It is not uncommon to find that many times after an individual receives a paycheck, on the same day, all the money basically goes out the door. It can be a tough feeling to deal with, knowing that the next paycheck will come within the next two weeks (those paid bi-weekly or semi-monthly), or even worse, within the next month (those paid monthly).
When I had my first job, I was paid on a weekly basis. The feeling of knowing that at the end of each week, I would have some money to look forward to was great. It made me feel very secure and confident that I would not be broke. When I changed jobs, and my new pay frequency changed from weekly to semi-monthly, I realized that it will take a little more management to plan my funds, as my next paycheck was two weeks away. That was when the light bulb went off! Why not “trick” myself into thinking that I was still getting paid weekly?
I came up with the technique to split my pay received into two, and each week, I would only budget/work with one half of the amount. By the time I was finished with the second half of my pay, my next paycheck would have arrived, and I would continue the same cycle, splitting and working with one half each week. This gave me the same feeling, as if I was getting paid weekly.
For those who get paid monthly, you can use the same technique. Just split your monthly pay into four, and work with one-fourth the amount each week. This should help to alleviate the stresses and fear of running out of funds before your next paycheck in the following month.
If you already get paid on a weekly basis, and still find yourself running out of money before the week ends, then it may be necessary to create a budget if you do not have one yet, or if you already do, tweak your numbers so that you have coverage to last you for the week.
Please be sure to check out my other posts if you have not done so, and feel free to leave a comment below.