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Fitting Bills in the Budget

Every budget should include bills and irregular expenses. According to a 2024 survey by PayrollOrg, 77% of Americans would experience financial difficulty if their paycheck were delayed by a week,1 highlighting the importance of effective budgeting.
By MSA Staff

Every budget should include bills and irregular expenses. According to a 2024 survey by PayrollOrg, 77% of Americans would experience financial difficulty if their paycheck were delayed by a week,¹ highlighting the importance of effective budgeting.

Step 1: Evaluate all of your once-a-month bills.Assess your recurring expenses, such as your cell phone contract, cable, internet, utilities, etc. Challenge yourself to research and negotiate lower rates or modify your usage to reduce these bills. If you succeed in lowering your bills, update your budget accordingly and consider reallocating the savings toward other financial goals, such as paying down credit card debt.

Step 2: Make a list of your irregular expenses.These are expenses that don’t occur monthly but can significantly impact your budget, such as car registration, property taxes, or car maintenance. Look ahead to the next 3-6 months and list any periodic expenses you anticipate. Incorporate these into your budget by setting aside a portion each month in anticipation.

Step 3: Pay your bills on time.Utilize your monthly spending plan to organize expenses and ensure timely payments. This not only helps avoid late fees but also contributes to a positive credit history.

If you find it challenging to meet your monthly bills, a Money Coach can assist you in completing the steps above and helping you determine how you might manage your expenses more effectively. Discuss your financial situation with a Money Coach and gain confidence in making your paycheck work for you. Schedule a session with a Money Coach today.

¹ PayrollOrg, 25 September 2024. Survey Reveals Majority of Americans Still Living Paycheck to Paycheck. Retrieved from PR Newswire

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