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  1. #1
    Join Date
    Jul 2005
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    3,531

    Default Monthly budget when paid every other week

    Our family's paycheck schedule recently changed.

    If your paycheck comes every other week, how do you do a monthly budget?

    All of our expenditures are monthly, and this every 2-week paycheck thing is throwing me off.

    It's annoying. I need ideas.

    ETA: Perhaps I'll just say that our monthy budget is 4 weeks worth of paychecks (or, two paychecks.) That way at the end of the year (assuming I ignore that extra money and stick to the budget, a BIG if) we'll have the equivalent of 2 extra paychecks in our account....hmm.
    Last edited by Delta; 05-17-2007 at 01:51 PM.

  2. #2
    Join Date
    Jul 2005
    Posts
    715

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    assuming you're paid once in the middle of the month and one at the end/ start of the month, what we do is set most of the second paycheck aside for our mortgage payment. we use most of the first paycheck for bills, living expenses, etc. for the entire month. i suppose it depends on how much your rent/ mortgage payment is. our entire budget is based on my salary (my husband is freelance and his income is sporadic), so we contribute to our savings from his payments come in.

  3. #3
    Join Date
    Dec 2005
    Location
    Orlando
    Posts
    1,900

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    I can relate... I get paid every week and DH gets paid every other week, so we have "big $$$ weeks" and "small $$$ weeks". I really wish it was more uniform than that, but we make it work.

    I use a budgeting system called Mvelopes, which is hooked up to ALL of our various accounts (checking, savings, credit cards, etc) and works similar to the traditional envelopes system. You draw up a budget by creating electronic "envelopes" based on different spending categories and decide how much money you need to fund monthly to each category/envelope. When money comes in, you use it to fund the envelopes appropriately and then each day, the program downloads all cleared transactions from all of your accounts. Then you assign each transaction to the appropriate envelope and it automatically adds/subtracts from that envelope's balance. I feel like it helps us with our lopsided pay schedule, because we can plan ahead to earmark money for certain bills while keeping it in the same account, so we always know how much we really have leftover to spend each week. I'm sure it isn't for everyone, but it has really helped us with our budgeting.

  4. #4
    Join Date
    Dec 2005
    Location
    Midwest
    Posts
    1,935

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    Do you have a savings buffer? This got to be a pain for me as well, I'm paid every two weeks on Friday and DH is paid every two weeks on Friday. So we built up a savings buffer and now our checks go straight into the savings account at payday. Then on the first of the month I take the monthly budget out of the savings and put it in the checking account, then I can pay all the bills for the month at the beginning through bill pay and not worry about our checks. Its actually very nice to not have to stress about stretching the money until the next check. The three paycheck months just increase our savings, we don't budget for them.
    Adele Elizabeth 12/27/07
    Robert Allen 11/11/09

  5. #5
    Join Date
    Jul 2005
    Location
    DC
    Posts
    4,769

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    Ours is really fun - I get paid biweekly, but DH gets paid monthly. Since we have separate checking accounts, we're each responsible for certain bills. We changed the credit cards DH pays to come due at the end of the month, so he always has the money in his account, and I assign some of "my" bills to each paycheck, depending on when their due dates are. I also try to stay one paycheck ahead, so that I'm paying bills that are due in three weeks with my current paycheck. This way, if I run short for some reason, I have another paycheck coming to make up the difference. If I'm coming up ahead consistently, I add extra to savings or give extra to DH so that he has more money for his own debt repayment.
    Find Me on LJ
    "The safe is the enemy of the satisfying" - Anna Quindlen

  6. #6
    Join Date
    Jun 2005
    Location
    Boston, MA
    Posts
    936

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    Quote Originally Posted by TazLuv View Post
    Do you have a savings buffer? This got to be a pain for me as well, I'm paid every two weeks on Friday and DH is paid every two weeks on Friday. So we built up a savings buffer and now our checks go straight into the savings account at payday. Then on the first of the month I take the monthly budget out of the savings and put it in the checking account, then I can pay all the bills for the month at the beginning through bill pay and not worry about our checks. Its actually very nice to not have to stress about stretching the money until the next check. The three paycheck months just increase our savings, we don't budget for them.
    We do something very similar. I've switched jobs twice in the past year - from twice a month to weekly to bi-weekly paychecks. DH is paid bi-weekly. It was a little tricky the first few months until we worked out the kinks, but it's made thing so much easier now that we're in the groove.
    K+T: 7/9/05
    Baby R: 1/25/08

  7. #7
    Join Date
    Jun 2005
    Posts
    7,321

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    DH and I get paid biweekly but on opposite weeks. This is new for me as of 2007; I was previously paid weekly. It's a huge pain. I'm trying to get everything set up in Excel but it's so hard to use. I don't think I could manage without the help of software.
    Writing: a socially acceptable form of schizophrenia.

  8. #8
    Join Date
    Jun 2005
    Posts
    3,069

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    Mine is weekly, but I have the same issue with different income per month. My budget is pretty much based on 4 paychecks/month, and I use the "extra" ones for Christmas shopping, weekends away, extra savings, clothes, etc.

    I track everything in Excel.

  9. #9
    Join Date
    Jun 2005
    Posts
    1,299

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    Ours is now weekly but we have had monthly, bi-weekly and every 1/15th so we have seen every type of pay possible I think!

    I developed an excel spreadsheet that assigns each bill to a paycheck - so for instance, I know we get $X on May 18 and the phone, cell phone and cable bill are due in the next week or so. I actually sat down and planned out the whole year assigning bills to each check. It is easy for me but I really love my spreadsheets!
    Emilie + Randy - 09.28.02
    Emilie + Randy + Baby Girl - 09.07.07

  10. #10
    Join Date
    Aug 2005
    Location
    Massachusetts
    Posts
    4,032

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    Oh love this thread, I'm changing jobs and will start being paid every other week (going from weekly) and DP is paid the 15th and 30th. Going to take some adjusting!

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