BeckyI’ve talked extensively about budgeting, but what I’ve left out is a tool known as a bill pay calendar. It helps my husband and I track our budget.
Do you make a budget each month only to overspend and fall off the bandwagon yet again?
Do you worry that when the bills come in you won’t have enough money to cover them?
Then you need to use a bill pay calendar!
What is a bill pay calendar?
A bill pay calendar is used to track when expenses will be taken out of a bank account in any given pay period and month. Bill pay calendars are beneficial when tracking budgeted bills and expenses for the entire month.
Before the month starts, I go through my planner and write down the day each bill will be taken out so we can see how many expenses are coming out of each paycheck.
By doing this we know in advance how much to anticipate coming out of our checking account for each paycheck. This also allows us to make sure we have enough margin between our pay periods, as well as the ability to make adjustments in advance, if we need to.
For a little more help, download my printable bill pay templates to track your spending and organize your monthly expenses too.
All you’re going to need is a pen and a piece of paper!
At a minimum, you’ll want to add in your bills and paydays.
I like to write the name of the bill on the day it’s due. Then, I have a column on the side of the calendar to list the bill and its corresponding due date and amount.
The benefits of a bill pay calendar
Using a bill pay calendar is beneficial because you’ll know when your bills are due and how much the bills are in one glance.
The cool thing about a bill pay calendar is the fact that you get a big picture view of all your bills for one whole month while also noting which days a paycheck is anticipated.
I can then make sure we have enough money with our bi-monthly paychecks to cover our bills throughout the month.
The reason I like to print mine out is because I really enjoy placing the calendar on our refrigerator as a visual of our upcoming bills. It helps keep me disciplined with my spending and more aware of upcoming bills.
The ability to have it in my line of vision each day makes it easy to update too, if needed!
The other helpful option I like to use in conjunction with my budget and bill pay calendar is auto-pay.
Setting up auto-pay ensures I won’t forget to pay a bill which allows me to “set it and forget it”. I know it will be paid on a set date with a set amount making it easy to track month after month.
Why does a bill pay calendar work?
There are 2 specific reasons why bill pay calendars work so well when managing finances.
Stay Focused
Bill pay calendars are great at keeping people focused on the goal. You’ll know exactly which bills and expenses need to be paid before you get your paycheck.
Stay Motivated
Feeling like your money is gone before the month has even begun can feel defeating. That’s why a bill pay calendar is so great at motivating people on a budget!
What are you waiting for?! Start paying down your debt, set new financial goals and achieve financial freedom with this simple tool.
