Budgeting your BI-WEEKLY paycheck

I’ve had a lot of comments about how to budget if you’re on a bi-weekly paycheck.

1. List your bills.

Figure out what your monthly bills are and when they are due. Don't forget about your irregular bills that are due annually or quarterly!

2.create a budget

This can be an excellent tool to help you see when you get paid, when your bills are due, your savings contributions and upcoming special events.

3.set aside money for savings

Write down your sinking funds, savings, and debts that you'll be paying towards this pay period with your paycheck. Aim to save 20%.

4. List your variable expenses

These are groceries, restaurants, shopping. etc. Figure out the average amount you spend on these expenses each month.

5. Write a bi-weekly budget

The first paycheck most likely won't cover the whole month, so you'll need to give each dollar a job that makes sense for your lifestyle and needs.

6. Write a second bi-weekly budget

Chances are you've already paid your rent and other large bills for the month. What job does this money need to do before I am paid again?

7. Track your spending

This will help you see if you've made a realistic budget and whether or not you can stick to it.

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