Friday, October 24, 2014

Budget gets a revamp....

As you all know, hubby got a new job. He got his first paycheck today! Yippee! It is so nice that he is finally getting paid what he deserves. He is loving his new job and feels that he really has a lot to contribute to them. He is able to work a bit from home too, so that helps when the whole city shuts down due to ice.

One thing that has to change with his new job is the way we budget. He used to get paid every week, so we were unable to pay rent with one check. We had to save up throughout the month in order to have enough to pay it. Now we are able to pay it with one check.

I have been thinking of how I am going to budget on this new system. I have come up with this:

First check of the month:

1.Pay all bills excluding rent.

2. Fill cash envelopes for things such as groceries, clothing, entertainment, car maintenance, etc.

3. Load prepaid gas card. This is something new I am going to try in November. I find it difficult to go into the station to prepay for gas, when I have to unload the girls too. Also, when you go inside to pay you are tempted to get that bottle of coke, candy bar, etc. So if I get a pre-paid gas card, I can pay at the pump and not worry about it.

4. Pay off any debt with left over balance.

Second check of the month:

1. Pay rent

2. Any remaining from that check will be moved to savings.

All in all, I think this is going to be a good system.  If we ever have a month that has more than two paychecks, we will move that entire paycheck into savings. I will tell you that it will be weird to be able to put money into savings on a regular basis. Never before have we made enough to cover all expenses AND save.