Budgeting 101: part 3
By Keith Bunn Jr.
September 23, 2013
There are different scenarios of budgeting when you're married and you both bring in a paycheck. Example: you both can get paid weekly and on the same day. One of you can get paid weekly while the other can get paid every 2 weeks. Another way would be that you both get paid every 2 weeks on the same day. And lastly, you both get paid every 2 weeks, but on opposite weeks. Julie and I have done just about all these different ways you can get paid and were still able to get our bills paid and pay down our debt. Here's how we did it.
Paid on the Same Day
If you get paid on the same day, no matter if it is every week or every other week, combine your incomes and place them on the top of your sheet of paper like I described in Budgeting 101: part 2 and work your 4 Walls and a Roof, other bills, envelopes, and Debt Snow Ball. Obviously if you both get paid every 2 weeks on the same day, you'll have only 2 sections on your sheet of paper instead of 4, but it is worked the same way.
One gets Paid Weekly, the Other Every 2 Weeks
This one is fairly simple. Again, you will need to divide your sheet of paper into fourths. If the spouse that gets paid every other week gets paid on the 1st and the 15th, then those weeks you will combine your paychecks and work your plan. The other 2 weeks where there is only one paycheck that week, you write that amount down on your sheet and work your plan as far as your paycheck can go.
Paid Every 2 Weeks, but on Opposite Weeks
Julie and I lived on this pay style for quite some time. If you get paid this way, it really isn't any different than getting paid every week. With the exception of having a different income amount every other payday on your sheet of paper. Just write down what you got paid on that payday and work your plan.
Extra Paydays, Bonuses, and Overtime
For those of you out there that get paid every other week, there is a couple times a year you get an extra payday a month. Don't just blow that money. Have a plan for it! If you are up to your eyeballs in debt, you might want to put most, if not all of it towards your Debt Snow Ball. The same goes for bonuses, and overtime. Have a plan for those too, but don't count on them. Because unlike the extra payday we just talked about, bonuses, and overtime can come and go at anytime.
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