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Message
Readjusting my budget with new pay schedule
Posted on 8/22/23 at 9:22 am
Posted on 8/22/23 at 9:22 am
For years, my wife and I have both been paid once a month. We loved it. We set all of our bills to hit at the 1st and set aside cash for all necessities (food, gas, entertainment, etc…).
With my new job, my wife will still be getting paid at the same time so some bills can still be paid like normal but my checks are now coming every other Friday. 9/1, 9/15, 9/29, 10/13, 10/27, etc..
For any strict budgeters like myself, how would you set up bills with this pay schedule?
With my new job, my wife will still be getting paid at the same time so some bills can still be paid like normal but my checks are now coming every other Friday. 9/1, 9/15, 9/29, 10/13, 10/27, etc..
For any strict budgeters like myself, how would you set up bills with this pay schedule?
9
Posted on 8/22/23 at 9:25 am to BayouBengal23
No advice on when to setup bills but just a comment on budgeting.
I get paid every two weeks and I like to budget based on 2 paychecks per month. It makes it super easy as you can treat every month exactly the same.
There will be two months per year where you get 3 paychecks. these months are like getting bonuses for me as those 3rd paychecks are completely discretionary spending.
I get paid every two weeks and I like to budget based on 2 paychecks per month. It makes it super easy as you can treat every month exactly the same.
There will be two months per year where you get 3 paychecks. these months are like getting bonuses for me as those 3rd paychecks are completely discretionary spending.
Posted on 8/22/23 at 9:29 am to BayouBengal23
I run payroll every two weeks, so budget that way.
I spread my bills throughout the month, and generally pay on their due dates. One thing I is to make half my mortgage payment every time I run payroll. It spreads my largest bill across the month, and allows me to make 13 mortgage payments a year, as I end up making 26 half payments.
I spread my bills throughout the month, and generally pay on their due dates. One thing I is to make half my mortgage payment every time I run payroll. It spreads my largest bill across the month, and allows me to make 13 mortgage payments a year, as I end up making 26 half payments.
Posted on 8/22/23 at 9:45 am to BayouBengal23
I am paid weekly
I have one account for all my monthly, quarterly, semi annual, annual bills and 1/52 of that bill goes into that account. All those bills paid from that account.
Basically it is self escrow account
Works for me - spreadsheet I have a funding requirement and payment schedule to track. Not sure that is necessary I just like excel
I have one account for all my monthly, quarterly, semi annual, annual bills and 1/52 of that bill goes into that account. All those bills paid from that account.
Basically it is self escrow account
Works for me - spreadsheet I have a funding requirement and payment schedule to track. Not sure that is necessary I just like excel
Posted on 8/22/23 at 9:58 am to BayouBengal23
I would not make any changes to when the bills hit. That first month may make things look a little stressful but after that you will be right back where you started.
Posted on 8/22/23 at 10:02 am to BayouBengal23
What are you using for budgeting?
Posted on 8/22/23 at 10:06 am to whiskey over ice
Pay all my bills on the first and then cash for everything else.
Posted on 8/22/23 at 10:07 am to BayouBengal23
No spreadsheet or app?
Posted on 8/22/23 at 12:46 pm to notsince98
We do the exact same thing as notsince.
I’d keep your pay schedule the same and not adjust. Your actual day of payment is going to change every month, so it may make sense in Month 1 for the bills to look one way, but by Month 6 it could be a little different.
I’d keep your pay schedule the same and not adjust. Your actual day of payment is going to change every month, so it may make sense in Month 1 for the bills to look one way, but by Month 6 it could be a little different.
Posted on 8/23/23 at 12:55 am to whiskey over ice
I liked “you always need a budget.”
Posted on 8/23/23 at 4:15 am to BayouBengal23
I try to run as much as possible through a credit card so I really only have one big monthly bill.
Posted on 8/23/23 at 6:33 am to Weekend Warrior79
quote:
I would not make any changes to when the bills hit. That first month may make things look a little stressful but after that you will be right back where you started.
Yeah this seems like a very easy fix. If you don’t have room for 1 month worth of paychecks to be off in your budget, you’ve got bigger problems than your paycheck timing.
Posted on 8/24/23 at 7:39 am to MSTiger33
i just recently started doing it this way. so basically just have two bills to pay out of checking...mortgage and credit card. i would put my mortgage on the credit card too if it were allowed.
Posted on 8/24/23 at 8:17 am to MSTiger33
quote:
I try to run as much as possible through a credit card so I really only have one big monthly bill.
Thats what I do, with a rewards card, just try to get something.
The mortgage is the only thing that doesnt take american express, so I do that separate.
Posted on 8/24/23 at 1:43 pm to BayouBengal23
The people I know who have this situation do
Monthly - pays the big bills
Weekly / Fortnights - everyday spending
Monthly - pays the big bills
Weekly / Fortnights - everyday spending
Posted on 8/24/23 at 2:28 pm to BayouBengal23
I like for my income to be on a lag to eliminate unpredictability. All income gets direct deposited into savings account called "Next Month Income"
Example:
-Use July income to fund Aug budget
-Use Aug income to fund Sept budget
-So on
Next Month Income savings gets transferred into checking at the beginning of a new month.
I like this method because it gives time to adjust budget to income fluctuations and there's no need to care about pay schedules since you won't need the money until next month anyway.
Eta I funded the first month's budget using savings equal to a normal month's income.
Example:
-Use July income to fund Aug budget
-Use Aug income to fund Sept budget
-So on
Next Month Income savings gets transferred into checking at the beginning of a new month.
I like this method because it gives time to adjust budget to income fluctuations and there's no need to care about pay schedules since you won't need the money until next month anyway.
Eta I funded the first month's budget using savings equal to a normal month's income.
This post was edited on 8/24/23 at 2:36 pm
Posted on 8/24/23 at 8:08 pm to ev247
I can respect this but I much prefer having enough sitting in a checking account that I don’t have to worry about making a payment. Everything is on autopay and I measure the budget via Mint.
Posted on 8/24/23 at 8:35 pm to lynxcat
quote:
Everything is on autopay and I measure the budget via Mint.
Posted on 8/24/23 at 9:29 pm to lynxcat
When you say that you measure your budget via Mint, are you saying that you sort of observe how the budget is unfolding throughout the month? Asked another way, the budget isn't locked in when the month begins?
Trying to form a picture different than mine.
Trying to form a picture different than mine.
Posted on 8/25/23 at 5:41 am to BayouBengal23
Every other week means 26 pay cycles
Treat bills and payment obligations on a 4 week cycle. You will have 13 of these cycles in a year. If you do this, then the paychecks on 13th cycle will be all yours. Merry Christmas
Treat bills and payment obligations on a 4 week cycle. You will have 13 of these cycles in a year. If you do this, then the paychecks on 13th cycle will be all yours. Merry Christmas
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