Now let’s talk about timing. It’s all about cash flow – when the money comes in and when it goes out. Half of the equation is probably out of your control as your employer will pay you at the same time as everyone else! The majority of employers pay biweekly (every 2 weeks) or semi-monthly (2 times per month) however some pay monthly or weekly.

Most of us try to manage our money into the middle and end of the month. Some bill cycles are set and difficult to change however for payments such as savings (monthly automatic savings) or loan and/or mortgage payments you often have several options. The key is to choose the payment dates that work best for you. Don’t be swayed by paying your mortgage biweekly if you are paid semi-monthly. You may be told you will pay down your mortgage faster by making biweekly payments but the trick is they are higher payments..you can do this just as well by setting semi-monthly payments a little higher. Whenever possible, match your payments with your pay.

Although this can get a bit tricky if you’re paid bi-weekly, it’s doable. Simply manage your money on 2 paychecks per month. 2 times per year you will get 3 paychecks .. best take the third and put it towards one of your goals such as vacation, RSP’s or paying down a debt!