Question

I need advice.  I have always had a percentage of my check go directly into savings.I need advice. I have always had a percentage of my check go directly into savings. This is going to be my first month budgeting by paycheck. My question is should I budget based on what I have go into checking only since i consider that my spending money, or should I stop my automatic savings and deposit it manually after budgeting? Edited to add, I have a little over $10k in savings no credit cards aside from a jewelry account under $2k at 0% interest, $3k hospital bill being financed at 0%, and a car loan if any of that matters. Thanks in advance!  

Answer 1

I think if I had those savings I would use the money I usually save to pay more towards the debts. So stop saving while debts are seen to.  

Answer 2

What I put into the EF that is automatically withdrawn from my account I don’t count in with my budgeted money. I put aside 150 a pay and try to never think about it. I call it my personal tax. I keep it separated

Answer 3

I have 300 bucks a paycheck that go to a different account to save and I don’t count that in my spending budget. I only bouger what I have left to spend. Makes it easier to save when I treat the saved part as nonexistent

Answer 4

I was literally just thinking about this. I’ve been tracking my spending and all that and today I’m starting the cash envelopes, but I’m curious when I write my income if I should write gross and then auto subtract 401k medical and taxes. I just think that’ll make it harder for me. Like adding more steps. I think it’s easier just budgeting what’s in the checking account and going from there. ‍♀️ I still don’t know though lol

Comments

@celeski the vast majority of people will do net pay (I. e. what’s actually hitting their checking account). The only people who wouldn’t do that are usually self employed (like miko) so stuff like health insurance isn’t being paid by an employer.  

Answer 5

Either budget what’s going into checking. Or total take home and then show the amount you’re moving to savings as if you’re doing it manually. You don’t need to actually change it.  

Answer 6

We budget 5 to 10% to go to savings