Spinoff-Those using YNAB

[jedijill]

You should not be budgeting money you have not received yet. Please sign up and take the free webinars on YNAB. They are excellent and will help you get started and understanding how to enter in your income, budgeting, and credit cards. I just took them again last Saturday as a refresher. They are one hour long and fantastic resources!

Jill in CO

 

[FairestOfThemAll37]

You should not be budgeting money you have not received yet. Please sign up and take the free webinars on YNAB. They are excellent and will help you get started and understanding how to enter in your income, budgeting, and credit cards. I just took them again last Saturday as a refresher. They are one hour long and fantastic resources!

Jill in CO

So if you get paid 3x month, you should not do a full monthly budget?

 

[jedijill]

So if you get paid 3x month, you should not do a full monthly budget?

No, you should only budget one paycheck at a time aka only budget the money you have.

Check out the "Dealing with Different Pay Cycles" class. It will explain why and how.

http://www.youneedabudget.com/support/training-and-education

Jill in CO

 

[FairestOfThemAll37]

No, you should only budget one paycheck at a time aka only budget the money you have.

Check out the "Dealing with Different Pay Cycles" class. It will explain why and how.

http://www.youneedabudget.com/support/training-and-education

Jill in CO

I'll try to check out the class.

So would I split my rent and enter $x on the 1st then $x on the 15th (my rent is just more than one paycheck)?

 

[pryncess527]

I'll try to check out the class.

So would I split my rent and enter $x on the 1st then $x on the 15th (my rent is just more than one paycheck)?

Yes, pretty much.

Enter the balance of your accounts right now. Then ask, "what does this money need to do before I get paid again" Budget to the bills that will have to be paid before your next check. Then budget for the other things you'll need before your next check (like food, gas, etc). Then you can start putting what is left towards expenses that won't be fully covered until you get that next check, like rent.

If you used your current savings to be instantly buffered (and I totally get why you might not want to do that right away), then you would, in theory, have money to cover all bills for this month, and the paychecks you get in September would be marked as "Income for October". Then when October began, you'd have all the money you needed to budget the entire month at once. Some people (like me) placed a very high priority on that. Others spend years using YNAB without being concerned about living on last month's income because they have other priorities, and that's fine too.