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Organizing bill paying and preparing a monthly budget is usually not on our list of fun things to do, but it doesn’t have to be painful, I promise. In this post, I’ll share the steps you need to take and provide two printables to make the job easier. When you have this system set up, you will be ready to take control of your finances.
Here’s what you’ll need:
WONC Monthly Pay Day and Bills Tracker <<—-Clickable Link
WONC Annual Bill Schedule <<—-Clickable Link
Calculator (I use the one on my phone)
Once you have gathered the necessary supplies, it’s time to begin organizing your bill paying. There are two steps to this. The first step is organizing bill paying. The second is to set up your monthly budget. I have two free printables for you for organizing your bill paying.
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Organizing Bill Paying
Grab the Annual Bill Schedule printable, your bills and your pen and pencil.
Organize your bills by due date each month (1st, 5th, etc.) – It may help to jot the due date in pencil at the top of the bill.
Next, write the due date, bill (who you are paying and the average amount due) For example: 10th Ameren electric/gas $250
Continue writing (in date order) all of your bills and the average amount due.
As you pay that bill each month, check the box for the corresponding month.
No more missed payments!
Note: In our house, before any bill is paid, we tithe. We are able to tithe online at our church’s website, so I do that when I sit down to pay bills.
Organizing Your Monthly Budget
Some of us get paid weekly, other’s bi-weekly and even others, monthly. With different due dates for your bills, it can be hard to budge and know what to pay when and not run out of money before you run out of month.
Print a copy of the Monthly Budget.
Look at the calendar for next month and on the Monthly Budget, write your pay days on it. (If you get paid twice a month, you will only use two of the sections. If you get paid weekly, you will need four or five of the sections.)
For example, let’s say that I get paid weekly, on Thursdays. For the month of June (2017), my pay days will be the 7th, 14th, 21st and 28th.
Now look at your Annual Bill Schedule and see what bills are due before the 7th.
On your Monthly Budget, write in the bill and the amounts for the first pay of the month. Don’t over schedule! Add a budget for food, savings/tithing/charity, gas and pocket money. If you get paid $750 each pay and your bills exceed that, you have to move some things around. For example, if you get paid $750 weekly and your rent payment is $525. That leaves you just $225 for everything else. Be realistic. In our house, we spend $200-300 per week for food (which includes pet food and other pet care items). I budget $250 each week for food with the exception of weeks that we are hosting gatherings or holiday dinners. On those weeks, I have to budget more.
If you get paid weekly, your budget may look something like this:
Each month, based on pay weeks and fluctuations in bills (for example, energy bills may be higher in summer due to using air conditioning), you will have to create a budget like this. Once you get the hang of it, it takes just a few minutes.
Remember to mark off when each bill is paid on the Annual Bill Tracker.
I also encourage you to learn more about what the Bible says about money and how to manage it by experts.
My favorites are Biblical Money Management and Managing Money God’s Way. The latter is a thirty one day devotional. Each day, focusing on a different insights, questions and discoveries on biblical money management. My husband and I are working our way through this together and love the biblical foundations for each concept.
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The Biblical Money Management: What to do with a Rolls Royce Lifestyle, When You Live on a Honda Paycheck. There are tons of resources on managing money, teaching your kids about money, budgeting and what the Old and New Testaments say about money.
Both are solid for instructing on Christian finance.
Of course, many Christians are aware of the teachings of Dave Ramsey in regarding to Christian finance, particularly Financial Peace University. I have personally used his methods for paying down debt and am an advocate for most of his books.
Living on One Income
When speaking to groups about finance for Christians, I often hear women share that they wish they could stay home with their children. To be honest, that situation becomes more difficult in our society, but it is possible. In the Master Your Money Bundle, there’s a fantastic resource titled “How to Live on One Income”. While my children are grown, I loved this ebook. The author, Apryl Griffith, shares practical advice from her experience living on one income for ten years. Much of it is great advice for any Christian marriage concerned about finance.
If you have any questions, just holler!
Do you use a budget? Tell us how it works for you!
If you would prefer an app instead paper, I have a great list of the best budgeting and finance apps.
Until Next Time,
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