Is it better to pay your bills weekly or monthly?

When it comes to budgeting, many of us try to look for better strategies to pay our bills. As if there’s is a better way to keep up to date with everything. One fact is that there is a direct relation between when we receive our income and when the bills get paid. Anything, if you’re not doing it now to pay your bills in that same sequence. I’m going to share some tips for choosing to pay your bills weekly or monthly. What might work best for your budget?

Start with a Budget

A Budget is like a map of directions that tells your money where to go to plan out what you can afford to pay and when you have to balance your income versus expenses. I recommend budgeting next month’s budget at the end of the previous month. If you already started to notice your income pattern, you can already know what you can afford to pay. 

There are many ways to budget your expenses every month

  1. 50/30/20 Budgeting Method is when you divide up you’re after-taxed income and put them as categories as 50% Needs, 30% Wants, and then 20% towards savings.
  2. Half Payment Method is where you take your regular monthly bills and split them in half. Set aside half of the money for one paycheck and the other half for the next.
  3. Zero Balanced Method is making sure your end goal is zero after budgeting all your income minus expenses and savings.
  4. Cash Envelope Method is creating envelopes for budget categories. Stuffing those envelopes in the amount of cash based on your budget.
  5. Envelope Method without Cash– where you use trackers to record expenses after allocating your money for budget categories.
  6. 30/30/25/15 Budgeting Method-when you divide up your income into categories as 30% Fixed, 30% Variables, 25% Housing, and 15% Savings.

Why you need a Bills Payment Calendar

Instead of waiting for a letter or going through a ton of emails, keep track of your bills with a Calendar.  A calendar gives you an overview of the payments you owe and when they are due. Once I’ve tried making my own calendar, I can see that my payments were coming out at some inconvenient times. In one week, I was paying too many bills versus the other. I can honestly say you don’t have a good idea until you put all your bill due dates out on a 30-day spread.  

If you’re not a fan of using a paper calendar, you can do the same by putting it on Google calendar or iCal. In a list form, you can’t really get the big picture. Try setting reminders for payments that are not automated to be withdrawn out of your account. When I was on a tight budget, I set my payment reminders the day before, so I didn’t any surprises. 

Paying your Bills Weekly or Bi-Weekly

It’s better to pay your bills weekly or bi-weekly if you have a limited budget, and that is when you get paid. Just starting with budgeting, you can keep a closer eye on when it comes in and out. Imagine if you waited towards the end of the month? Do you know how many accidental purchases I can make..wink, probably more impulse buying. If you get paid weekly, then schedule your bills to be paid at that time. I can admit that not every bill I could afford to be taken out during those pay cycles. So what I did for the large bills was divide those in half. This is what is called The Half Payment Method. Read more about how to start dividing your bills by reading this article: How To Use The Half Payment Method.

Paying your bill Monthly

Getting paid monthly is not unheard of. Alot of people receive income once a month—for example, social security payments or other state benefit incomes.  You might be a Freelancer, or as some bloggers like myself, the income can be super irregular. Paying all your bills once a month will benefit you in this way, never to miss a payment. There are some cautions to take, one you have to really learn how to save. Most of all, your income is used to pay lumps of expenses. 

So what should you do? Pay yourself first. 

Put at least 10% of your income away for savings.  After you do that then pay for your expenses.  

The second tip is to Monitor your spending. 

Since you paid all your bills, you might not have that much left. Plan out your spending limits for the month. What might help you control spending for the month is budgeting with the Envelope System

 Evenly distribute the rest of the money into label envelopes. Once that category is spent, you can’t dip into another one. That is what I call controlled spending. Read more about the envelope system with another article I wrote: How to use the envelope system without cash.

Should you pay your bills Automatically?

Automatic payments are the way to go. There’s a freedom of not worrying if something is paid or not. However, it’s not a good idea if you don’t know how to budget or limit your spending. What happens is you will spend what will be pending to be paid. Trust me; those companies are waiting to add on that late fee. So many late fees add up over time!

 My best advice for automatic payments to schedule them exactly when you get paid, with no buffer dates to spend the money. The next tip is, as I mentioned before, set reminders the day before. Even though they come out without your knowledge, it’s still a great feeling to know when something is paid, finally review the day after your reminder to make sure the payment is posted. It’s always possible that payment doesn’t go through as planned. 

Catching up and Paying bills ahead of time is possible with Automatic payments

Read more about those strategies in these articles

Let’s Wrap things up

Should you pay your bills monthly or weekly? 

To sum it up, it’s best to pay them at the same times you get paid. So if you receive your paychecks weekly, then pay them weekly. The only downside to weekly bill payments is maybe more than one budget review. So make sure you budget your paychecks in the same way.

 Try doing a paycheck to paycheck budget if you are paid bi-weekly. However, paying your bill monthly is an option if you receive money just the same. 

Or if your income is very irregular. Limitations are an issue as you have to really control your spending throughout the month. The best way to balance out your bill payments is to have a bill calendar. This will help you really know the incoming and outgoing expenses.

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