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  • FIRST POST
    • adventureofmemories
    • By adventureofmemories 6th Jan 18, 12:58 AM
    • 176Posts
    • 543Thanks
    adventureofmemories
    how to budget for bills
    • #1
    • 6th Jan 18, 12:58 AM
    how to budget for bills 6th Jan 18 at 12:58 AM
    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?
    Debt to fiancee - 404.00 (left to pay) | Save 12,000 in 2018 - 371.90 all together|2,018 items in 2018 (8/2,018)
Page 1
    • Westie983
    • By Westie983 6th Jan 18, 1:26 AM
    • 4,354 Posts
    • 14,910 Thanks
    Westie983
    • #2
    • 6th Jan 18, 1:26 AM
    • #2
    • 6th Jan 18, 1:26 AM
    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
    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 40/500 = 8.00% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 900/1,000 = 90.00%
    2 Savers Club 2018 #16 Total (1,500)+-480/2,000 = 51.00%

    Total 12,022.59/15,865 = 75.78%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • Purplemumof2
    • By Purplemumof2 6th Jan 18, 7:43 AM
    • 6,153 Posts
    • 22,628 Thanks
    Purplemumof2
    • #3
    • 6th Jan 18, 7:43 AM
    • #3
    • 6th Jan 18, 7:43 AM
    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?
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    MBNA: 6200.00 Cap 1: 395.80 BC: 6841.81
    AFD xxx LTW 6/16
    POAMAYC 2018 #041 PD 6288.87/7000
    Savings for Christmas 191.84/365
    20p Savers 2018 2 Savers 2018 50p Savers 2018 SPC 11 2018 #003
    • tempus_fugit
    • By tempus_fugit 6th Jan 18, 8:04 AM
    • 421 Posts
    • 390 Thanks
    tempus_fugit
    • #4
    • 6th Jan 18, 8:04 AM
    • #4
    • 6th Jan 18, 8:04 AM
    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.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
    • Missu
    • By Missu 6th Jan 18, 10:47 AM
    • 477 Posts
    • 1,043 Thanks
    Missu
    • #5
    • 6th Jan 18, 10:47 AM
    • #5
    • 6th Jan 18, 10:47 AM
    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.
    Mortgage at 26/9/12 92000 :eek
    Balance at 1/5/18 47600
    Saving for Xmas 200/600
    • datlex
    • By datlex 6th Jan 18, 1:17 PM
    • 1,651 Posts
    • 1,548 Thanks
    datlex
    • #6
    • 6th Jan 18, 1:17 PM
    • #6
    • 6th Jan 18, 1:17 PM
    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
    • By enthusiasticsaver 6th Jan 18, 3:57 PM
    • 6,601 Posts
    • 13,820 Thanks
    enthusiasticsaver
    • #7
    • 6th Jan 18, 3:57 PM
    • #7
    • 6th Jan 18, 3:57 PM
    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.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
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