El Dinero Report October 2020 | WEARESUMA

Latino Half Payment Budget Method

Latino Half Payment Budget Method

💸 Do you find yourself running out of lana midway through the month after paying your bills? If so, we have a Budget #ProTip just for you!

🌯 Imagine having half of your burrito now, and saving the other half for later. It keeps you happy and full through the day, but hopeful for the next bite. It’s called *restraint*, and it will save you major guilt vibes!

Well, the same can be done with your bills! Nobody likes finishing their favorite antojito (or their paycheck) in one bite ☹️, so your bills don’t have to be paid de un trancazo either! 💡

Here’s how it works: use your 1st check of the month to pay half of your bills. Wrap the second half in papel de aluminio 🌯 (or those with a later due date) and pay those with your 2nd check of the month.

Burritos, empanadas, alfajores, yes, we clearly like food. But have you tried this budgeting trick? Tell us more below! 👇🏽

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  1. How does this work when your expenses are $2600/month and your income is $2525???

    • SUMA Wealth

      Hola Lester! Here are three recommendations. Recommendation #1: When your expenses exceed your income, you can look to see if some expenses can be reduced. It is also a good idea to see how you can generate more income (i.e. side hustles, a Part Time job). The goal being that the income exceeds the expenses you need to live on so you can also save and invest. Recommendation #2: If your income doesn’t cover the month. One thing you can try to do is to change the payment dates for some of the bills so it is more balanced based on your paycheck cycle. You can also save any leftover money from a paycheck and put it towards the month you need it for. Recommendation #3: You can sign up for a free counseling session that can help you figure your situation out: https://www.yellowribbonnetwork.org/afcpecovid19 We hope this helps!

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