I get paid every 28 days while my husband gets paid on the third every month. I am finding it difficult to figure out how to budget with this type of paycheck. I have always been paid biweekly until about a year ago and I still haven’t gotten used to this pay system yet. Does anyone have any ideas for how to budget with a paycheck date that changes monthly?
At one point in the year I’m getting paid at the beginning of the month, then in the middle and then at the end of the month. I also have 3 different bills that are paid quarterly instead of monthly that is throwing me through a loop. My mind tells me just set aside a third of the bill each month but then that doesn’t happen and now I can’t do that because I am behind on some of my bills.
I would handle it as though you both received a monthly salary, which is what you actually do. To pay for the entire month before it starts, my objective would be to get your bills pushed back one month in advance (this is a You Need A Budget way). Reaching that point has saved us so much time and trouble.
You might find pay period budgeting to be useful! Since your husband’s pay is the most reliable, I would base my budget on it. Moreover, it could be beneficial to divide the month into two pay periods, with the first half going into savings and the second half being “paid” to you two weeks later. I would save any money from your paycheck that you don’t need right away and re-add it to your account when you do need it to pay for bills.
Like the first comment, it sounds like you get paid for thirteen months out of the year.
Together with your spouse, I would try to create a budget based on the supposition that you only make $12 per year. It does take some preparation and possibly some cutting back until you have a big enough cushion. You also get a bonus check that you can use for vacation, spending, or saving. Whatever it is that you require.
Or you may calculate what you get each month by averaging it. You can work out new due dates for credit cards, phone bills, and other obligations that better fit into your budget. For instance, if your phone bill is due on the third of the month, you can request to have it shifted to the fifteenth or vice versa.