how to budget for bills

adventureofmemories

I have a few bills coming out on
1,4,7,8, 16th and I get paid on the 5th / 6th of each month.

Should I budget for all of my bills or just the ones that need paying before I get paid?

Westie983

Hi,

Its depends if you have the funds to budget for them all on this months pay packet.

If you can try to keep enough back to cover all the payments.

You dont say if you are due any more income? could you budget for the early bills with your pay and then the later ones with other income.

Need more information to be able to help you.

Westie983

[Deleted User]

We get paid at the end of the month, I transfer enough money over to a savings account to cover any bills that are due to come out over the month. I check the current account daily and transfer money over from the savings account to cover any DD's that have come out.

Hope that makes sense?

tempus_fugit

I would budget for the whole month no matter when you get paid. The problem with getting paid at odd times of the month is that obviously the bills just before you get paid risk not being covered by budgeted funds from the previous pay event. As a devotee of YNAB I subscribe to the aim of having a buffer so that there are always funds to pay for bills all through the month, and when the pay comes in budget every penny to what you need the money to do before the next pay event.

[Deleted User]

I have an account that all my bills are paid from. I transfer a lump sum on payday to this account to cover all of the bills. As a bonus I get 2% cashback on utilities mobile and council tax direct debits for a fee of £2. I make about £4.50 per month on it and don't have to worry about the different bill payment dates.:T

datlex

Of course you need to budget for all bills. No bills are due before you are paid each month. Some are simply due a longer time into your pay month than others.

enthusiasticsaver

You need to budget for all your bills as the ones at the beginning of the month will come out before you get paid in February.