What It Means
A bill calendar is a month laid out day by day, with every bill written on its due date along with the amount. Adding your paydays shows which paycheck has to cover which bills, and it makes a crowded week visible before it arrives. It can live on paper, in a spreadsheet or in an app, and it needs updating whenever a bill or a due date changes.
Try It: Split Your Bills Between Two Paychecks
Paydays on the 1st and the 15th. A bill due from the 1st to the 14th comes out of paycheck 1, and one due from the 15th on comes out of paycheck 2. Example bills.
| Bill | Due day | Amount ($) | Paycheck |
|---|---|---|---|
| Rent | |||
| Car payment | |||
| Phone | |||
| Electricity | |||
| Credit card |
Most of the month's bills land on one paycheck. Ask whether a due date can move, or hold back part of the other paycheck to cover them.
The bills are fairly evenly split between the two paychecks.
How It Sounds at Home
- "Rent and the car payment both hit before the 15th."
- "Put it on the bill calendar so we don't forget."
- "What's due this week?"
The Breakdown
A short example. Keisha is paid $2,100 on the 1st and the 15th. When she finally writes her bills on a calendar, the month looks like this:
| Due | Bill | Amount | Paid from |
|---|---|---|---|
| 3rd | Rent | $1,450 | Paycheck on the 1st |
| 12th | Car payment | $380 | Paycheck on the 1st |
| 18th | Phone | $90 | Paycheck on the 15th |
| 22nd | Electricity | $140 | Paycheck on the 15th |
| 27th | Credit card | $150 | Paycheck on the 15th |
The first paycheck carries $1,830 of bills and leaves $270 for two weeks of groceries and gas. The second carries only $380.
Where it goes wrong. Before the calendar, Keisha only knew that her month added up. She spent freely in the second half, when money felt loose, then ran short in the first half and paid the car loanCar loanAn installment loan used to buy a vehicle, repaid in monthly payments over a set term, with the vehicle as collateral. See more late twice.
What to watch for
- Bills due just before a payday, which have to come out of the previous paycheck.
- Autopay dates, which work best a few days after a paycheck lands.
- Yearly and quarterly bills, like insurance or car registration, which are easy to leave off a monthly calendar.
- A lopsided month, where asking a company to move one large due date can even out what each paycheck carries.
Good to Know
The CFPB publishes a free bill calendar as part of its Your Money, Your Goals toolkit, and says setting one up helps you avoid late feesLate feeA charge added when a payment arrives after its due date, set by the card agreement, lease or contract and limited by federal or state rules. See more and the other consequences of missed or late paymentsLate paymentA payment that reaches the lender after its due date; on credit reports, one that's 30 days or more past due. See more. Its toolkit also has a cash flowCash flowThe money coming in and going out over a period; positive cash flow means more came in than went out, and negative means the reverse. See more calendar for adding income dates and guidance on which bills and spending to put first when cash is short. When you set up autopay, check the payment date against your payday, since a payment that pulls before the paycheck lands can overdrawOverdraftWhen a payment is bigger than your checking balance and the bank pays it anyway, leaving a negative balance you owe back, usually plus a fee. See more the account.
FAQ
What should go on a bill calendar?
Every bill with its due date and amount, including the ones on autopay, plus your paydays. Add yearly and quarterly bills too, such as insurance premiumsInsurance premiumThe amount you pay to keep an insurance plan, such as health insurance, in force, usually monthly, quarterly or yearly, whether or not you use any care. See more, so they don't arrive as a surprise.
How do I make a bill calendar?
List each bill, its amount and its due date, then write them on a monthly calendar and add your paydays. The CFPB's free bill calendar worksheet in its Your Money, Your Goals toolkit gives you a ready-made page.
Can I change a bill's due date?
Some companies let you, so it's worth asking. Moving one large bill into the half of the month with fewer bills can even out what each paycheck has to carry.
Do It in Buhata
Bills and Calendar
Add each bill to Bills in Buhata with its due date and amount, then check Calendar to see which paycheck each one lands against.
Open BuhataRelated Terms and Categories
- Late fee
A charge added when a payment arrives after its due date, set by the card agreement, lease or contract and limited by federal or state rules.
- Cash flow
The money coming in and going out over a period; positive cash flow means more came in than went out, and negative means the reverse.
- Paycheck budgeting
Planning money one paycheck at a time, so each bill is paid from the paycheck that arrives before it's due and the rest is spending money.
- Fixed expenses
Costs that stay about the same every month, such as rent, a car payment or an insurance premium, usually due on a set date.
- Subscription audit
Going through every recurring charge you pay, adding up what each costs a year, and canceling the ones you no longer use.
Sources
Consumer Financial Protection Bureau, "Your Money, Your Goals" bill calendar tool (November 2018); Consumer Financial Protection Bureau, "Your Money, Your Goals" toolkit
- files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_bill_calendar_tool_2018-11_ADA.pdf
- www.consumerfinance.gov/consumer-tools/educator-tools/your-money-your-goals/toolkit
- files.consumerfinance.gov/f/documents/cfpb_your-money-your-goals_financial-empowerment_toolkit.pdf
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