savings. Easy!
Organizing your paychecks takes the stress out. Think about how you’re paid and organize your expenses accordingly. Knowing what you need to pay when (I use a calendar on my desktop) makes it easy to keep organized and on top of your bills without stressing about making your paycheck last.
How do you organize your funds?
Breaking the Bank 