5 Ways You're Sabotaging Your Budget

Do you always feel like you can't manage your money successfully? Here are 5 ways you're sabotaging your budget.

Budgeting certainly isn't always the easiest activity and there may be times where you feel like you just can't manage your money successfully.  You are not alone! If you feel like you're struggling, then you don't want to miss my guest post at Shoeaholic No More(which is an awesome personal finance blog, by the way) called the 5 Ways You're Sabotaging Your Budget.

This post may contain affiliate links. Please read my Disclaimer for more information. 

Don't forget to check out these other reasons your budget may be failing and the 9 steps I use to create an awesome budget!

I'm sure you've all seen my book, The Beginner's Guide to Budgetingso you know by now that I've done a ton of research and personal testing on this topic! To every problem, there is a solution and I was sure to include them in my guest post.

Do you have any budgeting questions? Comment below and let me know!

Budgeting When You are Paid Once a Month

Do you receive a paycheck only once a month? If you do, then you certainly know how difficult it can be to stay within your budget. The last weeks in the month are particularly hard as they seem to drag on forever. Receiving a monthly paycheck can be both of lifesaver and a curse at the same time. For those of us who love to spend, we find ourselves spending all of our money once the bills have been paid. And then we hit the middle of the month only to realize we need extra money for groceries or odds and ends.

I used to be paid only once a month and I wasn't a fan. Granted, I would derive great satisfaction from paying all of my bills at the beginning of the month. But once that was done I would run wild and spend the rest of my money. I'm glad to say that my shopping habits and budgeting process are very different now!

Here are a few tips for budgeting when you are paid once a month.

Clearly Define Your Budget

It takes a lot of self control to be able to stretch your paycheck to last the entire month. Once the stress of the bills are off of your shoulders (most likely in the very beginning of the month) it can be easy to look at the cash leftover as "fun" money. We all know how easy it can be to burn through this extra cash like wildfire.

Have a clearly defined spending plan and use a budgeting method like the 50/20/30 Method or the Zero-Sum Method. Also, some of my readers suggest that it's easier to follow their set limits by using only cash once the bills are paid.

Pay ALL of Your Bills as Early as Possible

Since you're only being paid once a month, I will assume that your one paycheck has to cover all of your bills for that month. Do yourself a favor and avoid running out of cash by paying all of the bills as soon as the money is in the bank.

I know some people may feel more comfortable letting that money sit in their account until the bill is actually due. But if you find yourself lacking in funds when your car payment needs to be paid on the 15th, leaving the cash in the account until then isn't a luxury that can be afforded.

Create Category Limits Per Week

Getting paid once a month is a fantastic way to work on financial discipline!

Setting a weekly limit for flexible expenses such as groceries or date nights is one of the easiest ways to make sure your cash lasts the rest of the month. When I was in college (and only being paid on the 1st of each month), I would pull out fours weeks worth of grocery money and separate it into envelopes. It's an old-fashioned technique but it certainly works if you don't want to keep track in your online banking.

Change Your Due Dates

Adjust all of your due dates for larger bills (such as a mortgage, car payments, student loans, etc.) to the beginning of the month. This forces you to pay the bills first and foremost. However, be aware of the temptation to go on a spending spree with the money that is leftover. While there is security in paying all of your bills in the first week of the month, there's a chance that you may not have any in the middle or the end of the month if you're not careful.

Budgeting isn't always easy and when you are only paid once a month it can be even harder to manage. These tips may not work for everyone but they could help ease the stress of running out of money.

How do you handle being paid once a month? 

FREE BOOK DOWNLOAD! "The Beginner's Guide to Budgeting" (EXPIRED)

THE DAY HAS FINALLY ARRIVED!

"The Beginner's Guide to Budgeting: How to Organize Your Finances, Choose a Budgeting Method, and Successfully Manage Your Money" is available on Amazon!

I'm running a Free Book Promotion from 12/30/2015 - 01/03/2015 so grab it while it's FREE and don't forget to leave a review!

This post may contain affiliate links. Please read my Disclaimer for more information. 

How can this book help YOU?

This compact guide will help you:

  • Identify potential budgeting weaknesses
  • Choose a proper budgeting method
  • Guide you through the implementation process with step-by-step instructions.

These chapters were written with your questions and concerns in mind!

Various budgeting methods are covered, including pros/cons and step-by-step instructions for each. By identifying any of your budgeting weaknesses, you can take control of the spending, saving, and planning of your money.

THANK YOU if you have or will download the book! Your support means the world to me! Again, please feel free to leave a review on Amazon to let me know what you think. I welcome all feedback so I can provide exactly what my audience is looking for.

FREE CHAPTER: The Beginner's Guide to Budgeting

I hope you are all having a joy-filled holiday season because I certainly am! I have an ebook coming out this month and I'm giving away a chapter for FREE! The Beginner's Guide to Budgeting: How to Organize Your Finances, Choose a Budgeting Method, and Successfully Manage Your Money is a fully updated guide to finding the budget that works for YOU.

  • Pinpoints Budget Weaknesses: An entire chapter is dedicated to the many reasons your budget may be failing
  • Budgeting Methods Included: Discover the budgeting method that perfectly corresponds with your financial goals and helps you take control of your spending
  • Easy to Follow Along: Simple, step-by-step process for preparing, projecting, organizing, and implementing a successful budget

Here is a sneak peak at the Table of Contents.

  1. Disclaimer
  2. My Free Gift to You!
  3. Why I Wrote This Book
  4. Why You Should Read This Book
  5. Preparation
  6. Budgeting Methods
  7. Projecting Your Budget
  8. Organization
  9. Implementation
  10. Reasons Your Budget is Failing
  11. Conclusion
  12. Thank You!
  13. About Allison Lindstrom
  14. Connect with the Author
  15. Acknowledgements

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