LaceMeUpp OP t1_iu9bhub wrote on October 29, 2022 at 3:48 PM

Reply to comment by AdditionalAttorney in Monthly to Bi-Weekly Checks by LaceMeUpp

This is a good tip. My current job will pay me out one month after I leave so at the end of January, I’ll receive my last paycheck for my current job in addition to a paycheck for my new job. Do you think that could work?

AdditionalAttorney t1_iu9bxzd wrote on October 29, 2022 at 3:51 PM

That’s even better! Use this extra paycheck to be the “next months” pay

I use YNAB for budgeting but your system can probably support this.

I have a category/bucket called “next month”. So during say October, my two paychecks went into that bucket.

Then on Nov 1… I take everything from “next month” and I assign it to the spending I will do in November

The two paychecks in November go onto the “next month” bucket

Repeat

Also, look at your pay calendar so that you can figure out which months will have the 3rd paycheck so that you don’t forget and spend it

sleepyguy22 t1_iu9evgs wrote on October 29, 2022 at 4:12 PM

Question - why put in a 'next month' category instead of immediately budget for "next month" when you get your paycheck? I use YNAB and sometimes budget up to two months in advance, e.g. with my paycheck that came in today I budgeted for December 1st's mortgage payment (among other things in Oct and November)

AdditionalAttorney t1_iuaichk wrote on October 29, 2022 at 8:52 PM

W YNAB I never budget more than one month into the future bc there’s way too much risk that the budget gets out of whack. Ppl always post abt that on the sub.

If I needed to do what you described I create a temporary category called “December mortgage”.

It just keeps things simpler for me to have an easier overview of what “jobs” my money has. Vs having to toggle into the future to see