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How to Cope with a Changing Payday Cycle

How to Cope with a Changing Payday Cycle

A change in a payday cycle can throw a real monkey wrench into your financial planning. Learning to make money last for an entire month or to meet all your expenses on-time with staggered paychecks can be a challenge. Here are some ways to alter your money management style if you are struggling with adjusting to a more or a less frequent paycheck.


First Step: Examine your spending plan

No matter whether you get paid once a month, twice a month, or every two weeks, it all comes down to having a plan for your money. Once you know where your money should be going over the course of a month, it becomes a lot easier to figure out the timing aspect. So, begin by tracking your income and expenses and creating a spending plan. A spending plan worksheet, online money tracker, or mobile app can help you get started out. A good spending plan not only allows you to meet your expenses, but also helps you save for your goals and know how many “treat yourself” expenses you can afford.


Second Step: Examine how you think about your paycheck

When you get a paycheck, do you already think about all the ways you can spend it? Or do you find yourself just hoping the money will last until the next check comes? If so, you may want to re-examine how you think about your paychecks. Once you have a spending plan, the next step is figuring out what you want to achieve with your money. Write down your short-term, mid-term and long-term financial goals, and how much money they require. Next, figure out what you have in your savings, the pay periods or months until the target date, and the savings you’ll need per pay period or per month to achieve your goal. You can make your own worksheet or use a financial goals worksheet.

Instead of just trying to make the money last or cover your expenses, think of your paycheck as a way to get you closer to achieving those goals.

Check out a few of our calculators to help you when it comes to managing your money:

Budget Management Calculator

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