This works if you're living paycheck to paycheck. If you're able to get ahead a month and live on 2 paychecks (ie pay May with April paychecks), it would truly be an extra paycheck.
I love this! I get paid every 2 weeks and I have an extra paycheck coming up in November. So I planned ahead through the rest of 2019. Thanks to the "extra" paycheck, I'll be able to have more money I can set aside for my emergency fund! And my Bill's will be super ahead!
Now, this makes so much sense! This is the best one you've done yet. I learned more about the budgeting in this one than any other! Thank you so much for doing this
Great video, thanks so much!! Just a small correction- If you get paid every other week, you will get 2 “extra” pay checks a year. If you get paid weekly, you will get 4 “extra” pay checks.
I think a 3rd or 5th paycheck can be "extra" income depending on how you manage your budget. If you get to the point where you are a month ahead of your bills and you budget every month based on only needing 2 paychecks, then the 3rd check is actually "extra" income. But it really only works if you use last month's money to pay for the current month and don't factor in 3 paychecks worth of money.
I agree. I use my tax return, overtime pay, or extra income to get ahead on my bills instead of for fun or saving. That way when i have a 3rd paycheck for the month its truly free. It has been for the past 3/4 years even though im still paying off debt because i established being a month ahead early on. Now when i have those 3rd checks i can throw it at debt or whatever i want.
I am so happy this video is still here. I am now going to be paid weekly and I need help for all of this to make sense. I used to be paid monthly and that took some time to adjust to also. I am so grateful for Kumiko's TBM BBP method!☺
Thank you!!! This is what has been the problem with out our budget this whole time! We always have viewed it as a whole bonus paycheck and ended up overspending .
This video works out well for this current month because there’s an extra week in January this year and I know my weekly paycheck for that extra week has to cover my bills for February!
I get paid 3x in May. May 2nd is an extra paycheck. My May mortgage will be paid with checks from April. My other bills are due after May 17th. I usually throw the extra check into various savings accts. I don't have credit card or other loans. Just mortgage and utilities. I pay auto ins annually via sinking fund
i get this 3rd paycehck in May and luckily for me it really is an extra paycheck. Since my budget is set to pay all my bills at the end of the month (whether paid current or in advance) and that i always have half of what will be paid in the next month, saved by the first paycheck of that month (if that made sense). I just take the total monthly cost and divide by 2- save from each paycheck that amount, save funds, and pay debt. So glad i got on a budgeting kick in Nov so i can basically put this whole check to my student loans!
I’m definitely adding these ideas to my next extra check in August. I always got stressed for the bills coming up before I got paid just because I know I would have to deal with late fees and I hate late fees 😒
This video is making so much sense to me! I'm definitely watching more than once 🙂. Do you keep a account register to reconcile your bills? If so is it in your binder?
Thanks for linking this in a new article. I was looking for it. since November is another "Extra" paycheck month for us. Hubby gets 5 checks (Paid weekly) and I get 3 checks (Paid Biweekly).
@@noramcnabb1361 Actually biweekly means every 2 weeks. I've been working for the courts for 26 years and we are paid biweekly. Semi-weekly means twice per week. Semi-monthly is twice per month. Miko used to get paid Semi-monthly on the 5th and the 20th.
Thanks so much for this explanation. I really like your paycheck per paycheck budget and I like how easy you made this by putting your bills on a calendar and I like the color coding!! Great video! Thank you!!
I'm just speaking for myself. Me only. You do however you wish. Combining those two paychecks for me would be defeating the purpose of check to check budgeting. My suggestion is to just copy the paycheck tracker from the workbook and add the extra sheet. It's really simple to add sheets to a spiral notebook with a box cutter or xacto knife. If you don't know how, there's videos on UA-cam.
Thank you so much. I've been looking for a detailed video to prepare for May. This helped alot. Also, do you have any copies of the perpqy check budget?
I take my extra paycheck and pay bills with it. But I have started a new budget where I will be using it for savings instead. That way I can have an emergency fund.
