I’ve already done my October budget (and video), but I wanted to share the new way I’m budgeting – paycheck to paycheck!
Living paycheck to paycheck gets a bad rap and is usually used in a negative manner, but this style of budgeting makes a lot of sense! I’ve seen a lot of other money YouTubers who budget in this way and wanted to try it out while also using cash envelopes.
Paycheck budgeting is pretty simple:
- Figure out how much money you earn per paycheck.
- Track your recurring monthly bills and assign each one to a paycheck during the month.
- Budget for variable bi-weekly expenses.
- Budget for any irregular expenses that may occur during that paycheck period.
- Save in sinking funds for future larger expenses.
Before this video I looked at where my bills fell during the month and assigned the ones before the 15th to this first paycheck. I then split up our variable expenses based on how much I expected we would need to spend in the first couple weeks of the month.
Here’s how our Paycheck to Paycheck Budget for the first half of October looked:
- Mortgage: $600
- Utilities: $275
- Gym: $87
- College Fund: $25
- Therapy: $260
- Medical: $264
- Other: $200
- Daycare: $240
- Groceries: $200
- Dining Out: $60
- Shopping: $20
- Personal: $0
- Husband Personal: $60
- Fun: $40
- Pets: $40
- Gas: $80
Right now as you may have seen from recent budgeting videos, we are drowning in medical, vet, and therapy bills.
I’ve felt guilty about going to therapy as much as I have been, but it is one of those things that we can technically afford right now and I need to go and finally deal with all the trauma of my past that has negatively affected me for years. I hope to eventually post more about therapy once I’ve gotten a little further in to my treatment since I went in for postpartum anxiety and am being treated for something else.
We’re doing cash envelopes for our variable expenses so that we actually stick to our categories of spending for the month, unlike last month where things got pretty dicey.
Other than the medical and related expenses, things are looking great for this month!
What I Use To Budget
Below are some of the items I use to budget with! I get a lot of questions about what I use with my planners and the apps I use to keep my budget on track every month.
Happy Planner – I use my Happy Planner for everything including budgeting! I find writing down my budget and checking in on paper helps me to better remember and makes it feel more real.
Budget Stickers – I use a variety of budget stickers in my videos from Me And My Big Ideas, Erin Condren and various Etsy shops. I’ve linked my favorite budget sticker Etsy shops I use all the time below (affiliate links):
- Elaine Michelle Studio (youtuber & budget stickers)
- Planner Kate (matte budget stickers)
- A Happy Blue Tree (kawaii budget stickers)
- HoneyInked Planner Paperie (clear budget stickers)
- Planner Envy (bright budget stickers)
Every Dollar – My husband and I both use a shared Every Dollar app account where we actively track our spending. This works best for us since my husband doesn’t use a planner and we have joint bank accounts and expenses.
Mint.com – I’ve used Mint for over years as a passive net worth tracker. It’s a more passive option and I don’t actively update it except for once or twice a year when I want to gauge my net worth progress.
Hopefully these tools will help you with your budget whether you love pen and paper or technology!