My 1 over 30 Rule. How I take care of my expenses easily

Michael

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UF Member
My 1 over 30 rule. Paying of bills can be a pain in the ass to some while it is easy to some who have devised a means to get their bills or expenses paid at the end of the month.

This rule has made me set a target for myself everyday. I do my best to cross a particular benchmark or target.

This is what I personally do using the below steps.

  1. List all the expenses with the price
  2. Sum it
  3. Divide it by 30 (days), you will get the amount for a day.
  4. Get a dedicated bank account.
  5. From your main bank account, place a daily standing order for 30 days to the bank account in step 4 with the amount you got in step 3.

I use my internet banking to set the standing order without going to the bank. If you are my type that runs on budget, you can adjust the standing order this till December 30. You won't be needing to do this every month end

What is standing order?
Ans:
An instruction to a bank by an account holder to make regular fixed payments to a particular person or organisation.

Note: I am fully aware that some months are less than 30 days, I use 30 days because I added miscellaneous which covers up the shortage in some months not up to 30 days. You must ensure that you always have money in the main account to cover the day's standing order.

As simple as it may sounds, it can be real hard if you don't have a steady flow of income. With determination, you can do it. If I can do it, you can do better.
 


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