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I was recently talking to a friend and casually mentioned the fact that I get paid once a month. Her eyes widened a bit and she said she’d never be able to get used to that. “I’d constantly be waiting for that next paycheck,” she said. I’ll admit that when I first started out and had no savings, getting paid only once a month was tricky. But with one very simple step, getting paid once a month was no longer an issue.
At the end of the day, whether you’re paid once a month, twice a month, or bi-weekly, you’re still earning the same amount of money. The only thing that will need to change is how you organize your bills. Once you have everything set up to correspond with your pay cycle, you’re good to go. After the jump, I’ll discuss how to budget based on various pay cycles.
Let me tell you a story about a parking lot. My fiancé and I went away for the holiday weekend with three other couples. On the afternoon of the 4th, one of the other couples went into town to pick up some supplies, and learned from a local that there was going to be a big fireworks show that night. The local told them that most people here for the weekend would gather in the park, but they’d charge you $8 to park there, so the locals usually park for free at the golf course across the street and watch the fireworks from there.
I used to go to a high end salon where I paid $60 per haircut. But after a few mediocre haircuts and an awful first experience getting my hair colored, I switched to a higher end salon near my office where I paid $90 per haircut (but stuck to coloring my hair at home from a box). It wasn’t until I pulled out my wallet to pay for my latest haircut at the overpriced salon that they informed me my stylist’s prices had gone up – to $120! I was flabbergasted. I asked why they didn’t tell me about the enormous price increase when I scheduled the appointment, and the woman said “well we increased our prices a month ago, I would have thought you’d already known about it.” I call bullshit. It was just terrible service. But terrible service aside, the place doesn’t take credit cards, and I didn’t bring enough cash to pay the bill and leave my stylist a decent tip, so I ended up having to stiff my stylist and leave him a crappy tip.
