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Welcome to the team Walden9. Our family also only gets paid once a month. My husband is a self employed contractor and just gets paid monthly. I find what works for me is to budget out my cash flow by week, and I pay a portion of my credit card bills each week. By the end of the month, I am usually having to reduce spending but I at least have made payments to most of our bills for the month before we run low in our bank account.
My goal is to build an emergency fund. This will start after my daughter's wedding this month. You could determine how much you can put toward an emergency fund each month, say $100 per month or $25 per week, and move that amount into a savings account each week. Treat it like a bill. Within 6 months you would have $600 saved up for emergencies like fixing your car.
Maybe others will have suggestions. Dianne had some great ideas.
EST Grand Rapids Michigan (yes same time zone as Maine)
If the first thing you do when you wake up in the morning is eat a live frog, then nothing worse can happen for the rest of the day!" Mark Twain
If a man really wants something he will find a way, if he doesn't he will find an excuse." Stephen Dolley, Jr
It is not enough to take steps which may some day lead to a goal; each step must be itself a goal and a step likewise.
Johann Wolfgang von Goethe
Hi there Walden9
I am no pro at the financial tactics but I feel like I have some experience and have practically had to STRICTLY budget my entire life. Month to month would be a challenge for sure. I thought bi-weekly was a struggle. I would write everything out and see how much you have left for a meal budget...but even before that, i would contact creditors and see if they would work with you since you are on a fixed income. I am not sure what state you live in but some states have assistance for utitilities and other services. You may be able to start with the social security office....or yoru local library or check online.
As far as the meal budget...the biggest "secret" I have found is PORTION SIZES. This not only saves money but it can also help with the waistline. You can also find better deals for fruits and veggies if you shop for what is in season. You can also look online for "cooking ahead freezer meals" (I know they have a book at the library from 30 Day Gourmet) and this could help you store up meals for a month--even save some time in the kitchen.
Another budgeting thing is asking yourself while shopping ... "do I NEED it or is it a WANT?" and sometimes if ya just walk away from it---you will thank yourself later for not wasting the money. If it is clothes shopping you like......check out the goodwill sales on the first SAturday of everymonth. EVERYTHING is 50% off. (my friends used to tease me..."Dianne is so cheap she wont even pay full price at goodwill" hey, it works for me and then they always ask, "hey, where did you get that cute blouse?" and i have to answer them with "do you really have to ask?" Needless to say, they are becoming goodwill fans)
Hope some of these suggestions help
"Problems cannot be solved by the level of awareness that created them"-Albert Einstein
"Be the change you want to see in the world" -Mahatma Gandhi
It is health that is real wealth and not pieces of gold and silver.
my biggest problem at the moment is making it month to month since I only get paid once a month since I am on social security disability. my credit card payment is 136 a month if I want to pay it off in 3 years. as for my car, it is falling apart and I do not have the money to keep on fixing it. it is 17 years old. one of my biggest problems is I am a single divorced female who has always struggled with menu planning. I have done it before, but it seems like overtime you tend to see a rise in the cost of food and then you have to change your menu again. I use the food shelf when I can. I know without a menu plan you tend to eat whatever and that is not good. I know in order for me to lose weight I have to eat a lot of fruits and vegetables. I have no money that I can ever save in case of an emergency. if anyone has any suggestions of what I can do with my situation, please feel free to tell me.
slowly but surely I will get to where I am going.
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