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re: Readjusting my budget with new pay schedule
Posted on 8/25/23 at 7:12 am to BlackAdam
Posted on 8/25/23 at 7:12 am to BlackAdam
quote:
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 think you end up shortening your mortgage by about 11 years that way.
I’m sure you knew that, but if you didn’t, it’s a massive, kudos and bonus for you.
Posted on 8/28/23 at 10:14 am to ev247
quote:
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.
Budget is automatically set monthly for the categories. All accounts linked to Mint and as spending occurs the software categories the spend into a budget category. Software then rolls up that spend against the budget and you can view real-time how you are tracking against budget at any point in the month.
At end of month, it’ll give a small report on how you did. It keeps all the historical budget information so you can look at past periods and see changes month to month. This is all on the app on your phone.
If you login online, you get more capabilities. For example, you could look over the last 6 months and see total planned budget for that time versus actual spend (could be helpful to normalize for irregular spending through off something month to month).
This post was edited on 8/28/23 at 10:16 am
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