How To Take Care Of Monthly And Yearly Expenses With Weekly Pay

Many job positions pay monthly or biweekly as a rule. However, some jobs and many freelance positions mean that you will get more frequent pay. Though it may seem like winning the jackpot to have money in your hand more frequently, it can be difficult to balance between bills and immediate wants. If you do get paid weekly, here are some ways to manage your monthly expenses more easily.

Hold your paychecks

Rather than receiving direct deposit, when you are looking at frequent paychecks, get the checks in cash. The method for this madness is that you can cash the paychecks on a schedule. Using check cashing services at places like Bridge Capital Solutions Corp, you can receive cash in your hand once every two weeks, rather than sporadically. By holding your checks and using commercial check cashing, you stabilize your unstable pay.

Use more than one account

No matter if you choose traditional bank accounts or prepaid cards, have several different accounts to deposit your pay. Use one of the accounts to pay your regular bills and another account for your long term savings. If you choose to save for vacations, luxury items, or wants of any kind, keep an account for this as well. Separating the accounts lets you keep track of your monthly spending, and it lets you know whether your pay has risen or fell below its normal levels.

Consider business banking

If you are a permanent freelancer, you will likely receive sporadic pay for much of your tenure. A business account can balance a number of things for you. If you start up a company, such as a sole proprietorship or an LLC, you can operate under a business name for your freelance work. A check or direct deposit can be issued to your company. From the company's coffers, you can set up a regular payday and a standard paycheck for yourself.

Lower your commitments

Though home rentals and items such as electricity are often standard, it is easier to deal with erratic pay if you do not commit to firm monthly bills. This way if you are low on money until the end of the next week, you don't ruin your credit for seven years. Go with a prepaid phone plan that will allow you to deposit minutes at your leisure. The same types of data and internet plans are available through prepaid plans. For all major purchases, such as trips, opt for the cancellation insurance, even if it costs a little more. Making commitments that allow leeway in your budgeting time will help you to keep up with payments in your own time.