question for those working with a budget

how do you accomodate for this:

although your numbers balance for the entire month, what if a bill is due BEFORE your next paycheck?

tia

Re: question for those working with a budget

Did the due date of this bill change or is it an unexpected bill?

My budget accounts for when bills are due and when my paychecks come...

Re: question for those working with a budget

I am fortunate to not have to live paycheck to paycheck. I always have a little bit extra for just in case.

I still stick to a budget though.

Re: question for those working with a budget

When you are first starting a budget, the first month is the hardest because you haven't created a padding yet. If you are afforded the opportunity, get yourself a one pay period padding, this way if one bill is due before your next paycheck you already have it in the bank and then you just adjust your budget.

Let's say for example that I have $2000 in savings and nothing left in checking for a bill that is due 3 days before I get paid. I'll move money from savings, pay the bill and then when my paycheck comes I'll move that money back to savings.

HTH!!

Re: question for those working with a budget

if I didn't have it in savings readily available

I would shift things around to make it work

But I normally have things planed out to pay them before I get my check

example- this month I got paid on the 5th , 12th, 19th and the 26th

my car payment is do on the 23rd

I paid it with my check on the 19th

another example- my WAMU bill is normally do at the beginging on the month- July 2

but I paid it with today's check

I can also take money slotted for savings and pay the bill and then put the money into savings when I would have paid for the bill

I have to say b/c I get paid weekly- it's alot easier for me to plan - then when I got paid 2 times a month- that was much harder

Re: question for those working with a budget

We don't usually have the issue as we have a buffer, however I would suggest calling the company directly & asking to switch the due date.

I know someone who made arrangements to pay their Amex bill every two months because of a stipend they received.

Re: question for those working with a budget

i get paid twice a month - on the 15th and on the 30th (or 31st)

when i get paid on the 15th, i pay all bills that are due until the 1st of the next month.

when i get paid on the 30th or 31st, i pay all bills that are due until the 15th of the next month.

as long as they're recurring bills with scheduled due dates, you'll just have to plan with the paycheck before

Re: question for those working with a budget

sometimes I rely on my overdraft when that happens. I am SURE to re-pay it as soon as my check comes though.

Re: question for those working with a budget

I have a 6% rewards checking account so I keep plenty of money in there for the interest.

So there is never an issue where I may be short for the month. I have such a buffer it's not an issue.

I use Microsoft Money so at the end of every month I can print a report that has all my incomes, plus all my expenses, and I look to see if I was in the black or in the red for that month. If I was in the red I see where I overspent and adjust accordingly for the next month.

Re: question for those working with a budget

the first month is definitely the hardest, that's when you have to figure all this stuff out ...

we're still working out the finer details.

but we base things on when the bill is due, not the "month its for" .. not sure if that makes sense?

we deposit all our money into our checking account, and then transfer a standard lump sum amount once a month into our savings (money market) ... sort of like the savings lump sum is a "bill" to be paid, in a sense.

its helped us to slowly accumulate a small amount of padding in the checking account, and this way the money is in the account that pays the bills.

Re: question for those working with a budget

Re: question for those working with a budget