I’m having a lot of trouble budgeting my money each month. I recently switched to a new company and now I get paid monthly instead of weekly. I’m really struggling to manage my finances and I’m getting pretty frustrated. I’ve tried using budget sheets, spreadsheets, and apps, but I get overwhelmed and can’t stick to them. I have ADHD, but that’s no excuse for not being able to manage my money. I used to have a good system going when I got paid weekly, but now I’m having a hard time adjusting to the new pay schedule. I get paid via PayPal and I’m not sure if there’s a way to pay myself partial amounts instead of the whole amount at once. I’m feeling really beat down and I want to get my finances back on track.
u/UnluckyAd4580: One thing that might help is to set up a system where you split your monthly budget into two separate accounts at different banks. You could use one account for the first half of the month and the other account for the second half. This way, you won’t be tempted to spend all of your money at once.
@Misha
u/XYZ: That’s an interesting idea. How do you suggest I set up the separate accounts? Should I just open a new account at a different bank and transfer half of my paycheck into it?
Harley said:
@Misha
u/XYZ: That’s an interesting idea. How do you suggest I set up the separate accounts? Should I just open a new account at a different bank and transfer half of my paycheck into it?
u/UnluckyAd4580: Yeah, that’s exactly what I would do. Just open a new account at a different bank and set up a transfer for half of your paycheck. That way, you’ll have a separate account for the second half of the month and you won’t be tempted to spend all of your money at once.
@Misha
u/ABC: I’m not sure I understand how this will help. Won’t you just be able to transfer money from one account to the other if you need to?
Oren said:
@Misha
u/ABC: I’m not sure I understand how this will help. Won’t you just be able to transfer money from one account to the other if you need to?
u/UnluckyAd4580: Well, the idea is that you’ll be less likely to transfer money from one account to the other if you have to go through the hassle of logging into a different bank’s website or going to a different bank’s ATM. It’s just a way to make it a little harder to spend all of your money at once.
@Misha
u/UVW: Okay, I think I understand. It’s like a way to force myself to be more disciplined with my spending. I’ll have to try it out and see if it works for me.