Question

I have a question.  First a little background: I am a Stay at home mom, but I do dog sitting and Genealogy on the side.I have a question. First a little background: I am a Stay at home mom, but I do dog sitting and Genealogy on the side. I don't count my income in our budget. Lucky if I make $200/mo. Anyway, based on husbands pay, he gets paid bi-weekly. I started the budget by paycheck in January and was hoping February would be the month that I had it all together. But, I think I messed up. Husband gets paid on Friday, but this check will cover the first 2 weeks of March. So, (1), am I counting this as March income? (2) how do I close out February? On my expense tracker, i tracked by the month. Should I have tracked those by paycheck? My numbers are WAY OFF. No idea how I messed up. Going to work on this more this week, but I may just end up chalking this up to a learning experience and start fresh on Friday. Thank you.  

Answer 1

I count it as February then just roll over so you have a starting balance if that makes sense, if not you get in a cycle of always having to move things forward

Answer 2

Hubby gets paid biweekly I count two checks a month as his paychecks so we get two a year that are extra without insurance taken out of! So last week he got paid and that is my first of the month check I make it last til the 15th or so the next check he gets will cover the end of the month bills. I have a planner I keep track of everything in so it works well for us, and we like knowing we get a few bonus checks in the year we can designate for something specific.  

Answer 3

I track by paycheck only. So for example February will have Feb 28-Mar12. I input all of the bills needed to be paid for those two weeks. On the March sheets I will then do Mar13-whatever. This is easiest for me. I don't like bringing things forward, too confusing.  

Answer 4

Track by check OR by month and carry balance over - I found that by month works best for me and I carry over the balance and like Miko, I highlight the bills that were paid in the past months paycheck. Also yes, chalk this first month up to learning! This is a journey and it’ll be bumpy and you will make mistakes!  

Answer 5

I started in January, too! And my hubby gets paid 2x a month. This Friday is one of them. It’s technically his March 1st paycheck but if the 1st or 15th land on a weekend or holiday, it’s paid the business day (banks open) before. So, I count this Friday’s paycheck as our first chunk of March income. Hope that helps. We’re all in this together!