This was awesome. Are you sticking to this one method or do you do different scenarios ? I actually am a month ahead if that makes sense. So all my April paychecks are paying for Mays bills. And Mays paychecks will pay for June’s bills. I get paid twice a month PLUS I’m doing my fiancé’s bills too. I split all of our shared bills in half and then split my half in two( for each of MY paychecks) and then split the other half in 4 (for his paychecks). I purchased your first work book and it’s been working good but I do have to print 4 extra paycheck trackers for my fiancé’s income.
Happy Camper I do have two incomes and I live rent free (I’m a resident Manager so it’s my compensation) which not having to pay rent was really helpful. I actually called around to my bills and asked them to change the due date of my bills so I could plan accordingly. For example, I paid all my bills then moved the date to the end of month/beginning of new month. I get paid every other Friday and the first paycheck of the month I basically doubled my payments as if I were going to pay the entire bill with the first paycheck. (I saved this money)Then the second paycheck of the month I split the bills like I normally would, Cause ya girls gotta eat more then ramen, lol! then the following months first pay check I doubled up again. So it took about two months to get ahead a month, I also sold some things and got a bonus from work which was really helpful. I’m not sure if that made any sense at all. Maybe I should start doing some UA-cam videos on this subject too! Lol! I also follow the Dave Ramsey program, I went to the public library and read his book “total money makeover” and it’s been so helpful! Along with budget moms work book has kept me way more organized
My pay check funds the next month as well. Much less stressful :) I like pulling the money out ahead of time too so I don’t have to scramble in 1st of the month
I just found you yesterday and I've watched all your videos already and am soaking up all the information I can get. I bought your digital download and was just wondering if you could possibly make a video of what would be a good amount to put in each category for the sinking funds? Thank you :)
She has a sinking funds video. Just total whatever it is you are saving for then divide it by the months you have until you need it. So if you want $800 for Christmas you save $100 per month until December.
I asked my mechanic about maintenance on my type of car. He gave me a list of what i need to do and when with approximate prices. I rounded up because he couldn't give me an actual price. Then divided by 12 for the year.
I Kumiko, this question relates to the expense trackers....in this scenario the 3rd paycheck lands in one mo, but most of the the expense tracking is in the following mo. do the expense tracker dates need to coincide with the paycheck bill tracker periods? The third paycheck in one mo gets split
Interesting. I've never considered the whole third paycheck of a month as an extra paycheck, only as a small bit of extra money from the health/dental/vision not coming out of it (our insurance is taken 24 times per year, and only twice per month).
Or if you get paid every 4 weeks you get 13 paychecks per year. So if you budget for 12 months then just save the 13th paycheck towards your emergency fund.
This makes zero sense to me (though i suppose i can see how it works if your a monthly budgeter and your bills are fluid, not set to specific payment plans). I get paid fortnightly (bi-weekly), there is no extra cheque, because i have everything set up to come out the day after payday, regardless of the month. There will always be 26 pays in a year for me, the month is irrelevent.
In the U.S. (or at least with my service providers) we don’t have an option to automatically have bills paid from our accounts based on a bi-weekly pay date.
This works if you're living paycheck to paycheck. If you're able to get ahead a month and live on 2 paychecks (ie pay May with April paychecks), it would truly be an extra paycheck.
I love this! I get paid every 2 weeks and I have an extra paycheck coming up in November. So I planned ahead through the rest of 2019. Thanks to the "extra" paycheck, I'll be able to have more money I can set aside for my emergency fund! And my Bill's will be super ahead!
Now, this makes so much sense! This is the best one you've done yet. I learned more about the budgeting in this one than any other! Thank you so much for doing this
Great video, thanks so much!! Just a small correction- If you get paid every other week, you will get 2 “extra” pay checks a year. If you get paid weekly, you will get 4 “extra” pay checks.
I think a 3rd or 5th paycheck can be "extra" income depending on how you manage your budget. If you get to the point where you are a month ahead of your bills and you budget every month based on only needing 2 paychecks, then the 3rd check is actually "extra" income. But it really only works if you use last month's money to pay for the current month and don't factor in 3 paychecks worth of money.
