Whether you get paid weekly, bi-weekly or monthly as in my case, there are common habits that you can develop to get by while you live in that bittersweet spot found between pay dates. This particular post is not going to tackle what to do if you’re living paycheck to paycheck, as that is another post for another time. I’m talking about having your bills already taken care of, but things may seem a little tighter than usual as you wait for the next paycheck.
This is the time when targeting your usual habits becomes key. For example, I just got paid on April 16th. I already covered my bills for the month, but I don’t expect my next paycheck until May 16th. People often ask me how I manage to balance my budget (wealth management) to cover a month with a single paycheck. Oftentimes, I find it easier to make a money plan this way than when I used to get paid bi-weekly. Why? Because it forces me to understand that no additional money is coming into my bank account until thirty days later unless I find myself some side hustles.
You obviously can apply the same logic with shorter periods of time. In order to last whatever time length you have between paychecks, though, you need to take a look at your habits during that time. Habits that aren’t even initially money related can affect your money habits. What do I mean by this?
Let’s look at the following scenario that I often would get trapped in:
- I set my alarm for 6:15 AM because that’s the time my dog wakes up to go outside. I take him outside, and while I should stay awake and get ready for work, I decide to take a nap instead. I set my alarm for 7:00 AM because I think that will be enough time to get ready for work. It is in fact plenty of time, since I only have a twenty-five minute commute and begin at 8:30 AM. However, I decide to snooze that 7:00 AM alarm. Snoozing an alarm becomes my default. Next thing I know, it’s 7:30 AM, and I still have to get ready. Guess what I wasn’t making time for: breakfast and lunch prep. Sometimes, I would run out without having eaten breakfast or gotten something decent to throw in my bag for lunch.
This resulted in making a quick stop at Dunkin Donuts on the way to work to grab coffee and a bagel for breakfast or stopping at McDonald’s for a Sausage McMuffin. I’d justify the purchases because I needed something to eat in the morning, after all. If I grabbed something light and quick from the refrigerator as my lunch in my hurry, then I would buy snacks from the store across from my job. These things add up and stemmed from my poor habit of not waking up on time in the mornings. Other habits in your life can impact your spending habits!
Do I wake up on time every single day I work now? No, but I have improved on this habit. On most days, I am able to prepare a lunch and breakfast item to take to work with me. I buy coffee as part of my regular groceries and take it to work to make at work. This in turn means that I don’t stop at Dunkin Donuts or McDonald’s as often anymore. The result? I can stretch my dollar a little bit more in between pay dates. I’m also possibly a bit healthier because of it.
What are some regular ol’ daily habits that you have that can impact your spending habits?
Image credit: http://newsandviewsbychrisbarat.blogspot.com/2014/08/ducktales-retrospective-episode-95.html