The Best Way to Budget Your Paycheck

August 3, 2021 | Daniel Dewitt

best ways to budget paycheck

The best way to budget your paycheck is by using a calendar and adding all your paychecks and regular expenses to the spreadsheet.

Did you know that over 50% of American consumers are living the paycheck-to-paycheck lifestyle? Unfortunately, that is the reality for a lot of us. But that does not mean that you can’t make the most out of that money and even start saving.

Here’s the Best Way to Budget Your Paycheck

The Benefits of Having a Paycheck Budget

If you want to try and get started budgeting by paycheck, it means that you would have to try and stick to healthy financial habits every time you get paid.

A lot of Americans get paid weekly or bi-weekly. Budgeting a paycheck means that you will be more involved with your finances as you would have to plan your expenses and savings more frequently.

Moreover, you will have a clear understanding of where your money is going, and you’ll have a chance to avoid overdraft fees.

Have you ever run out of money before receiving your next paycheck? This might happen if you have a habit of making all the necessary payments at the end of the month.

Paycheck budgeting will help you avoid that and spread the payments out evenly throughout the month.

The Best Way to Budget Your Paycheck – How to Get Started

  1. The first thing that you need to do is find a calendar. You can use a printable or a spreadsheet.
  2. After that, add all of your paychecks (together with the specific amount that you’ll get paid) to the calendar.
  3. Next, add your rent, debt payments, and all the other regular monthly expenses to the calendar, according to their due date.
  4. The best way to budget your paycheck? Use different highlighters to color-code the calendar. Assign each regular payment to a certain paycheck.

What to Do with the Rest of Your Monthly Expenses?

You can now see how much cash you have left for such things as groceries, entertainment, gas, eating out, and so on.

Some of these expenses can easily be added to your calendar. For example, if you know that you tend to go grocery shopping once a week, you can include it in the spreadsheet.

To find out how much you usually spend on all these things – go through your latest bank statements and come up with an average for all categories.

Ideally, you would want to put aside at least 20% of your income to start building an emergency fund.

How Can You Handle the Unexpected Expenses?

Now that you have found out more about the best way to budget your paycheck, you may be curious about how to handle the unexpected payments with a paycheck budgeting method.

If you haven’t yet had enough time to create an emergency fund and you don’t have a sinking budget, then you might want to consider fast easy payday loans.

Fast Easy Payday Loans – What Are They?

fast easy payday loans

Payday loans are short-term loans that are meant to be repaid with the next paycheck.

The maximum loan amount that a customer can qualify for at Fast Payday Loans of Kentucky, LLC, for example, is $500, which should be enough to cover all your unexpected bills.

The great thing about fast easy payday loans is that you might be able to get the cash in as little as 30 minutes.

Even though a lot of payday loans require employment, in majority of cases, the company will accept non-employed sources of income as long as you provide the appropriate documentation. Such sources of income include pension, unemployment benefits, alimony, and others.

How Can You Get Fast Easy Payday Loans?

  1. Submit a form online for Kentucky payday loans on our website.
  2. A representative will soon call you back to tell you more about the process and answer any questions that you might have.
  3. Take your driver's license or government-issued ID, a blank check from an active account in your name, and your most recent pay stub and arrive at a chosen Fast Payday Loans of Kentucky, LLC location. There, an associate will perform an evaluation and tell you the exact amount you qualify for.
  4. Complete the application and get your cash. As simple as that!

Submit Your Inquiry Today!

Now that you know more about the best way to budget your paycheck, you can stop worrying about not having enough cash to pay your regular bills and you might even be able to start an emergency fund.

Unfortunately, there are situations in life that you can’t prepare for. Medical bills, home and auto repairs, unexpected trips… During such times, fast easy payday loans may be an option worth considering.

Fast Payday Loans of Kentucky, LLC. welcomes all credit type, including bad or outright non-existent. Get started today by submitting a short intake form on our website!