I also include weekly needs for gas, groceries, etc so that everything is accounted for. Next, I put our paychecks and the amounts on the calendar and started divvying up what is getting paid during each pay period and then making notes if a certain paycheck was going to be short so I could set money aside from a previous paycheck. Then, I put all that information on a calendar (I used Google Calendar but you could just print one out or DIY). There is a printable bill pay tracker in my resource library, but you could just as easily make a list on a regular ole sheet of paper. I started out by making a list of all of my expenses and their due dates so I could see how much money was due each week. My family has been getting paid semi-monthly and bi-weekly for the past few years and I’ve found that the best thing you can do is to get organized with your income and expenses. Anything above necessities is a luxury and those are things you could forgo if the money wasn’t there. You want to make sure you have the money for rent, utilities, cell phone, etc. It doesn’t include any money that I don’t absolutely need. It doesn’t include entertainment or eating. I have a baseline budget that consists of just what I need to get by. The point is to have the money to cover next months bills. You don’t necessarily need to save a months worth of salary– you just need to save enough to cover your necessary expenses. When you are planning to get a month ahead. This is also not an emergency fund.Ĭheck yourself, before you wreck yourself! The purpose of this fund is to maximize your flexibility in paying bills. If anything unexpected pops up you have time to adjust for that change.Ī word of caution– this is not a free for all pot of money. You have the flexibility to pay when it best works for you and the due date versus being forced into a certain window because of your ever-changing pay date. So, if you are a month ahead, you will always have the money ready to pay bills as they are due regardless if you are getting paid during the first or second week of the month. Getting a month ahead helps to alleviate the stress for a few reasons.įirst, you won’t be getting paid on the same day of the month every month, but typically bills are due at the same time every month. I can’t imagine too many things more stressful than living paycheck to paycheck. No matter where you land with your tracking tactics, it’s important that you have one and are consistent so you can win with your money!īonus: What Else You Need to know about biweekly budgeting Why you should consider saving up to cover a month’s expenses…Ī goal of mine is to save up enough money for a month’s worth of expenses. This form of budgeting makes it really hard for you to accidentally overspend categories. People who are on tighter budget can do well with cash budgeting and using envelopes. Some people really enjoy the 50/30/20 Budgeting method because they can give themselves permission to spend that 20% of wants any way they like and they call it good. One of the reasons I really love having my bills in a separate checking account from discretionary income is that I always know that the money in my second (discretionary account) is where I really need to focus my tracking and I know I’m not in danger of spending money I need for my bills. Tracking where your money has gone is typically where most people get frustrated and bail, but this is a super important step in sticking with your budget and subsequently meeting your personal finance goals. Let’s check out what you need to be successful with your new budget! So how do we make monthly bills and biweekly paychecks work together? We’ll talk more about what to do with these paychecks later in the article. That means twice a year you will be getting an extra paycheck. Occasionally, depending on how the calendar falls, it can be twenty-seven, but for planning purposes– twenty-six. Getting paid biweekly means you are getting paid twenty-six times a year. What makes biweekly budgeting a little special is that your paydays are going to be on different days of the week every month. How to Create a Biweekly Budget with Monthly Bills Pitfalls with Budgeting Biweekly paychecks.What to do with your 2 extra biweekly paychecks during the year?.Bonus: What Else You Need to know about biweekly budgeting.Step 3: Create a Zero Based Budget for Each Paycheck.Step 2: Organize Your Bills and Expenses Utilizing a Bill Pay Calendar.Step 1: Create Your Monthly Budget Categories.How to Create a Biweekly Budget with Monthly Bills.
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