2/18/2024
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This process could take a little figuring and trial and error, especially at first. Highlight those variable expenses to match the paycheck they will be drawn from. You can also add in variable living expenses to your calendar, such as groceries and gas, with their designated amounts. Your calendar might look something like this: Pick a second color of the second paycheck and highlight all the bills that will be paid with the second paycheck. Then highlight each bill that will be paid with that paycheck. Pick one color for the first paycheck of the month. This is where you get to see how your bills will be paid with each paycheck. Don’t miss a bill or expense as missing bills are what send your finances into a tailspin. Next, write in when each bill is due or scheduled to be paid. You can do this in a Google Calendar, your planner or print out a budgeting calendar sheet.įirst, write the dates of your paychecks into the calendar, and how much those paychecks are expected to be. Using a calendar will let you really see what is going on with your money and visualize your incoming and outgoing money, and how it will all work together. Create A Bill Payment CalendarĬreating a bill payment calendar for your biweekly budget is going to be a huge help in getting organized. So list them out on paper, in an app, in a spreadsheet…. You need to know how much your living expenses are so you can move forward with a working plan to pay them. Knowing when the bills are going to be paid is crucial to organizing your finances and seeing success with your budget. Specify what the bill is, how much the expected amount is AND when it needs to be paid. Much like budgeting monthly, a biweekly budget requires that you list out all the bills and expenses you need to pay during the month ahead.
How to Find Extra Money in Your Budget Budget Biweekly Paychecks List Your Monthly Bills and Expenses RELATED ARTICLE: Simple Budget Categories That means you potentially have quite a few expenses that will come up between those two pay periods that you will need to account for from both paychecks, not just the paychecks that come within that specific month.īut the biggest difference between bi-weekly and semi-monthly pay schedules is that, with a bi-weekly income, twice a year you end up with an extra paycheck in a month.Īnd if you don’t have a plan for that money, it will disappear into thin air, instead of helping you with your financial goals. You could receive a paycheck on the 26th of one month, and then not be paid again until the 10th of the next. With a paycheck that comes every two weeks, you need to plan a little more for how to pay for your expenses. You receive 24 paychecks throughout the year. When you are paid semi-monthly, your paychecks usually come on the same day every month, such as the 1st and the 15th of the month. This means that you receive 26 paychecks throughout the year. When you receive a paycheck on a bi-weekly schedule, then you are paid every two weeks.
The Difference Between Bi-weekly and Semi-Monthly Let’s jump into how you can effectively budget your finances when you get biweekly paychecks. Keeping track of what you are spending money on, and how much, is crucial to the success of your budget. Now you you have all the information you need to actually plan how you are going to pay for your expenses throughout the month. Get everything organized on a calendar so you can see what is due and when. You have to know what you have to budget before you can actually make your plan. There are some basic steps to budgeting when you have a biweekly paycheck. So, if you are paid on a biweekly schedule, then this post is for you. And while that is still technically true when you receive biweekly income, going about your budget for the month needs to change slightly. I know that a lot of budgeting tutorials talk about budgeting your money for the month. If you are paid on a bi-weekly schedule, then you know the frustration this can cause when trying to organize your finances and set your budget.īut the truth is that whether you are paid monthly, twice a month or bi-weekly, the principles of budgeting are the same. So we did not have set dates each month when the paycheck would hit our bank account. Did you know that the whole time we were paying down over $300k in student loans, that we were getting paid with bi-weekly paychecks?
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