I wanted to share how we use the PAYCHECK TO PAYCHECK BUDGET SYSTEM. Jason & I get paid bi-weekly per month and its not always the same so we put our paychecks together which makes budgeting easier. We are actually still trying to figure what actually fits in our budget, because literally our budget is based on our bi-weekly income. We are honestly a bit new to setting budgets on paper and using the envelope system so we tend to forget to put the cash into the envelopes and follow some category budgets. But we have been doing good so far. So for our second payday of June we are going to try harder to commit to our budgets because we have so many bills/expense’s to catch up on!
Here is what our overall calendar looks like.
I love to use a calendar to organize my bills. It keeps me organized and it’s a reminder of what bill should be paid for each payday, especially bills with DUE DATES. I also make sure to note down specific bills/expenses we will be having for the month – most of the time if its a annual fee or balances to be paid. Example, our sons annual fee for daycare is due this month and also his physical. Our oldest son will be starting school in august so we have to save up for that, I will be taking maternity leave and most of it will be without pay so gotta save up for that also! Things like that should be noted to make sure it’s being remembered and saved up for. Even if we have something like that for the next month or the month after that we need to save then it will go in our remember/notes section.
So, how do we break down the bills? We are lucky that,we will be getting paid 3 times this month so it gives us a little wiggle room for our bills and the extra expenses we have this month. Usually we would half most of our bills when we are getting paid 2x per month but again we are getting paid 3 times, we decided to make a full payment to our utilities the second payday so that we have more of a budget to work with at the end of the month for other expenses that were noted. Here is how we are breaking down our bills & expenses this payday. Take note, these numbers can always change within paydays to fit our actual income of the month.
Other stuff we add to our planner are some of our trackers which I just right in. This helps us budget on how much we can afford to pay for each payday per month.
- Daycare Payment Tracker
- Prenatal Bill Tracker
- School Shopping (this tracker is more of a wishlist/to buy so the contents can always change.)
I then add the bills in a app called Money Manager and it helps me keep it organized and totaled for the month on the go. It’s really a DIGITAL BUDGET PLANNER. But because the totals are right there it makes it easier for me to see what we are able to spend on. I absolutely love this app. I’m planning on doing a review of how I use it later.
Do we stay on budget all the time! To be honest nope we don’t. We are still playing with our numbers and getting used to the envelope system and actually tracking expenses. It’s a bit hard that Jay & Is income get deposited into 2 different accounts only because of where we work. So we try to rely on the envelope system for our expenses and our bills are paid by our cards.
Budgeting is one thing to actually commit to especially during tough times and when you are wanting to save up for a big investment for yourself, your family or your business! It may seem a little stressful at first, but when you control your spending it sure will get easier and the wants will not longer be obsessive. It is also important that you talk to your partner about starting a budget plan so you are both are agreeing and satisfying each other and your families needs. To know that you will be doing something good for the future in setting a budget to save even if it’s small amounts each payday, because we all know life throws us the craziest curve ball’s and when you know you have the extra or even half of the funds for those unexpected expenses will make you feel accomplished and proud.
I hope some of my budgeting plans helped you with some of yours. If you have any tips I would love to read about them in the comments sections below.