I agree. I use my tax return, overtime pay, or extra income to get ahead on my bills instead of for fun or saving. That way when i have a 3rd paycheck for the month its truly free. It has been for the past 3/4 years even though im still paying off debt because i established being a month ahead early on. Now when i have those 3rd checks i can throw it at debt or whatever i want.
I am so happy this video is still here. I am now going to be paid weekly and I need help for all of this to make sense. I used to be paid monthly and that took some time to adjust to also. I am so grateful for Kumiko's TBM BBP method!☺
Thank you!!! This is what has been the problem with out our budget this whole time! We always have viewed it as a whole bonus paycheck and ended up overspending .
This video works out well for this current month because there’s an extra week in January this year and I know my weekly paycheck for that extra week has to cover my bills for February!
I really enjoy your videos! I have always budgeted very well but there's always room for improvement 😁 Thanks for your detailed videos!
You explain it very well. Yours are the best videos and I keep replaying them because I need to get it in my head! Thank you 😊
This is exactly the video I needed to see today! Thank you!
This is great information. I was looked at it as extra income before I realized there was definitely a more efficient way to reroute those funds.
I get paid 3x in May. May 2nd is an extra paycheck. My May mortgage will be paid with checks from April. My other bills are due after May 17th. I usually throw the extra check into various savings accts. I don't have credit card or other loans. Just mortgage and utilities. I pay auto ins annually via sinking fund
WOW!! That's an awesome explanation. I'm going from specific pay dates to every Friday starting in January.
This is when I have to pay a repair. Thank I am getting this at 63 years. Wish this was started in schools
i get this 3rd paycehck in May and luckily for me it really is an extra paycheck. Since my budget is set to pay all my bills at the end of the month (whether paid current or in advance) and that i always have half of what will be paid in the next month, saved by the first paycheck of that month (if that made sense). I just take the total monthly cost and divide by 2- save from each paycheck that amount, save funds, and pay debt. So glad i got on a budgeting kick in Nov so i can basically put this whole check to my student loans!
OMG, great to know I've always done it this way.
Thank you for simplifying this.
I use both methods; monthly & biweekly using the highlighter. I like them both.
I’m definitely adding these ideas to my next extra check in August. I always got stressed for the bills coming up before I got paid just because I know I would have to deal with late fees and I hate late fees 😒
This video is making so much sense to me! I'm definitely watching more than once 🙂.
Do you keep a account register to reconcile your bills? If so is it in your binder?
Thanks for linking this in a new article. I was looking for it. since November is another "Extra" paycheck month for us. Hubby gets 5 checks (Paid weekly) and I get 3 checks (Paid Biweekly).
Biweekly is twice a week.
You mean semiweekly, which is every other week.
@@noramcnabb1361 Actually biweekly means every 2 weeks. I've been working for the courts for 26 years and we are paid biweekly.
Semi-weekly means twice per week.
Semi-monthly is twice per month. Miko used to get paid Semi-monthly on the 5th and the 20th.
Thanks so much for this explanation. I really like your paycheck per paycheck budget and I like how easy you made this by putting your bills on a calendar and I like the color coding!! Great video! Thank you!!
I'm just speaking for myself. Me only. You do however you wish. Combining those two paychecks for me would be defeating the purpose of check to check budgeting. My suggestion is to just copy the paycheck tracker from the workbook and add the extra sheet. It's really simple to add sheets to a spiral notebook with a box cutter or xacto knife. If you don't know how, there's videos on UA-cam.
Thanks for breaking this method down!
Love this!
Very helpful!
Nice Calendar! Do you have an online version?
Thank you so much. I've been looking for a detailed video to prepare for May. This helped alot.
Also, do you have any copies of the perpqy check budget?
I take my extra paycheck and pay bills with it. But I have started a new budget where I will be using it for savings instead. That way I can have an emergency fund.
Thank you for this video i get 3 this month
This was awesome. Are you sticking to this one method or do you do different scenarios ?
I actually am a month ahead if that makes sense. So all my April paychecks are paying for Mays bills. And Mays paychecks will pay for June’s bills. I get paid twice a month PLUS I’m doing my fiancé’s bills too.
I split all of our shared bills in half and then split my half in two( for each of MY paychecks) and then split the other half in 4 (for his paychecks).
