When I first started my real big-girl job two years ago, I was disgruntled to find out that my paycheck would be delivered monthly, as opposed to bi-weekly. How am I suppose to live off of one paycheck a month? However, I grew to love the simplicitiy of it: You get the check, pay all the bills, save a portion/pay debt, then live on the rest until the next paycheck. Easy-peasy.
My new job will have bi-monthly paycheck. Like a Type-A lunatic responsible PF blogger, I sat down to create my budget based on what I anticipate getting every 1st and 15th of each month. It’s not as simple as my one-paycheck budget. Should I have one paycheck to use for bills and one for play? Should I save a portion of each paycheck or just use one of the monthly paychecks for a larger saving amount? Would it be better to separate the amounts into different banks to help me manage it all? How will I create a chart for all of this? Am I completely overthinking this?!
So here I am a little dizzy from crunching numbers and seeking advice from the PF community. If you get paid bi-monthly, how do you use each paycheck? Do you separate your paychecks by living expenses and fixed expenses? Any thoughts, opinions, links and suggestions are welcome! After a few days I’ll post what I finally come up with. :)