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Tick. Tick. Tick. Counting Down The Seconds Until Your Next Paycheck?

August 31, 2016 And hoping you can get by without pulling out the credit card?
You can do it—here’s how! Unless you’ve recently won the lottery or are independently wealthy, you have to deal with this thing called a paycheck and the reality that it can be hard to s-t-r-e-t-c-h your pennies from one paycheck to the next. Sure, you can always pull out a credit card if you get in a pinch, but do that too often and you’ll just create another problem for yourself. What’s the solution? Changing your cash flow so you have more money, more often. Here’s how. Step 1: Create a schedule of your income and outgo.  Start by getting a better idea of when your money is coming in and going out, and where it’s going to. Get out a calendar and write down the following:
  • When your bills are due and how much they’re for.
  • When you’re paid and the amount you’re taking home each paycheck.
  • When you tend to grocery shop and run errands and approximately how much you spend each time.
Do your paychecks vary A LOT? If you’re someone who sees big swings from one paycheck to the next, you’re not alone and you might need more help to get your cash flow on track. Please call Summit to set up a personalized review of your finances. Step 2:  Analyze the timing Look at when you earn and spend your money. How often are you paid? Twice a month is common but your pay period could be different. How does paycheck timing line up with your bills? Do all your bills come out of one paycheck? Are you stressing out half the month, then feeling irrationally exuberant and spending too much the other? Step 3: Change your monthly cash flow If the timing on your bills is pretty evenly split, improved cash flow is probably a matter of more realistic spending. This post could help you get there. But if all your bills come due in one pay period, you have two choices:
  1. Contact your utility/service providers and see if you can switch your payment due date to your other pay period.
  2. Create your own artificial due date.
The second route takes a bit more discipline, but we know you can do it with some help from Summit’s online branch. Step 4: Take advantage of Summit’s online banking Online banking makes it easy to improve your monthly cash flow. Just do the following:
  • Divide each bill amount in half.
  • Open a sub savings account in online banking.
  • Create an automatic transfer on the days you get paid and put the cash to pay half of each bill into this account. Bam! That money is safely tucked away and you’ll have a more realistic idea of what you can really afford to save and spend each paycheck.
  • Time to pay a bill? The money is already in the sub savings account, just transfer it back into checking.
Sure, it will take a little time to analyze everything and set up these accounts, and it might take a few months to get used to the new system. But once you do, whew! The sense of relief will make it all worth it. You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA