Ahhh, it’s time for a new budget. After switching jobs, I now only get paid once per month instead of every two weeks like I used to. I’ve waited to do this for a few reasons
- I was getting quite a few “final” paychecks at a time and was going to be experiencing higher than normal cash intake for the month
- I havent gotten a full paycheck from my new job (only 2 weeks worth)
- I owed quite a bit of taxes
Coming up soon, I’ll be getting my first full paycheck from my new job, and I’ll be able to craft a working budget with it. Back when I was a very poor grad student, I got paid once a month, so I am used to the challenges it comes with (there were more months than I’d care to count when the 10th or 11th of the month would roll around and I’d have about $15 dollars left for the entire month. While this sounds extreme, at that point my bills were usually paid and most of the food shopping had been done, so there wasn’t really a need f0r more (except to pay down debt).
Now, my financial life is a bit more complicated – I’ve got a car payment (boo), I’ve got student loans to pay, and I’ve got savings goals to meet. When all these payments were selected, they were picked because they jived well with my cash flow at the time. Savings withdraws pull a few days after I get paid off of one check, the truck and student loan are paid on the same day which was a few days after my second check was deposited. Doing it this way made sure that I’d always have a bit of spare cash until the next payday, and all my bills were getting paid.
Now, I only get paid on the first of the month, and I’ve got to change all the dates so that I can make sure that all my bills are paid after I get paid then I can know how much I can put to my debt!
How often do you need to change your budget? Do you prefer getting paid once a month or biweekly?