So.I don't know why I find things so challenging.but I have a couple of questions.

Question

So.  I don't know why I find things so challenging.So. I don't know why I find things so challenging. but I have a couple of questions.  If I got paid January 30th. and I want to use some money that I have set aside, do I just put those two amounts in the income section of TBBP Paycheck Bill Tracker? I have money deducted each week from my checking account and put into a Christmas club account. Do I count that as a bill and then add it into the savings page? What if you have recurring bills that are paid on a credit card? Do I list it as a bill but not subtract it because t will be paid when I pay the credit card? Example, I have season tickets to the local theater. The theater allows you to break it up into monthly payments. I am assuming. and boy could I be wrong!. that you use a new paycheck bill tracker form for each paycheck that you get? So if I get a paycheck twice a month, I should have two? Thanks so much for any help that you can give me!  

Answer 1

This is how I handle those situations you noted (lots of ways to do it but this is what works for me) 1) yes you would count that as income and then you would write the expense in the bills or envelopes section for what you’re spending it on 2) I put Christmas savings into the sinking funds section of the paycheck bill tracker for whichever paycheck is covering the auto withdrawal 3) I also do what @clarethaclaretta said above and count it as a bill because I pay it out of my checking onto my card as soon as it settles so it’s not a debt to me just a normal bill 4) yes you should have a paycheck bill tracker for each paycheck so if you get paid twice a month you would have two @justice this helps give you some ideas!  

Comments

It does, very much. So when i have money left over from my first paycheck tracker i I carry that over to income on my second and also add my paycheck? thanks!  

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Typically you wouldn’t have any income to carry over from one paycheck bill tracker to the other because you should be balancing it down to zero meaning all your money from that paycheck had a purpose or plan. If you do though (which has happened to me because for instance my plow guys were late in sending out a bill and it crossed over to the next paycheck) then yes you’d carry it over to the next paycheck tracker. Where you typically have balance carry overs is on your expense trackers when you close out your month and move it to the next months expense trackers (because not everything has cleared the bank and often times the last paycheck covers bills at the end of the current and beginning of the next month). I watched a lot of Mikos YouTube videos which helped a lot and I’m hoping I’m not making this confusing for you!  

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I started trying this last month, but while i didn’t overspend, i didnt do the paperwork. So, I kind of want to see how this works. i guess my leftover money should go to some savings/sinking fund or pay off more debt. I will have to watch some videos. Thanks again!  

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@justice that’s exactly right and where you put the remainder depends on what your goals are. I’m simultaneously paying down debt and beefing up my emergency fund since I only have the one income and want a bigger safety net. Good luck and keep us posted on how it’s going!  

Answer 2

1) yes 2) yes 3) up to you. You can list it as a debt w/the appropriate category as you pay it 4)No. The calendar page you put each time you are paid whether that is monthly, weekly, or biweekly. The bill tracker is used for the whole month.