Spreading out my bill payments = a less stressful life

Another month, and another chunk of cash has disappeared from my chequing account in order to service my student loan debt.

Unlike most people, I requested and was given the option of having my automatic withdrawals on the 15th of every month instead of the end of the month.

Why? Because my rent actually comes out in the first week of the month, which meant that for awhile, my two biggest, and therefore most burdensome bills were leaving my account at around the same time. As a result, it took a very measured and careful balancing act to keep it from putting me into the negative in my bank account. Which I had managed to not do up until July of this year when I went into overdraft because my student loan withdrawal was late and my rent cheque cleared early. Loosely translated, I got hit with both bills on the same day and I was entirely unprepared for it.

At that point I threw up my hands, picked up the phone and told the student loans centre that I wanted my withdrawals to happen on the 15th of the month, thereby formally putting a paycheque between my rent payment and my student loans.

Frankly, I wish I had done it sooner.

Now your bills coming due at the same time is great if you were paid monthly, thereby allowing you to pay off everything at once and knowing in advance the money you have to spend for the following month. But if you were paid biweekly, like I am, it can become a problem.

Especially if one biweekly paycheque doesn't cover the entire costs of the bills coming due.

By putting a paycheque between my two biggest bills, it has allowed for me to spread out the costs and even out the distribution of money spent and money saved. And it has eliminated the hassle of having one paycheque carry all of the burden of my bills, but leaving me with no money for food or other things afterward. Which is not a good thing.

All in all, this allows for me to have a much clearer picture of my finances month over month but doesn't leave me deprived, struggling or left with the illusion of having a lot of money due to having a paycheque with very little money promised.

Paying your bills is enough of a burden as it is without you having to struggle to find money to make up for shortfalls. By doing this, it has given me the chance to stay organized but also to keep me far more realistic with my money.