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StitcherPayday hits, and somehow your paycheck disappears before you even blink. Today, we’re walking through a simple routine that makes your paycheck stretch, covering bills, savings, and still leaving room for the fun stuff. Stick with it every payday and see the difference for yourself.
You're going to be able to know where to go from here when you know where you've just come from.
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Going on autopilot. Not like when you walk into a room and completely forget why you’re there, or when you accidentally say ‘love ya’ when hanging up the phone with your boss. Yikes. We’re talking about the things we have on autopilot that actually save us time and money like resources that help us make a spending plan that actually works. Just like our Budget Spreadsheet. It’s got tabs for every month, annual overview, beautiful aesthetic, and everything you need to have your payday routine on autopilot. Plus it’s a one time purchase, not a monthly subscription, so you can feel good about how you budget. Make this budgeting thing feel like it’s on autopilot.
4-step Payday Routine
Step 1. Make sure you have enough to cover your bills until next payday. Bill payments, saving transfers, and investing should ALL be on autopilot and scheduled to go shortly after your check hits your bank but you should make sure there’s enough in there so you don’t overdraft AND make sure the payments from last payday went through!
Step 2. Reallocate savings & debt payments if necessary. You’ll likely have the same amount go toward saving every month, but it may be allocated to other sinking funds or debts once one is fully funded.
Step 3. Review transactions & Adjust budget. Reflect on your spending since last payday, see how it’s going, adjust if necessary.
Step 4. Plan free & paid entertainment until next payday. Lots of spending comes from not planning. Your entertainment spending also influences your meal planning. We have a planner for this in our Annual Finance Planner.
What’s your payday routine?
Jen’s payday routine is doing a monthly overview, regularly using Monarch’s snapshot features to stay on top of things. Meanwhile, Jill’s routine is a more extensive review, which she really sets aside time for.
Bill of The Week
Thanks Paige for sharing your $110 bill about feed for your guinea pigs. Fat and happy!
Thanks so Much for Listening!
Thanks so much for listening. We love love love reading your kind reviews of our book Buy What You Love Without Going Broke and we especially loved this one from:
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I’ve followed this team of financial friends for many years through their podcast but it isn’t necessary to know anything about them to get something out of this book.
Like many financial books, if we really sat and thought about it, it’s not new information. We know we need to earn more and/or spend less to get ahead but I like the approach told in this book because it isn’t restrictive or filled with shame. It’s realistic!
We all have things we want to spend our money on and this approach helps you figure out your priorities and how to have the money to buy what you love without going broke. Read this to jumpstart your motivation to making better financial choices!
If you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.
Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉
