[forHISglory]

Hi Today is payday for us. It's the day my husband's pension check comes. I got to thinking about this. If you've read my entries, you know that I am newly retired and that I have no pension (had 403b, but I'm not touching that). So we went from 2 incomes to 1 income. We've made a lot of adjustments, but so far, so good. Anyway, my thoughts were about frequency of pay dates and how you adjust to them. For example, at my husband's school, he was paid once a month. His was the main paycheck (and at times the only pay check), so we adjusted budget to only one paytime per month. We set up bills if we could to come due a few days after his pay day. I had to plan menus for a month at a time. I had to look ahead to holidays, birthdays, etc. for the month to be sure there were funds to meet those obligations. We actually found it to be a great way to be paid. Most major bills are monthly, so it went along with our pay schedule. We tithe, and so we give that once a month. When I began teaching full time at my last job, I was paid twice a month: on the 15th and the 30th. Hubby was paid on the 20th. We decided to just keep budgeting as if we were paid once a month, as it had worked really well for us. How about you? How are you paid? What would you prefer? How have you adapted your budgeting? My folks were farmers, and they had only 2 major paytimes a year! (fall crops and livestock sales) They had small weekly supplements of sellilng eggs, but they sure had to do some careful planning. I'd be interested in what you do.

 

[rachelMcK]

At first Dh and I were paid bi-weekly on alternating weeks so we got a paycheck every week, but now we get paid on the same weeks, so we are fully bi-weekly. I find this hard because our money has to stretch over a longer period of time. I find it very difficult to budget and watch where our money is going though we're getting used to it. I don't think I could handle being paid once a month...no thanks.

 

[Kitten20]

DBF and I each get paid bi-weekly, on opposite weeks - so a paycheck every week for us. Our monthly budget is actually a weekly budget (but I budget for the whole month at the same time, separated into weekly categories). This is working well for me, however I would love to be paid once a month! It would make things so much less complicated and would be less stressful for me.

 

[Dancing Lotus]

Dh is paid weekly . That makes this so easy now. I just take out the cash that I can afford for the week on fridays.

 

[McD]

I am paid biweekly and husband is paid on the 1st and the 15th. It's nice because right now we are getting a paycheck every week.

 

[sdrjeolsen]

Dh is bi-weekly. Used to be monthly at his last job. It was a bit of a hassle to be paid once a month. Also, the company always held the December check till January and he received 2 checks in Jan. I always hated that...of all months to not receive a paycheck. They held it over once to the next year to make the books look better and just kept it up every year.

As far as how I pay bills, I have my budget in my quicken register, so just schedule things as they come up and keep a buffer in the account. We are tithers as well, that comes out each pay period along with a specified amout for savings and the money for the mortgage (although that is paid every 4 weeks I just put a transaction in the register as if 1/2 of it has already come out, then when payday comes, today. I doubled, pay it and remove the previous half transaction. Other bills are paid as they come due. At the end of the month, whatever is left over above the buffer, I transfer into the savings earmarked for a future shortfall.

 

[LexTysMommy]

I get paid every friday by 2 parents, every other tuesday by the state daycare kids (biggest check) once a month by food program for daycare, and every 3rd tuesday by one parent. LOL So it seems I always have money coming in. A little at a time. I like it and I dont. I pay bills whenever they come in. Most are online at the beginning of the next month so I am 7 weeks ahead at all times..i like that!

 

[justpeachy92]

We are paid weekly. As for budgeting I look at what we hav going out every month. Then divide that total by the number of paychecks. This amount gets set aside on a weekly basis and pays the bills as they come it. What is left from the paycheck is divided among savings, gas, groceries and any other needs that week. With 4 kids seems like someone is always out growing something or in need of hair cut.

 

[qponfanatic]

My husband gets paid bi-weekly so I have a calendar book (hubby provides free every year--LOL) and have all bills marked on my calendar a few days before they are due. I basically pay my bills twice a month. I don't mind him being paid bi-weekly cause I know twice a year he will get 3 paychecks in one month!ony:

Lextysmommy,

I used to do daycare. I limited my daycare to two children. I wish I would have never let my license expire now cause I could really use that extra money. My only problem was my kids don't understand me keeping other kids. My dd, who is 9, thinks no child should ever take a nap so I always had to fight her when it was nap time for my daycare kids. That was so frustrating! She is so strong willed and quit napping just after 2 years of age. LOL My other problem was I had a dad who picked up his daughter on his time and not mine and I am not mean enough to enforce the overtime charge.

Stephanie

 

[monkeywrangler71]

My husband gets paid semi-monthly, which is not too hard to manage. I use Quicken and have all our bills scheduled, so I just keep an eye on the forecast graph to make sure that I have enough to last until payday. Investments and any thing else that I control the payment date are set up to come out the day after payday - roughly half for each pay.

My biggest budgeting challenge is that a large percentage of our income comes in an annual lump sum payment, and I never know how much it's going to be until the week before. So I spend most of the year pretending that it doesn't exist and just getting by with the regular pay. Then that lump sum goes to savings, mortgage, or major purchases - this year it will be a back door and braces.

 

[dcompton]

I'm paid once a month on the last working day of the month.

I really like that. For my bookkeeping (I've dropped off the computer and gone back to ledger), I show my check, for example, today's, as the December income, take out all the set bills, even if a few, like insurance, are debited late in the month, estimating if it is one that varies somewhat; the balance after that is put in savings, leaving a small cushion in the checking account. I put almost all purchases on a CC that I have arranged to close on the 1st or 2nd of the month, so I know immediately exactly how much the balance is and pay it off up front. I make sure there is enough in savings that, should the world cave in and the check not come, the CC balance, which after all, is the last month's day to day expenses, is covered. All my bills are paid on line and I schedule payment for whatever date is apppropriate, or, utilities/insurance are drafted by the company. This works really well for me and is very simple. After the first two or three days of the month, I really don't have to think about it any more, except to enter the very occasional check or ATM withdrawal.

 

[SammeyG]

I get paid bi weekly. My Dh gets paid weekely. There are times that I will put one of my bi weekly checks into savings. This winter we are going to try not to live of credit cards. So we are tring to save as much as we can for a buffer.

 

[onencgirl]

dcompton, I also get paid the last working day of the month and do almost the same system as you. It is such a simple system and I know exactly what is going out and when. My leftover $ is put in savings. I work a small parttime job on the side and use this $ for my extras, (gas, tithing,etc).

 

[peanut]

My husband is paid twice a month. In normal months it's not bad. But those months with 5 weeks can be killers. I have to really watch it, especially with groceries and gas.

What's worked for us is to set up a monthly budget and envelope budget. That way we have any leftover money from previous pay periods in the envelopes to carry us over the longer months.

Jean

 

[getnrichslowly]

I get paid the 15th and the last day of the month. dh is every other week. I collect rental income from my sister when she gets paid, which is the same as dh.

 

[ilovechocolate]

The last working day of each month.

It's really bad in December each year. Since I'm a teacher, my last working day this month will be the 20th. Then I won't get paid again till Jan. 31----6 weeks later.

 

[miss_thrifty]

hubby and I get paid weekly.

 

[wanderlusting]

DH gets paid on the 1st and 15th of the month. I get paid once a month-usually between the 10-17th. My check goes from Louisiana to England so that's why there's a big window of payday for me :shrug2:

 

[favesis37]

Dh and i both get paid every other friday

 

[Marie78]

I am paid bi-weekly and I make sure my first paycheck goes towards the bills for the first half of the month and my second paycheck covers the bills for the second half of the month and then I put the rest into savings for irregular expenses.