I purchased your first work book and it’s been working good but I do have to print 4 extra paycheck trackers for my fiancé’s income.
that is my goal! Did you have to save a little at a time to get a month ahead?
Happy Camper I do have two incomes and I live rent free (I’m a resident Manager so it’s my compensation) which not having to pay rent was really helpful. I actually called around to my bills and asked them to change the due date of my bills so I could plan accordingly. For example, I paid all my bills then moved the date to the end of month/beginning of new month. I get paid every other Friday and the first paycheck of the month I basically doubled my payments as if I were going to pay the entire bill with the first paycheck. (I saved this money)Then the second paycheck of the month I split the bills like I normally would, Cause ya girls gotta eat more then ramen, lol! then the following months first pay check I doubled up again. So it took about two months to get ahead a month, I also sold some things and got a bonus from work which was really helpful. I’m not sure if that made any sense at all. Maybe I should start doing some UA-cam videos on this subject too! Lol! I also follow the Dave Ramsey program, I went to the public library and read his book “total money makeover” and it’s been so helpful! Along with budget moms work book has kept me way more organized
My pay check funds the next month as well. Much less stressful :)
I like pulling the money out ahead of time too so I don’t have to scramble in 1st of the month
I just found you yesterday and I've watched all your videos already and am soaking up all the information I can get. I bought your digital download and was just wondering if you could possibly make a video of what would be a good amount to put in each category for the sinking funds? Thank you :)
She has a sinking funds video. Just total whatever it is you are saving for then divide it by the months you have until you need it. So if you want $800 for Christmas you save $100 per month until December.
rah523 Yes I’ve seen the video but like how can you determine what’s a good amount for like car maintenance and stuff like that?
I asked my mechanic about maintenance on my type of car. He gave me a list of what i need to do and when with approximate prices. I rounded up because he couldn't give me an actual price. Then divided by 12 for the year.
In my household we have 2 monthly checks and a 3rd income that's every 2 weeks. What's the best method for budgeting or could you do an example?
I Kumiko, this question relates to the expense trackers....in this scenario the 3rd paycheck lands in one mo, but most of the the expense tracking is in the following mo. do the expense tracker dates need to coincide with the paycheck bill tracker periods? The third paycheck in one mo gets split
This is a late response but I always do the info on both sheets so that it is accounted for on both months. I just date it for when I paid the bill.
Where can i give the monthly calendar
Hello there any idea when your new workbook will be available?
Ma Guevara october
Yeraldin Gomez thank you
I would love these printables! How can I get them?!
What do you when you have an extra paycheck and suppose to budget for two weeks but you don't know what you might be paid? Do you estimate?
Interesting. I've never considered the whole third paycheck of a month as an extra paycheck, only as a small bit of extra money from the health/dental/vision not coming out of it (our insurance is taken 24 times per year, and only twice per month).
Ok thanks now I get it for weekly I have do different paper for each ck :) duh lol
For me I use 1 paycheck to cover something and the other to cover something else
I get paid once a month it gets really hard for me to budget pleeeaasse help meee!
My third paycheck is in August
What would this look like when you're closing out your budget for the current month?
Paycheck 1500. Where ya working let me use u as a referral 😎
I dont consider that pay check extra, the way my bills run that 3rd paycheck needs to cover my middle of the month bills for the following month.
Or if you get paid every 4 weeks you get 13 paychecks per year. So if you budget for 12 months then just save the 13th paycheck towards your emergency fund.
Assuming you are already a month ahead on bills
Lol I’m one those ppl yay free money ( like girl u work for it lol) but does feel like a free pay ck lol
This makes zero sense to me (though i suppose i can see how it works if your a monthly budgeter and your bills are fluid, not set to specific payment plans). I get paid fortnightly (bi-weekly), there is no extra cheque, because i have everything set up to come out the day after payday, regardless of the month. There will always be 26 pays in a year for me, the month is irrelevent.
In the U.S. (or at least with my service providers) we don’t have an option to automatically have bills paid from our accounts based on a bi-weekly pay date.
You're so pretty
It's 4 months out of the year if you get paid weekly.