How to Budget for Bimonthly Bill Paying

It takes more discipline to handle bimonthly bills over weekly bills.

Paying your bills on time is an important part of running a household. Missing bill payments can result in penalty fees, damage to your credit score and the loss of services. The longer the period between your bill due dates, the more discipline you need in order to manage your money. When you pay bills bimonthly, that is once every two months, your average bill is larger and you have a greater risk of mismanaging your accounts than if you paid bills weekly or monthly. Putting together a household budget is crucial for managing bimonthly bill payments.

Instructions

1. Gather your past household bills to build your budget. Note the payment dates and bimonthly payment amounts from your past bills.

2. Pay attention to variable expenses such as gasoline, groceries and utilities. These expenses can vary between payment periods. If you have a collection of old bills, take an average of old expenses to get an idea of these expected expenses.

3. Set up an Excel spreadsheet with three columns. Name one column "Expense," one column "Amount" and one column "Due Date." Record your different types of bills under the "Expense" column, the estimated bimonthly payment for each bill under "Amount" and each bill's bimonthly due date under "Due Date." Use this schedule to keep track of your bill payments.

4. Purchase or download budgeting software to help with your finances. You can purchase software from Quicken or use free online software from Mint.com. These programs are more advanced than a spreadsheet and can be helpful in keeping your budget on schedule.

5. Divide your bimonthly bill payments over a weekly schedule. Plan to make these payments to yourself for the future bills. This way, you do not procrastinate putting money away for your bills.

6. Put money aside according to your weekly schedule. Make sure this money is put aside and is not used for daily expenses. By the time your bimonthly bills are due, you should have enough money saved up from your weekly budget.

References

• The Nest: How to Create a Budget & Pay Bills
• CNN Money: Making a Budget